Wind industry deals with blowback from Orsted scrapping 2 wind power projects in New Jersey

ATLANTIC CITY, N.J. — Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry.

That statement went straight to the heart about concerns over the financial viability of the offshore wind industry in the northeastern U.S., which is in its infancy but has extensive plans from New England to the Carolinas. The industry also faces stiff political headwinds, in New Jersey and nationally, most of it from Republicans, who have convinced the U.S.

And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone. They join the one remaining project of the three originally approved by the state,Atlantic Shores said Wednesday it remains committed to its project, though it hinted in a statement that it, too, is seeking additional help.

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