Ørsted ceases development of Ocean Wind 1 and Ocean Wind 2
The decision to cease development of Ocean Wind 1 and Ocean Wind 2 is part of an ongoing review of Ørsted’s U.S. offshore wind portfolio.
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USA, New Jersey: The decision to cease development of Ocean Wind 1 and Ocean Wind 2 is part of an ongoing review of Ørsted’s U.S. offshore wind portfolio.
Following a decision by its Board of Directors, Ørsted will cease development of the Ocean Wind 1 and Ocean Wind 2 projects planned for the New Jersey area and has taken final investment decision (FID) on the Revolution Wind project.
“Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,” said David Hardy, group EVP and CEO Americas at Ørsted. “As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a U.S. and global hub for offshore wind energy. I want to thank Governor Murphy and NJ state and local leaders who helped support these projects and continue to lead the region in developing American renewable energy and jobs.”
The decision to cease development of Ocean Wind 1 and Ocean Wind 2 is part of an ongoing review of Ørsted’s U.S. offshore wind portfolio. The company remains committed to the U.S. renewable energy industry, including offshore wind and land-based technologies. The board decided today to take FID on Revolution Wind, a 50/50 joint venture with Eversource.
“With our final investment decision, we’re solidifying our commitment to building our second commercial-scale offshore wind farm in the United States, helping to deliver more American energy and American jobs,” Hardy added.
Source: T&D World
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