This bill amends the existing law regarding the procurement of transmission-scale energy storage systems under the Board of Public Utilities (BPU) incentive program. It extends the deadline for the BPU to approve incentive awards for eligible projects from June 30, 2026, to December 31, 2026. The bill mandates that the BPU must approve incentive awards for projects totaling at least 1,000 megawatts (MW) in installed capacity, with a minimum of 350 MW to be awarded in Tranche 1 by December 31, 2025. Additionally, it allows for eligible projects that do not receive awards in Tranche 1 or Tranche 2 to be placed on a waiting list for consideration in future tranches.

Furthermore, the bill modifies certain project maturity requirements to broaden the eligibility for projects seeking incentive awards under Tranche 2. Notable changes include the removal of specific conditions related to the PJM interconnection process and the addition of new criteria that allow for more flexibility in meeting project maturity requirements. These adjustments aim to facilitate a greater number of projects qualifying for the incentive awards, thereby promoting the development of energy storage systems in New Jersey.

Statutes affected:
Introduced: 48:3-121.3