This article from NJ Spotlight discusses New Jersey’s efforts to modernize its aging electric power grid to support the transition to clean energy. The current grid, over a century old in many areas, struggles to handle the increased capacity from renewable energy sources like wind and solar. This has led to delays and cancellations of new projects. Utilities are already seeking record amounts for infrastructure improvements, with Jersey Central Power & Light proposing a $935 million investment and Atlantic City Electric receiving approval for $93 million.
A proposed bill, sponsored by Senator Bob Smith, aims to allocate $300 million in state funds for grid upgrades, potentially attracting an additional $200 million in federal aid from the Inflation Reduction Act. The bill proposes funding from three sources: the state’s general fund surplus, a clean-energy fund financed by a utility bill surcharge, and the Regional Greenhouse Gas Initiative. While the bill does not specify the exact amounts from each source, it emphasizes that the $300 million would not involve new charges but would still use taxpayer money.
Supporters argue that now is the time to undertake these efforts, citing the availability of federal funds. The bill is expected to be the first taken up in the new legislative session, highlighting the urgency and importance of modernizing New Jersey’s power grid to meet future energy demands.
Read the original article here: https://www.njspotlightnews.org/2023/11/key-nj-legislative-committee-plans-consider-300-million-electric-grid-upgrades/
