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

From the AP via the Hartford Courant, November 1:

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.

It 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.

The Danish company said Tuesday night it is scrapping its Ocean Wind I and II projects off the coast of southern New Jersey due to problems with supply chains, higher interest rates, and a failure to obtain the amount of tax credits the company wanted.

“These are obviously some very tough decisions,” Mads Nipper, Orsted’s CEO, said on an earnings conference call Wednesday.

He said the company, the world’s largest offshore wind developer, decided “to de-risk the most painful part of our portfolio, and that is the U.S.”

That statement went straight to the heart about concerns over the financial viability of the offshore wind industry in the northeastern U.S., which is in its infancy but has extensive plans from New England to the Carolinas.

Some projects already have been canceled, and many offshore wind developers are seeking better terms from governments with whom they have already contracted. New York rejected such a request two weeks ago....

....MUCH MORE

Here are the company's two press releases, both October 31: 

Ørsted ceases development of its US offshore wind projects Ocean Wind 1 and 2, takes final investment decision on Revolution Wind, and recognises DKK 28.4 billion impairments 

Interim report for the first nine months of 2023 – Ceased the development of Ocean Wind 1 and Ocean Wind 2, took final investment decision on Revolution Wind, and impairment losses of DKK 28.4 billion

Previously:

"Offshore Wind Developers Likely to Cancel Some Contracts After NY Decision"

Ørsted CEO Says U.S. Offshore Wind Targets Not Out of Reach

"The first US offshore wind auction in the Gulf of Mexico was a dud"

Although we didn't focus on it in August 30's "Ørsted, "World's Largest Offshore Wind Farm-Maker Crashes Most On Record After Catastrophic Results"", during that same conference call Ørsted said it considered abandoning their big offshore New Jersey wind farm but will stick with it, for now.  

They seemed to be doing better back when they were DONG Energy.