{"id":2089620,"date":"2023-11-03T19:54:03","date_gmt":"2023-11-03T23:54:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orsted-cancels-new-jersey-offshore-wind-project\/"},"modified":"2023-11-03T19:59:28","modified_gmt":"2023-11-03T23:59:28","slug":"orsted-cancels-new-jersey-offshore-wind-project","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orsted-cancels-new-jersey-offshore-wind-project\/","title":{"rendered":"Orsted scraps NJ offshore wind project."},"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\">12<\/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%2Forsted-cancels-new-jersey-offshore-wind-project%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=2089620&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--><blockquote>\n<h2>Offshore Wind Giant Abandons \u200bNew Jersey Projects,\u2063 Dealing Blow to Biden&#8217;s Climate Goals<\/h2>\n<p>Renowned offshore wind developer Orsted has recently announced \u2062its decision to scrap\u200b two massive projects off the coast of New Jersey. Citing supply chain issues, inflation, and\u200b rising interest rates, among \u200bother factors, the Danish company&#8217;s move poses a significant setback to the Biden administration&#8217;s ambitious plan of utilizing offshore wind to combat climate change.<\/p>\n<p>The administration&#8217;s goal was to generate 30 gigawatts of energy from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/resistance-to-offshore-wind-is-growing-on-us-coasts\/\" title=\"Resistance to Offshore Wind Is Growing on US Coasts\">fixed-bottom offshore wind farms<\/a> by 2030,\u2064 which could power 10 million homes, and 15 gigawatts from floating offshore wind infrastructure by 2035, potentially providing \u200cpower to 5 million homes.<\/p>\n<p>New \u2064Jersey Governor Phil Murphy, a Democrat who has made offshore wind a key\u200d focus of his climate agenda, expressed his anger and disappointment at Orsted&#8217;s decision.<\/p>\n<p>While opponents of offshore wind in the Atlantic celebrated, those resisting similar projects\u2062 on the Pacific coast\u2063 found encouragement.<\/p>\n<div class=\"my-5\">\n<p>These opponents argue that the federal government is rushing\u200c to\u2062 &#8220;industrialize the ocean&#8221; without adequately studying the\u2062 impact of offshore \u200dwind on marine life and the environment.<\/p>\n<h3>The IRA Was Not \u2063Enough<\/h3>\n<p>Orsted claims that despite receiving substantial tax subsidies from the Inflation Reduction Act (IRA), which offers up to a 30 percent credit for projects commencing construction before 2026, the New Jersey project is no longer financially viable.<\/p>\n<\/p><\/div>\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<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/new-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty-5487438?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">New Jersey \u200cOcean Wind Project Delayed Amidst\u2064 Economic Uncertainty<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/7\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/new-jersey-ocean-wind-project-delayed-amidst-economic-uncertainty-5487438?ea_src=author_manual&#038;ea_med=related_stories\">\n            <picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source>\n            <\/picture>\n          <\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n            <a href=\"http:\/\/www.theepochtimes.com\/us\/federal-study-raises-alarms-about-offshore-wind-powers-impacts-on-fishing-industry-and-marine-life-5171309?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Big Wind Projects \u2063Moving Forward Despite Insufficient Research on Threat to\u2062 Marine Life, Biden Admin Study Finds<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">4\/5\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/federal-study-raises-alarms-about-offshore-wind-powers-impacts-on-fishing-industry-and-marine-life-5171309?ea_src=author_manual&#038;ea_med=related_stories\">\n            <picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source>\n            <\/picture>\n          <\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>&#8220;Macroeconomic factors have changed \u200bdramatically over a short period of time, with high \u200dinflation, rising interest rates, and \u2062supply chain bottlenecks\u200c impacting our long-term capital investments,&#8221; stated David Hardy,\u2064 Orsted&#8217;s Group Executive Vice President and CEO of Americas, in a\u2064 media release.<\/p>\n<p>The company reported \u2063a $4.02 billion loss in asset value \u2064during the third quarter, with $2.8 billion of that attributed to its\u2063 Ocean Wind \u200b1\u200d project.<\/p>\n<p>&#8220;As a result, we have no choice but to halt the development of Ocean Wind 1 and Ocean Wind 2,&#8221; Hardy added.<\/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>New Jersey\u200c had made significant efforts to support Orsted and help overcome its \u2063financial challenges in completing the project.<\/p>\n<p>In July, Governor Phil Murphy, \u200ca Democrat, \u200dbacked \u200da \u200bbill that allowed \u2062Orsted to retain\u2064 additional federal tax credits that would have otherwise been passed on to \u2064New Jersey utility ratepayers.<\/p>\n<p>&#8220;Today&#8217;s\u200b decision by Orsted to abandon \u2063its commitments to New Jersey is outrageous and raises concerns about\u200c the company&#8217;s credibility and competence,&#8221; expressed \u200dGovernor Murphy in a statement.<\/p>\n<p>&#8220;Just \u200da few weeks\u200d ago, the \u200ccompany publicly\u2063 affirmed the \u2064viability \u200dand \u2064progress of \u2062the Ocean \u200cWind 1 project.&#8221;<\/p>\n<p>The governor&#8217;s\u200c administration\u2064 views Orsted&#8217;s decision as a setback in their pursuit of achieving 100% clean energy by \u20622035.<\/p>\n<p>Orsted&#8217;s Ocean Wind 1 and 2 projects would have generated 2.2 gigawatts of energy,\u2062 enough to power approximately 1 million homes. Governor Murphy&#8217;s \u200cadministration \u2063is currently exploring legal\u2062 options to \u200bcompel Orsted to fulfill its obligations.<\/p>\n<div class=\"my-5\">\n<p>Meanwhile, opponents of this massive project are celebrating the news.<\/p>\n<h3>Battling a \u200dBoondoggle?<\/h3>\n<p>Congressman Jeff\u2062 Van Drew (R-N.J.) criticized the wind farms, stating, &#8220;These Green New Deal-style wind farms were bad for our economy, our\u200b environment, and would have been a complete disaster for hardworking middle-class families in South \u200dJersey.&#8221;<\/p>\n<p>He further accused Orsted of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/orsted-cancels-new-jersey-offshore-wind-project\/\" title=\"Orsted scraps NJ offshore wind project.\">repeatedly seeking additional taxpayer funds<\/a> and tax breaks \u2062while burdening ratepayers with soaring utility costs.<\/p>\n<\/p><\/div>\n<p>The project faced numerous legal challenges, with Cape May County and Ocean City, New \u200cJersey, filing multiple lawsuits against federal and state agencies \u200din an\u2064 attempt to block the\u2063 projects. Plaintiffs argued that the\u2062 projects would harm the environment, the local economy,\u200d and increase energy expenses.<\/p>\n<p>The lawsuits accused \u2064federal agencies, including the Bureau of Ocean Energy Management (BOEM) and National \u2064Marine Fisheries Service, \u200dof disregarding and violating laws designed to protect the environment and marine life,\u2063 as well\u200c as neglecting\u2063 to \u200dconsider the negative impacts on the Jersey Shore&#8217;s tourism industry.<\/p>\n<div class=\"my-5\">\n<p>Congressman Van Drew praised\u200b the efforts of Cape May County and the local community, stating, &#8220;Orsted&#8217;s\u2064 offshore wind projects could not have\u2064 been stopped without the \u200dhelp of Cape May \u200dCounty and all the fantastic grassroots\u200d efforts that emerged along the way, and most importantly,\u2063 the people of South\u200d Jersey.&#8221;<\/p>\n<p>&#8220;While\u200d we welcome this news, we must continue to build on this momentum and ensure that the remaining projects off the coast of New Jersey meet\u200d the same fate,&#8221; he \u200cadded.<\/p>\n<h3>West Coast Battle Brewing<\/h3>\n<p>Meanwhile, \u2063opposition is growing against an\u2062 even larger \u2062offshore wind project on the \u200dPacific coast. The Bureau of Ocean Energy Management (BOEM) recently concluded a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-to-replace-trumps-showerhead-rule\/\" title=\"Biden Administration To Replace Trump\u2019s Showerhead Rule\">60-day public comment period<\/a>\u200c on proposals for two floating offshore \u200cwind projects\u200c in Oregon, and the reactions have been predominantly negative.<\/p>\n<\/p><\/div>\n<p>Two affected counties and one city have formally opposed the projects, garnering strong support \u200bfrom \u200clocal residents and those employed in the fishing and tourism industries.<\/p>\n<p>&#8220;It&#8217;s clear to all of us that \u2064the numbers simply\u2064 don&#8217;t add up, \u200cbut developers and the administration have been desperately trying \u2062to tell a different story,&#8221; remarked Heather \u2062Mann,\u200c Executive Director of the Midwater \u200cTrawlers Cooperative in Oregon.<\/p>\n<p>&#8220;When it comes down to real money, \u2063these offshore wind energy dreams will crumble.&#8221;<\/p>\n<p>&#8220;I hope that \u2064Oregon Governor Tina Kotek will recognize Orsted&#8217;s\u200c decision for \u200dwhat it is\u2014a major \u2062warning\u2063 sign urging us to proceed with caution,&#8221; added Mann. &#8220;Rushing into this boondoggle is not the right path forward.&#8221;<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> How\u200b can the\u2062 concerns \u200braised \u2063by opponents of\u2063 offshore wind be addressed through research and mitigation \u2064measures?<\/h2>\n<p><span>  Xt-base&#8221;>Federal Study Raises Alarms About Offshore Wind\u200d Power\u2019s Impacts on Fishing Industry and Marine Life<\/h3>\n<p>            <\/a><\/p><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">5\/19\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<p>          <a href=\"http:\/\/www.theepochtimes.com\/us\/federal-study-raises-alarms-about-offshore-wind-powers-impacts-on-fishing-industry-and-marine-life-5171309?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source><\/p>\n<\/picture>\n<p>          <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The decision by Orsted to abandon its New\u2064 Jersey offshore wind projects is a significant \u2063blow \u200dto the Biden administration&#8217;s ambitious climate goals. The administration aimed to generate \u200ba substantial amount of energy from\u2062 offshore wind farms, with the goal of combatting climate\u2064 change and reducing carbon \u200demissions.<\/p>\n<p>The abandoned \u2064projects were expected \u200cto generate \u206230 gigawatts of energy from\u2062 fixed-bottom offshore wind \u200dfarms by 2030, which \u200ccould \u2064power \u200d10 million homes. Additionally, the administration\u2063 aimed to generate 15 gigawatts \u200dfrom floating \u200boffshore wind infrastructure by 2035, potentially providing power to\u2063 5 million\u200d homes.<\/p>\n<p>New Jersey Governor Phil Murphy, who\u200d has prioritized offshore wind as part of \u200dhis climate agenda, expressed disappointment and anger at Orsted&#8217;s decision. The governor \u2062had envisioned offshore wind projects as a key component\u200d of the state&#8217;s renewable energy plans.<\/p>\n<p>The abandonment of these\u2064 projects has been celebrated\u2063 by opponents of offshore wind in the\u200c Atlantic \u2062region. These opponents argue that\u2062 the federal government\u2064 is moving too quickly to\u2063 expand offshore wind development without \u200bfully considering the impact on marine\u200b life and \u2064the environment.<\/p>\n<p>Orsted has cited supply\u2062 chain issues, inflation, \u2064and rising interest rates as reasons for scrapping the New\u200d Jersey \u2062projects. Despite receiving\u200c tax subsidies from the Inflation Reduction \u2064Act (IRA), the company determined that the projects were no longer financially viable.<\/p>\n<p>This\u2062 setback highlights the challenges \u2062and complexities of transitioning to renewable energy sources. While offshore wind has the potential to provide significant amounts of\u200d clean energy, there are logistical and financial\u200d hurdles that must be overcome.<\/p>\n<p>The decision by \u200dOrsted underscores\u200b the need for further research and planning when it \u2063comes to offshore wind development. It is crucial to fully assess the potential environmental impacts and ensure that projects are economically sustainable.<\/p>\n<p>While this setback is disappointing, \u2062it should not deter efforts to pursue renewable energy solutions. The\u2062 Biden administration must continue to prioritize the\u200b development of offshore wind\u200d projects and provide support\u2064 to address \u200bthe challenges faced by developers.<\/p>\n<p>Additionally, it is important to engage in a thoughtful and inclusive dialogue with stakeholders, including communities, environmental organizations, and the fishing industry, to ensure that the expansion of offshore wind is done in a responsible and sustainable manner.<\/p>\n<p>The concerns raised\u200c by opponents of\u200b offshore wind must be taken seriously, and efforts should be made to\u200d address\u200d them through comprehensive research and \u2064mitigation measures.<\/p>\n<p>Despite this setback,\u200d offshore wind \u200bhas the potential to play \u200ba significant role in the transition to clean energy. It is imperative that we continue to\u2063 invest in the development of\u2064 this renewable resource and work towards achieving the climate\u200d goals set by the Biden administration.<\/p>\n<p>While the abandonment of the New Jersey projects is\u200d a setback,\u2062 it should\u2064 serve as a reminder of the challenges and\u2063 complexities involved\u2063 in transitioning to a sustainable energy future.<\/p>\n<\/blockquote>\n<p>Renowned \u2064offshore wind developer Orsted recently announced its decision to scrap two massive projects off \u200cthe coast of New Jersey. This move poses a significant setback to the Biden administration&#8217;s ambitious plan of utilizing offshore wind to combat climate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Nov. 1, Orsted, the offshore wind developer, dealt a blow to the Biden administration&#8217;s offshore wind plans by scrapping two major projects off the New Jersey coast. Citing supply chain problems, inflation, and increasing interest rates, among other factors, the Danish company&#8217;s decision poses a challenge to the administration&#8217;s ambitious goals.<\/p>\n","protected":false},"author":336,"featured_media":2089621,"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-2089620","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\/2089620","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=2089620"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2089620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2089621"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2089620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2089620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2089620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}