"New Jersey Approves Two Offshore Wind Contracts, Boosting Renewable Energy"

New Jersey awarded two additional contracts for electricity from offshore wind farms, reversing a setback after Orsted, a major developer, backed out of two contracts last year. The state aims to obtain 11,000 megawatts of power from offshore wind by 2040 to combat climate change, but the cost of obtaining offshore wind power has risen sharply due to inflation, higher interest rates, and supply chain disruptions. The awarded contracts are expected to increase the monthly bill of the typical residential customer in New Jersey by almost $7, compared to the canceled Orsted contracts, which were estimated to be about half as costly to consumers.