{"id":298656,"date":"2024-01-28T10:39:41","date_gmt":"2024-01-28T09:39:41","guid":{"rendered":"https:\/\/climatescience.press\/?p=298656"},"modified":"2024-01-28T10:39:43","modified_gmt":"2024-01-28T09:39:43","slug":"key-player-in-bidens-offshore-wind-push-withdraws-from-deal-with-blue-state-blames-inflation","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=298656","title":{"rendered":"Key Player In Biden\u2019s Offshore Wind Push Withdraws From Deal With Blue State, Blames Inflation"},"content":{"rendered":"\n
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From The Daily Caller<\/a><\/p>\n\n\n

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NICK POPE<\/a><\/p>\n\n\n\n

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

A major offshore wind developer announced Thursday that it withdrew from a deal with a state utility regulator for two offshore wind projects, citing inflation and other economic pressures.<\/p>\n\n\n\n

\u00d8rsted, a key corporate player in the Biden administration\u2019s offshore wind agenda, has backed out of the Maryland Public Service Commission\u2019s (MPSC) orders approving the company\u2019s Skipjack 1 and 2 projects off the Maryland coast, the company announced<\/a> Thursday. The company said that inflationary pressure, high borrowing costs and supply chain problems have combined to make the state\u2019s subsidies economically unviable, but that it is not yet abandoning the projects and will continue to pursue permits, according to a regulatory filing with the MPSC.<\/p>\n\n\n\n

\u201cToday\u2019s announcement affirms our commitment to developing value creating projects and represents an opportunity to reposition Skipjack Wind, located in a strategically valuable federal lease area and with a state that\u2019s highly supportive of offshore wind, for future offtake opportunities,\u201d David Hardy, the executive vice president and CEO of region Americas at \u00d8rsted, said in a Thursday statement. \u201cAs we explore the best path forward for Skipjack Wind, we anticipate several opportunities and will evaluate each as it becomes available. We\u2019ll continue to advance Skipjack Wind\u2019s development milestones, including its construction and operations plan.\u201d\u00a0\u00a0(RELATED: Blue State Doubles Down On Offshore Wind After 2023\u2019s Massive Failure)<\/a><\/strong><\/p>\n\n\n\n