"Setback for Wind Industry as Ørsted Cancels Major Offshore Projects in N.J."

Wind developer Orsted has canceled two large offshore wind projects in New Jersey, citing supply chain problems, high interest rates, and a failure to obtain desired tax credits. The cancellation highlights the financial challenges facing the offshore wind industry, which is seen by supporters as a crucial part of transitioning to clean, renewable energy. However, opponents argue that the industry is unworkable without significant financial subsidies. Despite this setback, other wind projects are still moving forward, and New Jersey has several other offshore wind projects in development.