New Jersey Statutes Title 48. Public Utilities 48 § 3-121.5

Current as of January 01, 2024 | Updated by Findlaw Staff

a. If the board elects to extend its procurement of transmission-scale energy storage pursuant to paragraph (5) of subsection b. of section 3 of P.L.2025, c. 136 (C.48:3-121.4) through subsequent tranches under the energy storage program established pursuant to P.L.2025, c. 136 (C.48:3-121.2 et al.), the board shall administer any subsequent tranche in a similar manner to Tranche 1 and Tranche 2, modifying as appropriate for each subsequent tranche:

(1) the amount of megawatts to be solicited;

(2) the application requirements or eligibility criteria;

(3) the timeline for an eligible project, including, but not limited to, application deadlines or the contract term; and

(4) any other administrative modification the board deems appropriate.

b. Prior to administering each subsequent tranche, the board shall increase, decrease, or maintain the amount of an incentive award as the board deems necessary based on a market analysis that shall account for:

(1) changes within the energy and utility industries, including any changes due to State and federal policies, that may increase or decrease average project costs for developers of transmission-scale energy storage systems;

(2) any additional sources of revenue available to developers of transmission-scale energy storage systems; and

(3) any other factors concerning the cost to develop transmission-scale energy storage systems that the board deems necessary to reevaluate the amount of an incentive award.

c. Notwithstanding subsection b. of this section to the contrary, the board may determine incentive award amounts in a subsequent tranche by a competitive solicitation process.

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Cite this article: FindLaw.com - New Jersey Statutes Title 48. Public Utilities 48 § 3-121.5 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-48-public-utilities/nj-st-sect-48-3-121-5/

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