01 Nov *********BREAKING NEWS***Action News 6ABC*** Ørsted Scraps Ocean Wind I and II
Dear West Wildwood Friends and Neighbors,
Below is an abridged version of an article posted on 6ABC.com dated October 31, 2023 regarding the NJ wind farm project. Please read the entire article for context on their website https://6abc.com/new-
“ATLANTIC CITY, New Jersey — Danish energy developer Orsted said Tuesday night it is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration and many state governments are counting on to help transition away from the burning of planet-warming fossil fuels.
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, the world’s largest wind energy developer, warned in August that it might walk away from one or both of its New Jersey projects, which it said needed more financial subsidies beyond a tax break approved by the state that would have let the company keep as much as $1 million in tax credits that otherwise would have had to be returned to electricity ratepayers.
At the time, New Jersey Gov. Phil Murphy, who is pushing to make his state the East Coast hub of offshore wind, said the break was necessary to save the jobs and economic activity Orsted would have brought to the state.
Murphy, who took significant political heat for the tax break, reacted angrily to Orsted’s decision to walk away from New Jersey.”
The CTWWW Advisory Council