WATCH: Shore Mayor SLAMS Budget Committee over offshore wind bailout
"I can't believe I have to be here"
TRENTON - During tense budget talks this week, Point Pleasant Mayor Paul Kanitra testified before the Assembly Budget Committee with one company in his crosshairs: Ørsted.
One of the most contentious players of the 2024 Budget drama has been Ørsted, a Danish offshore wind company, wanting renegotiate its contracts. Under an original agreement with New Jersey, Ørsted would have to pass federal tax credits on to ratepayers— then Ørsted changed their mind. The Associated Press summarized the debacle quite well:
A state Senate committee approved a bill Tuesday that would allow Ørsted to keep federal tax credits to help counter what they termed lingering economic effects from the COVID-19 pandemic and elevated inflation. Amendments to the bill require Ørsted to post a $200 million guarantee with the state, and prepare a report on the financial viability, possible environmental impacts and likelihood of finishing the project on time.
Point Pleasant Mayor Paul Kanitra wasn’t having it— and he showed up in Trenton to make that crystal clear.
Watch Mayor Kanitra’s fiery testimony against Ørsted:
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