New Jersey Statutes 48:3-87.2b. Definitions
Terms Used In New Jersey Statutes 48:3-87.2b
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Affiliated New Jersey offshore wind project” means any qualified offshore wind project awarded prior to the effective date of P.L.2023, c.99 (C. 48:3-87.2a et seq.) with at least 10 percent common upstream ownership as another qualified offshore wind project.
“Board” means the New Jersey Board of Public Utilities or any successor agency.
“Enhanced area” means the same as that term is defined in section 69 of P.L.2020, c.156 (C. 34:1B-337).
“Incremental federal tax benefit” means a federal tax benefit that was established or increased after a project was approved by the board as a qualified offshore wind project and thus was not estimated in the project’s original financial analysis and not included in the calculation of the OREC price submitted to the board.
“Offshore wind renewable energy certificate” or “OREC” means a certificate, issued by the board or its designee, representing the environmental attributes of one megawatt hour of electric generation from a qualified offshore wind project.
“Qualified offshore wind project” or “project” means a wind turbine electricity generation facility in the Atlantic Ocean in the Bureau of Ocean Energy Management Lease Area OCS-A 0498, awarded by the board prior to July 1, 2019, and connected to the electric transmission system in this State, and includes the associated transmission-related interconnection facilities and equipment, and approved by the board pursuant to section 3 of P.L.2010, c.57 (C. 48:3-87.1).
“Qualified wind energy facility” means the same as that term is defined in section 6 of P.L.2010, c.57 (C. 34:1B-209.4).
L.2023, c.99, s.2.