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New Jersey Governor Phil Murphy accepts $125 million settlement from Ørsted, reallocating funds for clean energy initiatives.

New Jersey Gov. Phil Murphy has agreed to accept a $125 million settlement from Denmark’s Ørsted, the offshore wind company that canceled two massive wind farms off the state’s coast last year. This settlement ends a monthslong dispute between Murphy and ØRsted over financial commitments tied to the canceled projects. The state also announced it will suspend its request for independent transmission projects for offshore wind due to a federal rule that could determine how to fund upgrades to regional power grids. The money will be used for investments in qualified wind energy facilities, manufacturing facilities, and other clean energy programs. New Jersey regulators also announced that their fifth offshore wind solicitation will be moved up to 2025.

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