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In November, Orsted nixed two major wind farm projects planned off the coast of New Jersey, citing the same problems that the company cited for the Skipjack Wind project.. Danish wind developer Orsted has canceled another contract on a planned offshore wind farm in the Atlantic Ocean. The company said the 966-megawatt Skipjack Wind project, planned to be constructed off the coasts of Delaware and Maryland, would no longer be commercially viable at the contract prices due to inflation, high interest rates and supply chain issues. “Today’s announcement affirms our commitment to developing value creating projects and represents an opportunity...

The Danish company Ørsted announced this week that it is canceling the development of its two major offshore wind projects in New Jersey, Ocean Wind I and II, blaming the poor state of the American economy under leftist President Joe Biden – a major proponent of green energy projects. Ocean Wind I and II were extremely unpopular in New Jersey, prompting widespread protests and aggressive congressional opposition led by Jersey Shore lawmakers Rep. Chris Smith (R-NJ) and Jeff Van Drew (R-NJ). Local fishing industry professionals fear the gigantic wind turbine maritime territory leases would prevent them from living off of...

BOSTON – October 31, 2023 – Following a decision by its Board of Directors, Ørsted will cease development of the Ocean Wind 1 and Ocean Wind 2 projects and has taken final investment decision (FID) on the Revolution Wind project. “Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,” said David Hardy, Group EVP and CEO Americas at Ørsted. “As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to...

A Danish offshore wind company with major projects in the U.S. has taken huge losses Wednesday after warning about its so-far unsuccessful effort to get more federal subsidies, according to Reuters. Orsted stated Tuesday that it anticipates that its three developments in U.S. waters may be $2.3 billion less valuable than anticipated, in part because the firm is having trouble receiving more tax credits from the Biden administration, according to Reuters. Other problems the firm’s projects face include supply chain backups and rising interest rates that make refinancing difficult. “The situation in U.S. offshore wind is severe,” Orsted’s CEO, Mads...

New Jersey Gov. Phil Murphy was expected to sign a bill Thursday giving a tax break to Danish offshore wind developer Orsted for the first of two energy projects it plans to place in the waters off the Jersey Shore. Before the ink is dry on that bill, he will face pressure from another offshore wind company looking for similar assistance. The governor’s office said he would sign the bill, allowing Orsted to keep federal tax credits that it otherwise would have been required to pass along to New Jersey utility ratepayers. Lawmakers who narrowly approved the bill last week...

Russia cut its gas supply to top Dutch trader GasTerra on Tuesday, escalating the economic battle between Moscow and Brussels and pushing up European gas prices. The move comes a day after Denmark flagged a potential end to its Russian gas supply and the European Union's toughest measure yet against Russia for its invasion of Ukraine, an agreement to halt sea-borne imports of its oil. GasTerra, which buys and trades gas on behalf of the Dutch government, said it had contracted elsewhere for the 2 billion cubic metres of gas it had expected to receive from Gazprom through October. "This...

Ørsted, a Danish power group, and Vestas, a wind turbine maker, said projects in Europe had to deal with low wind speeds, while supply chain stagnation, rising energy prices and raw material costs hit manufacturers. Warned about difficult situations for the renewable energy industry. Vestas warned on Wednesday that “the global business environment for renewable energy will become increasingly difficult.” Second time In 3 months. Orsted, the developer of the world’s largest offshore wind farm, Lower wind speed This year, compared to 2020, 2021 profits were expected to reach the lower end of the guide range. The group said operating...

New Jersey has chosen a Danish company to build a wind energy project off the coast of Atlantic City that could power half a million homes. The state Board of Public Utilities on Friday chose Ørsted to build a project that would generate 1,100 megawatts of electricity. The company says the work could be completed by 2024. The BPU said the project will cause an estimated monthly bill increase of $1.46 for residential customers, $13.05 for commercial customers and just over $110 for industrial customers. […] Murphy, a Democrat, wants New Jersey to produce all its energy from clean sources...