Wind Power Write-Downs Cast Shadow Over Industry Outlook

📆 01/11/2023 03:08 p. m.
📰 WSJ

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Orsted is the latest renewable-energy company to book an impairment, with a $4 billion charge against its U.S. offshore portfolio

A wave of impairments is sweeping through the U.S. wind-energy sector amid high interest rates, inflation and supply-chain woes, forcing developers to put off projects and casting doubts over the industry’s outlook.

The decision came a week before legislative elections in New Jersey, where wind turbines have become a top target for Republicans against Democratic Gov. Phil Murphy’s plan to have 100% of the state’s power coming from renewables by 2035. Earlier this week, BP booked a $540 million pretax impairment charge on three wind projects off the coast of New York afterto renegotiate power-purchase terms to reflect inflationary pressures and permitting delays. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. The companies said they are assessing the impact of the regulators’ decision on their future development plans.

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Wind industry deals with blowback from Orsted scrapping 2 wind power projects in New JerseyWind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry.
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