Danish wind power developer Orsted cancels New Jersey offshore wind projects

Danish wind power developer Orsted is canceling two offshore wind projects that were planned off the coast of New Jersey. Orsted has also announced a $4 billion write-down for the first nine months of the year. The Ocean Wind 1 project would have been New Jersey’s first offshore wind farm. The project would have generated enough electricity to power half a million homes starting in 2025.

Reasons that led to the cancellation of Orsted’s projects in New Jersey include:

  • Significant adverse developments from supply chain challenges
  • Delays in the project schedule
  • Rising interest rates

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