Danish firm Ørsted, the world’s largest offshore-wind developer, will stop work on two projects in New Jersey due to cost increases and delays.
Ørsted, the world’s largest offshore-wind developer, said late Tuesday that it will stop work on two projects in New Jersey that were expected to provide enough power for about one million homes.
Offshore wind is a key part of America’s plans to decarbonize. In 2021, President Biden announced a goal of installing 30 gigawatts of offshore-wind power by 2030, enough to power 10 million homes and avoid 78 million metric tons of carbon-dioxide emissions. He has projected that the U.S. could install 110 gigawatts of offshore-wind power by 2050, up from less than 1 gigawatt installed today.
Newsletter Sign-up “Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply-chain bottlenecks impacting our long-term capital investments,” said David Hardy, CEO Americas at Ørsted, in a statement.
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