Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company's cancellation of two offshore wind farms last year — a little over a third of what the company once was required to pay.The state's Board of Public Utilities said Tuesday that New Jersey and Orsted have settled claims against each other stemming from the company's decision last October to scrap two wind farms off the state's southern coast.
"They are being let off the hook, paying less than half, with New Jersey losing $175 million. This is a bad deal for New Jersey."The settlement announcement was one of several that the administration of Democratic Gov. Phil Murphy made Tuesday regarding offshore wind.The state said it is moving up the next solicitation for additional offshore wind projects from the third quarter of 2026 to the second quarter of 2025. New Jersey's current round of solicitations closes on July 10.
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