Orsted Scraps New Jersey Wind Farms Amidst Financial Setbacks in US Offshore Wind Industry
Danish company Orsted has abandoned plans to construct two wind farms off the coast of New Jersey, resulting in potential write-offs of up to $5.6 billion. This decision reflects the challenges facing the offshore wind industry in the United States, including high inflation and soaring interest rates, making previously profitable projects less viable. Other energy companies, such as BP, have also faced setbacks in the US offshore wind market, impacting plans to reduce greenhouse gas emissions through renewable energy sources.
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