Wind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey

By WAYNE PARRY
Associated Press

ATLANTIC CITY, N.J. (AP) — Wind 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. The Danish company is scrapping its Ocean Wind I and II projects due to continuing problems with supply chains, higher interest rates, and a failure to obtain the amount of tax credits the company wanted. It’s a crucial point for offshore wind, which is struggling to establish a foothold in the U.S. amid political opposition, mostly from Republicans, higher costs and delays in getting key parts.