OCEAN CITY, N.J. (AP) — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it...
OCEAN CITY, N.J. — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast.projects in southern New Jersey, saying the projects were no longer financially feasible. The company cited supply chain issues, inflation and a failure to gain enough government tax credits.
“The Board has not issued a final approval of the Compliance Filing,” Orsted wrote in a letter to the utilities board, saying it was withdrawing from the agreement “due to changed circumstances.”Neither Orsted, the BPU and nor the office of New Jersey Gov. Phil Murphy immediately responded to requests for comment Monday.
The company agreed to put up a $100 million guarantee that it would have Ocean Wind I built by the end of 2025. It also was obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey.The cancellations added fresh uncertainty to an industry seen by supporters as a way to help end the burning of planet-warming fossil fuels, but derided by opponents as inherently unworkable without massive financial subsidies.
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