By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Orsted delays 1st New Jersey wind farm until 2026; not ready to 'walk away' from project
preview.jpg
Land-based wind turbines in Atlantic City, N.J., turn on July 20, 2023. On Aug. 30, the offshore wind energy company Orsted said it is delaying its first offshore wind project in New Jersey until some time in 2026; it had previously been due to be completed by 2024. - photo by AP Photo/Wayne Parry
OCEAN CITY, N.J. (AP) — Orsted, the global wind energy developer, says its first offshore wind farm in New Jersey will be delayed until 2026 due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. The Danish company revealed the delay during an earnings conference call Wednesday, during which it said it could be forced to write off about $2.3 billion on U.S. projects that are worth less than they had been. It also said it had considered simply abandoning the Ocean Wind I project off the southern New Jersey coast.