Orsted Abandons East Coast Offshore Wind Projects, Dealing Blow to Green Energy Goals

Orsted, a leading offshore wind farm developer, has announced the cancellation of two wind farm projects off the coast of New Jersey, resulting in a write-off of up to $5.6 billion. This setback reflects the challenges faced by offshore wind projects in the United States, including high financing costs and inflation. The cancellation hampers the Biden administration's plans to make the wind industry a crucial component in reducing greenhouse gas emissions. Orsted's decision highlights the need for a reset in offshore power costs and poses a setback for states along the East Coast, such as New York, New Jersey, and Massachusetts, aiming to install large amounts of clean electric power generation through offshore wind.