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S3667 • 2026

Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.

Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.

Energy
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Amato, Carmen F., Jr.
Last action
2026-02-24
Official status
Introduced in the Senate, Referred to Senate Economic Growth Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.

Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.

What This Bill Does

  • Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
  • Topic: Economic Growth Fiscal note: This bill has not been certified by OLS for a fiscal note.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-02-24 New Jersey Legislature

    Introduced in the Senate, Referred to Senate Economic Growth Committee

Official Summary Text

Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
Topic:
Economic Growth
Fiscal note:
This bill has not been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text 
S3667

SENATE, No. 3667

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED FEBRUARY 24, 2026

Sponsored by:

Senator� CARMEN F. AMATO, JR.

District 9 (Ocean)

Co-Sponsored by:

Senator Tiver

SYNOPSIS

���� Requires offshore wind project escrow funds to be
remitted to BPU for certain ratepayer relief.

CURRENT VERSION OF TEXT

���� As introduced.

��

An Act

concerning ratepayer relief for electric public
utility customers.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

1.

a.� As used in this section:�

���� �Board� means the New Jersey
Board of Public Utilities or any successor agency.

���� �Electric public utility�
means a public utility, as that term is defined pursuant to R.S.48:2-13, that
transmits and distributes electricity to end users in the State.

���� �Orsted� means �rsted A/S, Orsted
North America Inc., Orsted Wind Power North America LLC, Ocean Wind LLC, and
Ocean Wind II, LLC.

���� b.��� Notwithstanding any law,
rule, regulation, order, or agreement to the contrary, all unexpended,
unencumbered, or unobligated funds received by the State from the settlement
agreement with Orsted entered into as of May 25, 2024, shall be appropriated to
the Board of Public Utilities.� The board shall use such funds to provide
ratepayer relief to electric public utility customers.

���� c.���� The board shall adopt,
pursuant to the �Administrative Procedure Act,� P.L.1968, c.410 (C.52:14B-1 et
seq.), rules and regulations to implement the provisions of this section by, at
a minimum, establishing a timeline by which, and the form and manner in which,
the board shall administer ratepayer relief to electric public utility
customers pursuant to this section.

���� 2.��� This act shall take
effect immediately.

STATEMENT

���� This bill requires the State
to appropriate all unexpended, unencumbered, or unobligated funds received by
the State from the settlement agreement with Orsted for certain canceled
offshore wind projects to the Board of Public Utilities (board).� Under the
bill, the board is required to use these funds to provide ratepayer relief to
electric public utility customers in a form and manner, and by a certain
timeline, to be determined by the board through the rulemaking process.