Danish energy firm Orsted's shock decision to cancel two offshore wind farms off New Jersey this week was based in large part on big delays securing the ship...
- Danish energy firm Orsted's shock decision to cancel two offshore wind farms off New Jersey this week was based in large part on big delays securing the ship it needed to build the project, company officials said.
"People did not anticipate backing out of Ocean Wind," said Timothy Fox, VP at research firm ClearView Energy Partners. Nipper told analysts that unlike Ocean Wind, Orsted is still pursuing Sunrise for several reasons, including the fact that the company has already lined up a vessel to build it. Instead the companies announced writeoffs of up to $5.6 billion for Orsted, $540 million for BP and $300 million for Equinor.
Governor Murphy said New Jersey should receive $300 million if Orsted's projects fail to proceed and directed his administration to "review all legal rights and remedies and to take all necessary steps to ensure that Orsted fully and immediately honors its obligations."
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