Orsted CEO Mads Nipper said in a statement the company was disappointed to be halting the projects because it believes the United States needs wind power to…
'However, the significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision,' Orsted CEO Mads Nipper saidOrsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming fossil fuels.
Orsted CEO Mads Nipper said in a statement the company was disappointed to be halting the projects because it believes the United States needs wind power to reduce carbon emissions.“However, the significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision,” Nipper said.
At the time, New Jersey Gov. Phil Murphy, who is pushing to make his state the East Coast hub of offshore wind, said the break was necessary to save the jobs and economic activity Orsted would have brought to the state. He noted that Orsted was required to put up an additional $200 million to benefit the state's offshore wind industry, and said he would make sure the company abides by that obligation.
A handful of other offshore wind projects have been canceled. They include the Park City Wind project off the coast of Massachusetts. Avangrid, a subsidiary of Spanish utility company Iberdrola, and several Connecticut utilities scrapped a long-term power purchase agreement. “These projects have been mishandled from the beginning by Orsted,” he said. “They didn’t listen to the public and did not understand our needs or politics. They thought they would get a blank check."In Virginia, a utility’s plans for an enormous wind farm off that state’s coast gained key federal approval Tuesday.
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