The Trump Energy Department said Thursday it has withdrawn a $716 million conditional loan commitment offered under the Biden administration to a New Jersey utility that would help connect planned offshore wind assets to the grid.
The cancellation is the latest by DOE’s Loan Programs Office to undo a commitment made under the prior administration — and it lands as the administration has stepped up its efforts to impede offshore wind development.
The loan office committed the loan guarantee to Jersey Central Power & Light, a subsidiary of FirstEnergy, in the waning days of the Biden administration as part of a spate of actions to provide a total $22.92 billion for utility projects across the country.
The $716 million pending commitment was poised to help fund the New Jersey Clean Energy Corridor, a transmission infrastructure upgrade project that the Biden administration said would unlock enough electricity to power about 1.6 million homes a year.
