Orsted backs out of New Jersey offshore wind projects amid financial challenges
By Shannon Longworth (Reporter), Brian Spencer (Editor)
Media Landscape
See who else is reporting on this story and which side of the political spectrum they lean. To read other sources, click on the plus signs below. Learn more about this dataBias Distribution
Left
Ørsted cancels two US offshore windfarm projects at £3.3bn cost
Click to see story on The GuardianWind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey
Click to see story on The IndependentOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Associated Press NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on abc NewsEnergy company pulls the plug on two major offshore wind projects on East Coast
Click to see story on CNNOrsted scraps 2 offshore wind power projects in New Jersey | Here’s why
Click to see story on abc 6 PhiladelphiaMajor wind energy developer scraps two major offshore projects
Click to see story on NBC NewsOffshore wind developers see big losses on N.Y. projects
Click to see story on Times UnionOffshore wind company pulls out of New Jersey projects, a setback to Biden’s green agenda
Click to see story on PoliticoOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on News & RecordOrsted scraps 2 offshore NJ wind power projects, citing supply chain issues
Click to see story on NBC PhiladelphiaOrsted abandons New Jersey offshore wind projects, citing rising costs
Click to see story on Philly VoiceWindenergiesector zakt verder in, Deense ontwikkelaar Ørsted zet projecten stop
Click to see story on NRC HandelsbladWind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey
Click to see story on Prince George CitizenØrsted cancels N.J. project in major blow to offshore wind
Click to see story on eenews.netØrsted cancels two offshore wind projects along New Jersey coast
Click to see story on utilitydive.comOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on KRDOOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on KIFIOrsted cancels two New Jersey offshore wind projects, takes $4 billion writedown
Click to see story on CNBCWind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey
Click to see story on KVIAOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Winnipeg Free PressDanish energy company Orsted cancels New Jersey wind projects
Click to see story on UPIOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on News 4 JAXOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on WPLGOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on WKMGOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Click on DetroitOrsted scraps 2 offshore wind power projects in New Jersey | Here’s why
Click to see story on abc 7 NYOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Washington Top NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on The Billings GazetteOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Lincoln Journal StarOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Helena Independent RecordWhite House says it is committed to offshore wind despite New Jersey setbacks
Click to see story on DevdiscourseWorld’s largest wind energy developer scraps 2 large offshore projects in New Jersey, adding to list of U.S. cancellations
Click to see story on FortuneOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on KOB 4Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on WPRI 12Energy company pulls plug on 2 major offshore wind projects on East Coast
Click to see story on WTVROrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Rapid City Journal Media GroupOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on GoDanRiver.com2 offshore wind power projects in New Jersey scrapped by Orsted
Click to see story on WTXFOrsted backs out of New Jersey offshore wind projects amid financial challenges
Click to see story on Straight Arrow NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on National PostOrsted Abandons US Wind Projects, Taking $4 Billion Hit
Click to see story on Financial PostOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on MY NorthwestØrsted halts projects in the US and writes down billions
Click to see story on berlingske.dkOrsted scraps two US offshore wind projects, takes $5.6B hit
Click to see story on UnionLeader.comMajor developer halts two New Jersey offshore wind projects in blow to Biden goals
Click to see story on Washington ExaminerLeading Offshore Wind Developer Pulls Plug On Two Projects
Click to see story on The Daily CallerWorld’s Largest Offshore Wind Farm-Developer Abandons Two Major US Projects As Renewable Bust Erupts
Click to see story on Zero HedgeDeveloper axes 2 major offshore wind projects in blow to Biden’s green energy goals
Click to see story on Fox NewsUntracked Bias
Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on My Mother LodeOrsted shares tank after halting two major US wind farms
Click to see story on City AMWind power: Abandonment of US wind project earns Orsted billions in loss
Click to see story on wiwo.deOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on pantheonsite.ioØrsted just axed plans for two New Jersey offshore wind farms – here’s why
Click to see story on ElectrekOrsted Halts Plans for Two N.J. Offshore Wind Farms
Click to see story on Sea Isle NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues – The Morning Sun
Click to see story on communityq.comØrsted Doubles Write-Off as it Cancels NJ Project and Reviews US Wind Plans
Click to see story on maritime-executive.comOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on renewableenergyworld.comOffshore wind developer Orsted has decided to back out of two controversial projects along the coast of New Jersey. The Danish company will cease development of the Ocean Wind 1 and 2 projects, citing factors such as inflation, rising interest rates and supply chain issues as reasons for this decision.
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Orsted could lose the $100 million guarantee it posted with New Jersey, which ensured Ocean Wind 1 would be operational by the end of 2025. That money could go back to taxpayers. According to The New York Times, Orsted says it could write off as much as $5.6 billion.
“We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a U.S. and global hub for offshore wind energy.” Group Executive Vice President and CEO of the Americas Region David Hardy said in a statement,
New Jersey Gov. Phil Murphy is a strong supporter of offshore wind development. In a statement, Murphy called the decision “outrageous” and questioned Orsted’s credibility and competence.
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“In recognition of the challenges inherent in large and complex projects, my administration in partnership with legislative leadership insisted upon important protections that ensure New Jersey will receive $300 million to support the offshore wind sector should Orsted’s New Jersey projects fail to proceed,” Murphy said.
Orsted intends to proceed with other offshore wind projects along the East Coast.
The company is not alone in facing financial challenges. International energy company Equinor recently wrote down the value of its U.S. projects by $300 million, and BP announced it would write down three projects off the coast of New York by $540 million. BP’s head of gas and low carbon commented that the offshore wind industry in the U.S. is “fundamentally broken.”
SHANNON LONGWORTH:
OFFSHORE WIND DEVELOPER, ORSTED, IS CALLING OFF TWO CONTROVERSIAL PROJECTS OFF NEW JERSEY.
THE DANISH COMPANY ANNOUNCED IT’S BACKING OUT OF OCEAN WIND 1 AND 2, CITING INFLATION, RISING INTEREST RATES AND SUPPLY CHAIN ISSUES.
ORSTED COULD LOSE THE $100 MILLION GUARANTEE IT POSTED WITH NEW JERSEY, WHICH ENSURED OCEAN WIND 1 WOULD BE OPERATIONAL BY THE END OF 2025. THAT MONEY COULD GO BACK TO TAXPAYERS.
ACCORDING TO THE NEW YORK TIMES, ORSTED SAYS IT COULD WRITE OFF AS MUCH AS $5.6 BILLION DOLLARS.
GROUP EXECUTIVE VICE PRESIDENT AND CEO OF THE AMERICAS REGION, DAVID HARDY, SAID IN A PRESS RELEASE THAT THE COMPANY IS “EXTREMELY DISAPPOINTED TO HAVE TO TAKE THIS DECISION, PARTICULARLY BECAUSE NEW JERSEY IS POISED TO BE A U.S. AND GLOBAL HUB FOR OFFSHORE WIND ENERGY.”
NEW JERSEY GOVERNOR, PHIL MURPHY, HAS CHAMPIONED OFFSHORE WIND DEVELOPMENT IN THE STATE…SUPPORTING PRESIDENT BIDEN’S GOALS FOR THE COUNTRY.
IN A STATEMENT, MURPHY SAID “TODAY’S DECISION BY ORSTED TO ABANDON ITS COMMITMENTS IN NEW JERSEY IS OUTRAGEOUS AND CALLS INTO QUESTION THE COMPANY’S CREDIBILITY AND COMPETENCE.”
MURPHY ALSO POINTED OUT THAT THE STATE HAD ENSURED IT WOULD $300 MILLION TO SUPPORT OFFSHORE WIND DEVELOPMENT SHOULD ORSTED’S PROJECTS FAIL TO PROCEED.
THE ENERGY COMPANY WILL MOVE FORWARD WITH ITS OTHER PROJECTS IN OTHER STATES ALONG THE EAST COAST. YET, IT’S IMPORTANT TO NOTE THAT IT’S NOT THE FIRST TO EXPERIENCE FINANCIAL CHALLENGES WITH ITS AMBITIOUS OFFSHORE WIND PROJECTS ON THE EAST COAST. OTHER PROJECTS HAVE BEEN SCRAPPED.
JUST THIS WEEK, EQUINOR WROTE DOWN THE VALUE OF ITS US PROJECTS BY $300 MILLION AND BP SAID IT WOULD WRITE DOWN $540 MILLION ON THREE PROJECTS OFF NEW YORK.
BP’S HEAD OF GAS AND LOW CARBON SAID THE OFFSHORE WIND INDUSTRY IN THE US IS “FUNDAMENTALLY BROKEN.”
WE MENTIONED ORSTED’S NOW-CANCELED OCEAN WIND PROJECT IN OUR REPORTING ON CONCERNS REGARDING THE ENVIRONMENTAL IMPACT OF SUCH WORK IN THE ATLANTIC. YOU CAN FIND OUR IN-DEPTH REPORTING BY SEARING “OFFSHORE WIND” AT S-A-N.COM.
Media Landscape
See who else is reporting on this story and which side of the political spectrum they lean. To read other sources, click on the plus signs below. Learn more about this dataBias Distribution
Left
Ørsted cancels two US offshore windfarm projects at £3.3bn cost
Click to see story on The GuardianWind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey
Click to see story on The IndependentOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Associated Press NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on abc NewsEnergy company pulls the plug on two major offshore wind projects on East Coast
Click to see story on CNNOrsted scraps 2 offshore wind power projects in New Jersey | Here’s why
Click to see story on abc 6 PhiladelphiaMajor wind energy developer scraps two major offshore projects
Click to see story on NBC NewsOffshore wind developers see big losses on N.Y. projects
Click to see story on Times UnionOffshore wind company pulls out of New Jersey projects, a setback to Biden’s green agenda
Click to see story on PoliticoOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on News & RecordOrsted scraps 2 offshore NJ wind power projects, citing supply chain issues
Click to see story on NBC PhiladelphiaOrsted abandons New Jersey offshore wind projects, citing rising costs
Click to see story on Philly VoiceWindenergiesector zakt verder in, Deense ontwikkelaar Ørsted zet projecten stop
Click to see story on NRC HandelsbladWind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey
Click to see story on Prince George CitizenØrsted cancels N.J. project in major blow to offshore wind
Click to see story on eenews.netØrsted cancels two offshore wind projects along New Jersey coast
Click to see story on utilitydive.comOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on KRDOOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on KIFIOrsted cancels two New Jersey offshore wind projects, takes $4 billion writedown
Click to see story on CNBCWind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey
Click to see story on KVIAOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Winnipeg Free PressDanish energy company Orsted cancels New Jersey wind projects
Click to see story on UPIOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on News 4 JAXOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on WPLGOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on WKMGOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Click on DetroitOrsted scraps 2 offshore wind power projects in New Jersey | Here’s why
Click to see story on abc 7 NYOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Washington Top NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on The Billings GazetteOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Lincoln Journal StarOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Helena Independent RecordWhite House says it is committed to offshore wind despite New Jersey setbacks
Click to see story on DevdiscourseWorld’s largest wind energy developer scraps 2 large offshore projects in New Jersey, adding to list of U.S. cancellations
Click to see story on FortuneOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on KOB 4Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on WPRI 12Energy company pulls plug on 2 major offshore wind projects on East Coast
Click to see story on WTVROrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on Rapid City Journal Media GroupOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on GoDanRiver.com2 offshore wind power projects in New Jersey scrapped by Orsted
Click to see story on WTXFOrsted backs out of New Jersey offshore wind projects amid financial challenges
Click to see story on Straight Arrow NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on National PostOrsted Abandons US Wind Projects, Taking $4 Billion Hit
Click to see story on Financial PostOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on MY NorthwestØrsted halts projects in the US and writes down billions
Click to see story on berlingske.dkOrsted scraps two US offshore wind projects, takes $5.6B hit
Click to see story on UnionLeader.comMajor developer halts two New Jersey offshore wind projects in blow to Biden goals
Click to see story on Washington ExaminerLeading Offshore Wind Developer Pulls Plug On Two Projects
Click to see story on The Daily CallerWorld’s Largest Offshore Wind Farm-Developer Abandons Two Major US Projects As Renewable Bust Erupts
Click to see story on Zero HedgeDeveloper axes 2 major offshore wind projects in blow to Biden’s green energy goals
Click to see story on Fox NewsUntracked Bias
Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on My Mother LodeOrsted shares tank after halting two major US wind farms
Click to see story on City AMWind power: Abandonment of US wind project earns Orsted billions in loss
Click to see story on wiwo.deOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on pantheonsite.ioØrsted just axed plans for two New Jersey offshore wind farms – here’s why
Click to see story on ElectrekOrsted Halts Plans for Two N.J. Offshore Wind Farms
Click to see story on Sea Isle NewsOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues – The Morning Sun
Click to see story on communityq.comØrsted Doubles Write-Off as it Cancels NJ Project and Reviews US Wind Plans
Click to see story on maritime-executive.comOrsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issues
Click to see story on renewableenergyworld.comStraight to your inbox.
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