Posted 8/31/2023, 5:20:00 PM

N.J. gov supports offshore wind power as developer delays huge project to 2026

Danish renewable energy developer Ørsted is facing financial losses and potential cancellation of its offshore wind projects in New Jersey due to supply chain and other issues.

nj.com

Relevant topic timeline:

8/30/2023

Orsted plunges 20% on risk of $2.3 billion in US impairments

Denmark's Orsted, the world's largest offshore wind farm developer, warns of potential impairments of 16 billion Danish crowns ($2.3 billion) in its US operations due to supply chain issues, high interest rates, and a lack of new tax credits.

9/4/2023

East Coast offshore wind farm delayed due to supply chain issues, high interest, and lack of tax credits

Global wind energy developer Ørsted has announced that its planned offshore wind farm off the coast of New Jersey will be delayed until 2026 due to supply chain issues, higher interest rates, and a failure to obtain enough tax credits from the government, potentially resulting in a $2.3 billion write-off; however, the company still plans to invest in its proposed projects.

9/5/2023

Orsted CEO says abandoning US wind projects a 'real option'- Bloomberg News

Denmark's Orsted, the world's largest offshore wind farm developer, is considering walking away from projects in the U.S. unless the Biden administration provides more support.