It 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. The Danish company said Tuesday night it is scrapping its Ocean Wind I and II projects off the coast of southern New Jersey due to problems with supply chains, higher interest rates, and a failure to obtain the amount of tax credits the company wanted.
“In a world of warming temperatures and extreme weather in likely the hottest year on record, maintaining the status quo of fossil fuel generation is not an option as the cost of climate inaction is undeniably high.” Orsted’s stock price was down over 26% at midday Wednesday. The company said it hopes to re-use some supplies it has already purchased, such as cable and steel, on other projects.
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