"New Jersey Revives Offshore Wind with Double Project Approval"

New Jersey is moving forward with new offshore wind projects after Ørsted's major developments failed in 2023. The state's utility regulators approved contracts for two projects, aiming to revitalize offshore wind dreams and supply electricity to 1.8 million homes. The new contracts include provisions to mitigate future cancellation risks and account for inflationary pressures, but are expected to increase utility rates in the state. Despite the setbacks, Democratic New Jersey Gov. Phil Murphy remains optimistic about the future of offshore wind in the state and its contribution to a 100% clean energy economy by 2035.