{"id":2024302,"date":"2023-09-07T05:47:04","date_gmt":"2023-09-07T09:47:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty\/"},"modified":"2023-09-07T05:52:45","modified_gmt":"2023-09-07T09:52:45","slug":"new-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty\/","title":{"rendered":"NJ Ocean Wind Project Delayed Due to Economic Uncertainty"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2024302&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Danish \u2064energy firm Orsted, the \u200dcompany\u2064 behind nearly half of the offshore \u200dwind farms \u2063under construction \u2062in the United States, has made an important \u2062announcement \u2062regarding its Ocean Wind 1 project \u2062off the New Jersey coast. Due \u2062to various <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty\/\" title=\"NJ Ocean Wind Project Delayed Due to Economic Uncertainty\">factors including supply chain issues<\/a>, inflation,\u2064 and rising\u200b interest rates, the project has\u2062 been delayed until 2026.<\/p>\n<p>This news has \u2063sent shockwaves through the renewable\u2063 energy sector and sparked concerns about the feasibility of such\u2062 large-scale projects. It has also energized opponents \u200bof offshore \u2062wind, who are determined to see the \u2063project canceled altogether.<\/p>\n<h2>Financial \u2064Woes<\/h2>\n<p>Ocean Wind 1 is a flagship project that would establish the first <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-top-energy-regulator-lobbied-for-company-behind-admin-approved-wind-farm\/\" title=\"Biden\u2019s Top Energy Regulator Lobbied for Company Behind Admin-Approved Wind Farm\">offshore wind farm<\/a> in \u2064New Jersey, \u2063aligning with Governor Phil Murphy&#8217;s vision to\u200c make the state a leader in green energy.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/pentagon-warns-offshore-wind-projects-could-threaten-national-security-5206261\">Pentagon \u2063Warns Offshore\u2062 Wind Projects Could Threaten National Security<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">4\/19\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/pentagon-warns-offshore-wind-projects-could-threaten-national-security-5206261\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/federal-study-raises-alarms-about-offshore-wind-powers-impacts-on-fishing-industry-and-marine-life-5171309\">Big Wind Projects Moving Forward Despite Insufficient \u2063Research on Threat to Marine Life, Biden Admin Study Finds<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">4\/5\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/federal-study-raises-alarms-about-offshore-wind-powers-impacts-on-fishing-industry-and-marine-life-5171309\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Governor Murphy&#8217;s ambitious\u200b goal is to have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/energy-costs-spike-in-europe-as-wind-stops-blowing\/\" title=\"Energy Costs Spike in Europe as Wind Stops Blowing\">offshore wind farms<\/a> \u200dgenerating 11,000 megawatts of power in New Jersey by 2040. The state has already approved three\u200c offshore wind farms and aims to add more.<\/p>\n<p>The Ocean Wind\u200d 1 project is designed \u2063to be \u200cbuilt in\u2064 federal waters,\u2062 more than\u2063 12 nautical miles from the\u200b shore. It would consist of hundreds of structures reaching heights of up to 1,000 feet, spread across vast expanses of the ocean.<\/p>\n<p>However, this flagship\u2063 project is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-navy-says-fight-with-china-is-likely-in-the-2020s\/\" title=\"U.S. Navy Says Fight With China Is Likely in the 2020s\">facing significant challenges<\/a>.<\/p>\n<div class=\"shortcode post-related-videos\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Last month, Moody&#8217;s \u2064downgraded its outlook for Orsted \u200bfrom \u2062stable to negative after \u200dthe company revealed potential losses of over $2.2 billion on the Ocean Wind 1 project. This caused Orsted&#8217;s shares to plummet by a record 25 percent, resulting in an $8 billion loss in market value.<\/p>\n<p>During a conference call with Moody&#8217;s, Orsted executives\u2063 expressed concerns about\u2064 the uncertainty of receiving government tax \u200bcredits in the United\u200b States. While the offshore wind \u2062industry has received generous \u2062tax credits, \u200chigh upfront\u2063 costs and delayed income generation pose challenges.<\/p>\n<div class=\"my-5\">\n<p>    Unless the White \u200bHouse provides more support and financial \u200dconditions improve, Orsted CEO Mads Nipper stated\u2064 that \u2064the company is considering the possibility of walking away from its investments\u2064 in \u2062the United States.\n  <\/p><\/div>\n<div style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:640px;margin-left:auto;margin-right:auto\" class=\"alignnone\"><figcaption>Wind \u2063turbines \u2062generate electricity at the first commercial offshore wind farm\u200b in the \u200dUnited States, Block Island, \u200cnear Rhode Island, on July 7, 2022. (John Moore\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<div class=\"my-5\">\n<h2>Subsidies to Foreign Firms<\/h2>\n<p>However, Republicans\u2064 argue \u200cthat it&#8217;s time \u200cto end the subsidies,\u200d which they view as an unwise giveaway to a foreign company.<\/p>\n<\/p><\/div>\n<p>In July, the New Jersey Legislature passed a bill allowing\u2062 Orsted to retain federal tax credits\u2062 that would have otherwise\u200c been\u200b passed on to New Jersey\u2064 utility ratepayers.<\/p>\n<p>&#8220;Democrats like Governor Murphy, who often criticize corporate \u200dwelfare, had no issue giving $1 billion to\u2063 a foreign wind \u2062farm developer \u2063at the expense of New Jersey ratepayers,&#8221; said Republican state Sen. Michael Testa in \u2063a news\u200d release.<\/p>\n<p>&#8220;If \u200cwe even consider subsidizing Orsted again, who&#8217;s to say they won&#8217;t ask for more bailouts in the future? Other \u2063wind farm developers are already\u2062 seeking \u2064government assistance, which \u2064Governor Murphy is \u2062likely to\u200c grant. \u2063This further proves\u200d that wind \u2063power is economically unsustainable without massive subsidies.&#8221;<\/p>\n<div class=\"my-5\">\n<h2>Spiking Energy Costs<\/h2>\n<p>U.S. Rep. Jeff Van Drew, a vocal critic of Orsted and\u2063 the Ocean Wind 1 project, \u200dsees the delay as an opportunity for opponents to \u200dintensify their efforts. He believes that \u200boffshore \u2064wind\u2064 farms will cause irreparable harm to the Jersey \u2063shore economy and\u2062 environment, leading to skyrocketing energy\u2063 prices.<\/p>\n<\/p><\/div>\n<p>&#8220;These projects will damage our oceans, compromise our <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-got-it-newsmax-reporter-emerald-robinson-national-security-source-confirms-a-piece-of-hardware-has-been-secured-in-germany\/\" title=\"We Got It! - Newsmax Reporter Emerald Robinson: National Security Source Confirms \"A Piece of Hardware Has Been Secured\" in Germany\">national security<\/a>, and devastate the fishing industry, which is New Jersey&#8217;s third-largest \u2064industry,&#8221; Mr. \u2064Van Drew told The Epoch\u2062 Times. &#8220;They allow foreign countries to\u200d control our domestic energy supply.&#8221;<\/p>\n<p>He \u200dcontinued, \u2064&#8221;People shouldn&#8217;t think this will only affect those living along the shore. Utility\u200d bills will double or even triple, \u2063regardless of where \u200byou\u2063 are.&#8221;<\/p>\n<p>In fact, Mr. Nipper stated \u200dto Bloomberg that it is \u2063&#8221;inevitable&#8221; \u200cfor consumer energy prices to rise as\u200c offshore \u2063wind farms\u200b come online in the United States. He\u2064 added, &#8220;If they don&#8217;t,\u200b neither we nor any of our colleagues \u200cwill invest in more\u2063 offshore projects.&#8221;<\/p>\n<p>Other prominent offshore wind\u2064 developers, such as Equinor from Norway\u200d and BP from the\u2063 UK,\u200b have \u200cofficially requested a \u206454\u2063 percent increase in \u200cthe price\u2063 of electricity\u200d generated at their\u2062 planned offshore wind farms, according to filings\u2063 submitted to the New York state regulatory authority.<\/p>\n<div class=\"my-5\">\n<p>    Morningstar Vice President of \u200cProject Finance and Infrastructure Kevin Beicke told\u200d <a href=\"https:\/\/www.utilitydive.com\/news\/offshore-wind-cost-increases-headwinds-outlook\/689936\/\" target=\"_blank\" rel=\"noopener\">Utility Dive<\/a> that the potential for developers to abandon the market or cancel projects may result in pressure on\u2062 the governmental players involved in the Northeast\u200d to address the situation.\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Danish energy firm Orsted, responsible for almost half of the US offshore wind farms being built, has postponed its Ocean Wind 1 project off New Jersey until 2026. The delay is due to supply chain problems, inflation, rising interest rates, and other factors. This news has had a significant impact on the renewable energy sector.<\/p>\n","protected":false},"author":336,"featured_media":2024303,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2024302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/336"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2024302"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2024303"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2024302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2024302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2024302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}