Blog

Aug 05, 2023

N.J. gov supports offshore wind power as developer delays huge project to 2026

Offshore wind power company Ørsted said its projects in New Jersey could be in jeopardy because of supply chain problems and other issues. (AP Photo/Wayne Parry)AP New Jersey’s controversial offshore

Offshore wind power company Ørsted said its projects in New Jersey could be in jeopardy because of supply chain problems and other issues. (AP Photo/Wayne Parry)AP

New Jersey’s controversial offshore wind power projects could be in jeopardy as Danish renewable energy developer Ørsted reported Wednesday it is facing huge financial losses.

Ørsted officials told investors that supply chain problems and other issues may cause it to write off more than $2.2 billion in losses and could lead to the cancellation of its work off the Jersey Shore and other areas on the East Coast. The company is building the state’s first offshore wind farm, Ocean Wind 1, and has plans for another.

If you purchase a product or register for an account through one of the links on our site, we may receive compensation. By browsing this site, we may share your information with our social media partners in accordance with our Privacy Policy.