Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind…
After scrapping two projects set for New Jersey, offshore wind power company Orsted is trying to get out of a multimillion dollar guarantee it agreed to pay if it failed to build its first wind farm off the state's coastOffshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast.
The company said it was doing so because the board had not taken final action to approve the agreement.“The Board has not issued a final approval of the Compliance Filing,” Orsted wrote in a letter to the utilities board, saying it was withdrawing from the agreement “due to changed circumstances.”Parent companies of popular NJ, Pa. amusement parks merging
On Monday, a spokeswoman, Alexandra Altman, said Murphy's administration “is evaluating Orsted's recent statements and correspondence, and will take any and all actions necessary to ensure Orsted honors its commitment and responsibility to the state.” The cancellations added fresh uncertainty to an industry seen by supporters as a way to help end the burning of planet-warming fossil fuels, but derided by opponents as inherently unworkable without massive financial subsidies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farmsOffshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state’s coast.
Read more »
Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farmsOffshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state’s coast. Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible.
Read more »
Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farmsOffshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state’s coast.
Read more »
Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farmsOffshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state’s coast.
Read more »
New York, New Jersey vigils call for release of Israeli hostagesThere was a sense of grief, sadness and anger in the air in Plainview. In Montclair, New Jersey – the organization, Bring Them Home, decorated a large table, set for dinner, with no guests attending the metaphorical dinner party.
Read more »
Everything to know about Election Day in New York, New Jersey and ConnecticutElection Day is Tuesday -- here's what you need to know about voting and the major races at stake.
Read more »