NEW YORK -- Danish energy developer Orsted said Tuesday night it is scrapping two large offshore wind power projects off the coast of New Jersey.The company said it is canceling its Ocean Wind I and II projects in southern New Jersey, citing supply chain issues and rising interest rates.Orsted CEO Mads Nipper said in a statement the company was disappointed to be halting the projects because it believes the United States needs wind power to reduce carbon emissions.
Two weeks ago, New York regulators rejected a request from companies for larger subsidies to complete large-scale wind, solar and offshore wind projects, saying the companies were expected to to abide by the terms of their deals with the state.A handful of other offshore wind projects have been canceled. They include the Park City Wind project off the coast of Massachusetts.
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