Ørsted Abandons New Jersey Offshore Wind Projects, Citing Supply Chain Issues

Ørsted has announced that it will no longer pursue the development of its Ocean Wind 1 and 2 projects off the Jersey Shore due to changing macroeconomic factors, including high inflation, rising interest rates, and supply chain bottlenecks. New Jersey Governor Phil Murphy criticized Ørsted's decision, calling it outrageous and questioning the company's credibility. Despite this setback, New Jersey still has several other offshore wind projects in various stages of development, and the state plans to solicit more project proposals soon.