Senate Bill No. 63 mandates the Commissioner of Energy and Environmental Protection to adopt regulations by October 1, 2026, aimed at enhancing mitigation measures for wildlife, birds, marine mammals, fisheries, and the fishing industry affected by future offshore wind projects. The bill requires that project proposals include increased mitigation efforts, contract commitments for initial and recurring payments into a mitigation fund, and prohibits bidders from administering these funds. Additionally, it establishes an independent oversight committee to manage and distribute the mitigation funds, ensuring compensation for ongoing damages to stakeholders and the environment caused by the offshore wind facilities.

The bill introduces new legal language that emphasizes the need for comprehensive mitigation strategies and oversight, while deleting provisions that may have allowed bidders to control the mitigation funds. Overall, the legislation seeks to protect ecological and economic interests in the face of expanding offshore wind energy initiatives, without imposing any anticipated fiscal impact on the state or municipalities, as the Department of Energy and Environmental Protection is equipped to handle the regulatory requirements.