{"id":286289,"date":"2023-11-03T11:16:16","date_gmt":"2023-11-03T10:16:16","guid":{"rendered":"https:\/\/climatescience.press\/?p=286289"},"modified":"2023-11-03T11:16:19","modified_gmt":"2023-11-03T10:16:19","slug":"orsted-abandons-new-jersey-wind-projects","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=286289","title":{"rendered":"\u00d8rsted Abandons New Jersey Wind Projects"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Offshore wind developer \u00d8rsted said it is pulling out of its Ocean Wind 1 and Ocean Wind 2 projects off New Jersey, citing escalated financial difficulties and supply chain issues.\u00a0<\/em><\/strong><\/p>\n\n\n\n

\u201c\u00d8rsted has decided to cease the development of Ocean Wind 1 and 2,\u201d said the company in its statement. The Ocean Wind 1 project would have been located about 15 miles off the shore of Atlantic City, and the Ocean Wind 2 farm would have been adjacent to it.<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

\u00d8rsted, a major player in the offshore wind development sector, has decided to pull the plug on its Ocean Wind 1 and Ocean Wind 2 projects off the coast of New Jersey. Citing<\/p>\n\n\n\n

\n

\u201cescalated financial difficulties and supply chain issues,\u201d<\/p>\n<\/blockquote>\n\n\n\n

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https:\/\/www.nationalfisherman.com\/mid-atlantic\/-rsted-gives-up-on-new-jersey-wind-projects<\/a><\/figcaption><\/figure>\n\n\n\n

\u00d8rsted\u2019s decision brings to light the tumultuous waters that renewable energy projects are now starting to regularly encounter.<\/p>\n\n\n\n

\n

\u201cMacroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,\u201d<\/p>\n<\/blockquote>\n\n\n\n

said David Hardy, group executive vice president and CEO Americas at \u00d8rsted. This statement reflects the vulnerability of such grandiose renewable projects to economic fluctuations and logistical nightmares.<\/p>\n\n\n\n

The cancellation of these projects is not just a setback for \u00d8rsted but also dents the ambitious renewable energy goals of the United States. It came shortly after the Biden administration announced the final approval of the Coastal Virginia Offshore Wind project, which was touted as a significant milestone in the U.S. renewable energy landscape.<\/p>\n\n\n\n

Local officials and communities in New Jersey, who had been at loggerheads with \u00d8rsted and other state and federal agencies, welcomed this decision. They had been voicing their concerns and opposition against the potential impacts of the Ocean Wind 1 project.<\/p>\n\n\n\n

\n

\u201cThis is a great day for the people and businesses of Cape May County,\u201d<\/p>\n<\/blockquote>\n\n\n\n

said Len Desiderio, director of the Cape May County Board of Commissioners, reflecting the relief and vindication felt by the local communities.<\/p>\n\n\n\n

Despite this setback, \u00d8rsted continues to express its commitment to the U.S. renewable energy market.<\/p>\n\n\n\n

\n

\u201cWe remain committed to the U.S. renewable energy market, building clean power that will create jobs across technologies and states from the Northeast to Texas,\u201d<\/p>\n<\/blockquote>\n\n\n\n

Hardy said. However, the abandonment of the New Jersey projects raises questions about the feasibility and practicality of such commitments in the face of economic and logistical uncertainties.<\/p>\n\n\n\n

\u00d8rsted\u2019s decision to abandon its wind projects off New Jersey is a stark reminder of the unpredictable and challenging nature of renewable energy projects. It underscores the need for a more realistic and pragmatic approach towards planning and executing all energy projects, putting engineering and economics ahead of political dictates, taking into consideration the various economic, logistical, and community-related factors that can impact their success.<\/p>\n\n\n\n

Source:\u00a0https:\/\/www.nationalfisherman.com\/mid-atlantic\/-rsted-gives-up-on-new-jersey-wind-projects<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Offshore wind developer \u00d8rsted said it is pulling out of its Ocean Wind 1 and Ocean Wind 2 projects off New Jersey, citing escalated financial difficulties and supply chain issues.\u00a0 \u201c\u00d8rsted has decided to cease the development of Ocean Wind 1 and 2,\u201d said the company in its statement. The Ocean Wind 1 project would […]<\/p>\n","protected":false},"author":121246920,"featured_media":286297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Offshore wind developer \u00d8rsted said it is pulling out of its Ocean Wind 1 and Ocean Wind 2 projects off New Jersey, citing escalated financial difficulties and supply chain issues.\u00a0","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691822437,691824221,691818430,691824222,691824149],"class_list":{"0":"post-286289","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-orsted-2","9":"tag-financial-difficulties","10":"tag-new-jersey","11":"tag-ocean-wind-1-and-ocean-wind-2-projects","12":"tag-supply-chain","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0Screenshot-2023-11-03-111148.png?fit=1182%2C705&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1ctz","jetpack-related-posts":[{"id":286456,"url":"https:\/\/climatescience.press\/?p=286456","url_meta":{"origin":286289,"position":0},"title":"Oersted Cancel Two US Offshore Wind\u00a0Projects","author":"uwe.roland.gross","date":"04\/11\/2023","format":false,"excerpt":"Orsted, the world's largest offshore wind developer, said it would stop developing its 2,248-megawatt (MW) Ocean Wind 1 and 2 projects in New Jersey. Related impairments could amount to as much as 39.4 billion Danish crowns ($5.58 billion). From NOT A LOT OF PEOPLE KNOW THAT By Paul Homewood Another\u2026","rel":"","context":"In \"Denmark\u2019s \u00d8rsted\"","block_context":{"text":"Denmark\u2019s \u00d8rsted","link":"https:\/\/climatescience.press\/?tag=denmarks-orsted"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0106951538-1633352231704-gettyimages-948490942-_dsc2179.jpeg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":277577,"url":"https:\/\/climatescience.press\/?p=277577","url_meta":{"origin":286289,"position":1},"title":"Support for offshore wind sinks as costs soar","author":"uwe.roland.gross","date":"06\/09\/2023","format":false,"excerpt":"Bad news for the industry is coming in daily, so there is too much to report. 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