Orsted's Withdrawal from N.J. Projects Deals Blow to Biden's Green Agenda

Orsted, a leading offshore wind farm developer, has announced the cancellation of two wind farm projects off the coast of New Jersey, resulting in a write-off of up to $5.6 billion. This decision reflects the challenges faced by the offshore wind industry in the United States, including high inflation, soaring interest rates, and delays in approvals during the Trump administration. The cancellation of these projects is a setback for the Biden administration's plans to reduce greenhouse gas emissions and highlights the need for a reset in the cost of offshore power. Other companies, such as BP, have also faced difficulties in the offshore wind market, leading to write-downs and reassessment of future plans. Despite these challenges, offshore wind remains a viable industry, but lessons are being learned and adjustments are needed to ensure its success in the future.