November 02, 2023

Following a decision by its Board of Directors, the Danish leading offshore wind developer Orsted announced a $4 billion impairment and the abandon of its two offshore New Jersey wind projects. The company was involved in some of the largest offshore wind farm projects in the USA.
“Macroeconomic 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,” said David Hardy, Group EVP and CEO Americas at Ørsted. “As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2.”
Ocean Wind 1 and 2 were supposed to be located off the coast of Atlantic City in New Jersey.
The US Bureau of Ocean Energy Management completes an environment survey for the Ocean Wind 1 project in May 2023.
(Source: Orsted – Image: Atlantic City at sunset)