The company cited 'supply chain bottlenecks impacting our long-term capital investments' as a reason for the move.
"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, Ørsted's Americas CEO.Thought bubble,: This is perhaps the starkest evidence yet of economic hurdles undercutting White House hopes for a major U.S. offshore wind buildout.
The tech has potential to play a role cutting U.S. emissions, but a combination of interest rates, inflation, supply chain challenges and more are slowing offshore wind down even as several projects move forwardØrsted will proceed with its Revolution Wind project in Connecticut and Rhode Island, per a company statement.Share on linkedin
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 scraps 2 offshore wind power projects in New Jersey, citing supply chain issuesDanish energy developer Orsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to the financial viability of a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming fossil fuels.
Read more »
Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issuesDanish energy developer Orsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming fossil fuels.
Read more »
Orsted scraps 2 offshore wind power projects in New Jersey, citing supply chain issuesDanish energy developer Orsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming fossil fuels.
Read more »
Orsted scraps 2 offshore wind-power projects in New JerseyMeanwhile, federal regulators approve wind farm plan off Virginia
Read more »
Offshore wind company pulls out of New Jersey projects, imperiling Biden's green agenda“We are extremely disappointed,” head of energy company Orsted said.
Read more »
New York, New Jersey voter guide: What to know for Nov. 7 general electionHere are some key dates and deadlines to know before you go, along with a look at some issues on the ballot in New York City.
Read more »