"Ørsted's Withdrawal Deals Blow to Maryland's Offshore Wind Plans"

Multinational energy developer Orsted has withdrawn from agreements with the State of Maryland to develop two offshore wind projects, citing worsening economic conditions. The decision to reposition the Skipjack Wind projects was made due to challenging economic circumstances, including inflation, high interest rates, and supply chain constraints. This move delivers a major blow to Maryland's climate agenda, leaving the state with just two proposed offshore wind projects. The cancellation of these projects threatens to hinder green energy goals set by Democratic-led states and the Biden administration, which aims to deploy 30 gigawatts of offshore wind energy by 2030 and completely decarbonize the power grid by 2035.