Ørsted's withdrawal from New Jersey offshore wind projects deals blow to Biden's green agenda

Orsted, the Danish energy company, has announced that it is canceling plans to build two wind farms in New Jersey, dealing a setback to President Joe Biden's clean energy goal. The decision is a blow to New Jersey Governor Phil Murphy's hopes of making the state a clean energy leader. Orsted cited macroeconomic factors such as inflation and supply chain issues as reasons for scrapping the projects. The cancellation leaves New Jersey with only one active wind farm project, Atlantic Shores, and raises questions about the future of offshore wind in the state.