Senate Approves Oroho Bill Establishing Energy P3 Unit
Legislation sponsored by Senator Steve Oroho permitting government bodies to enter into public-private partnership agreements with private entities to undertake energy-related projects has cleared the New Jersey Senate.
“The increasing magnitude and frequency of weather events and the devastation they have inflicted on our State has revealed the inadequacies and obsolescence of New Jersey’s energy infrastructure,” said Oroho (R-24). “The dependability of our power will be improved if we encourage the development of energy-related projects. This public-private partnership act will reduce the vulnerability of critical governmental facilities, minimize equipment failures, and improve the overall energy efficiency of governmental services.”
Oroho’s legislation, S-2958, would establish an Energy Public-Private Partnership Unit, or “Energy P3 Unit,” within the New Jersey Economic Development Authority.
The Energy P3 Unit would be responsible for the formulation and execution of a Statewide policy for public-private partnership agreements for energy-related projects, and for the development, oversight, and approval of those agreements.
“We’ve witnessed firsthand all the positive impacts stemming from public-private partnerships, so it makes sense to expand their success into various industries, including the energy sector,” said Oroho (R-24). “This innovative form of contracting will create quality Garden State jobs and promote economic development.”
Oroho believes the technical, financial, and managerial expertise of the private sector will enable governmental entities to better maintain much needed energy infrastructure projects.