In a setback for the wind industry, 2 large offshore projects are canceled in N.J.

  • 📰 NPR
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

The decision by the wind energy developer Orsted to cancel the two projects is raising new concern over the financial viability of the nascent offshore wind industry in the U.S.

Land-based wind turbines spin in Atlantic City N.J. on July 20, 2023. Wind developer Orsted scrapped plans for two large offshore projects in New Jersey this week, citing supply chain problems and high interest rates.Land-based wind turbines spin in Atlantic City N.J. on July 20, 2023. Wind developer Orsted scrapped plans for two large offshore projects in New Jersey this week, citing supply chain problems and high interest rates.ATLANTIC CITY, N.J.

He said the company, the world's largest offshore wind developer, decided"to de-risk the most painful part of our portfolio, and that is the U.S." But the main appeal of offshore wind for supporters, including environmentalists, many state governments and the Biden administration is precisely that it is not a fossil fuel business. The hottest Northern Hemisphere summer ever measured hit this year, according to the World Meteorological Organization and the European climate service Copernicus.

The industry also faces stiff political headwinds, in New Jersey and nationally, most of it from Republicans, who have convinced the U.S. Government Accountability Office to look into the industry.Rep. Jeff Van Drew, a Republican who represents the area in southern New Jersey where Orsted's wind farms would have been built, exulted in the decision to scrap the projects.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 96. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines