Ørsted's Withdrawal from N.J. Offshore Wind Projects Sends Shockwaves

There are concerns that Ørsted, the company chosen to develop a controversial offshore wind farm in New Jersey, may withdraw from the project due to financial challenges. The decision comes just before the state's midterm elections and amidst allegations that offshore wind is responsible for the deaths of whales and other mammals. Ørsted has cited high interest rates and supply chain delays as reasons for scaling back its North American offshore wind deals. The company recently put $100 million in escrow to guarantee the first offshore wind farm's completion by December 2025. State officials are worried that Ørsted may have misrepresented its financial position.