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.