Taking a ?Leap? on Offshore Windmill Scheme Again Shown to Be a Loser for New Jersey Taxpayers

The following is from our friends at Americans for Prosperity – New Jersey:

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For Immediate Release ? February 29, 2012

Contact:Mike Proto, 201-487-8844/201-281-2700

Contact: Steve Lonegan, 201-487-8844/201-881-6682

 

Americans for Prosperity: Taking a ?Leap? on Offshore Windmill Scheme Again Shown to Be a Loser for New Jersey Taxpayers

 

Pro-Taxpayer Group Reiterates Call for State to Put a Stop to $100 Million Taxpayer-Subsidized Boondoggle

 

BOGOTA, NJ ? For the second time this month, a study performed by outside consultants has determined that tens of millions of taxpayer dollars would be churned up by the state?s planned offshore windmill scheme. In response, Americans for Prosperity is reiterating its call for the state to pull the plug on this severely misguided, economically destructive project.

 

The proposal to install the wind turbines, submitted by Fishermen?sAtlantic, LLC, was once again panned, this time by the Boston Pacific Company, Inc., who completed a cost-benefit analysis of the plan on behalf of the BPU.

 

As stated in the report, Boston Pacific concluded that the ?Net benefits of the project were not demonstrated because key underlying assumptions of the Applicant?s cost-benefit analysis were not adequately substantiated.? Going further, the report stated the required subsidy would ?be quite high, and possibly much higher than industry standards suggest? and that there are ?significant technical risks? associated with the plan.

 

The Boston Pacific report comes on the heels ofan economic analysis performed by Acadian Consulting Group which found that the Fishermen?s Atlantic proposal wouldcost New Jersey $946.1 million in economic activity over 20 years, result in the loss of almost 30,000 jobs and drive up electricity rates by $286 million.

 

?I don?t know what more evidence the state needs to realize that this offshore windmill scheme should never see the light of day,? stated Steve Lonegan, state director of Americans for Prosperity?s New Jersey chapter. ?It?s time for state officials to come to their senses and admit that this offshore windmill scheme is a disaster waiting to happen.?

 

?The state?s economy is still in tatters. That last thing we need to see $100 million in taxpayer money going down the drain in order to subsidize a Solyndra-style boondoggle,? added Lonegan.

 

Lonegan also ridiculed the notion that the offshore wind farm would become anAtlantic City tourist attraction and provide a source of revenue from the project.

 

?Is this what the state thinks people want to do on their summer vacation? To take their kids on a boat ride to see wind turbines in theAtlantic Ocean? I?ve heard a lot of absurd things in my time, but this might take the cake.?

 

The offshore wind project was authorized by the Offshore Wind Economic Development Act, or OWED, signed into law by Gov. Christie back in 2010. A cost analysis of the OWED was implemented by the Beacon Hill Institute at Suffolk University on behalf of Americans for Prosperity last year and concluded that the wind project would cost the state as much as $4.1 billion, drive up electricity rates up as much as 4.2% and cost up to 4,440 jobs. The Beacon Hill report is available for downloadhere.

 

Americans for Prosperity has continued to urge the governor to back out of the scheme viaan online petition drive which now has the signatures of nearly 800 New Jersey citizen activists.

 

 

Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual?s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. AFP educates and engages citizens to support restraining state and federal government growth and returning government to its constitutional limits. AFP is more than 1.9 million activists strong, with activists in all 50 states.? AFP has 34 state chapters and affiliates.More than 85,000 Americans in all 50 states have made a financial contribution to AFP or AFP Foundation. For more information, visitwww.americansforprosperity.org

Americans for Prosperity does not support or oppose candidates for public office.

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