01 Sep ******UPDATE ***CMC Herald*** Ørsted Delays Ocean Wind I Until ’26, Pushes for More Public Money
Dear West Wildwood Friends and Neighbors,
Below is an abridged version of an article in the Cape May County Herald dated September 1, 2023 regarding the NJ wind farm project. Please read the entire article for context on the Herald’s website.
“OCEAN CITY – In an Aug. 29 release, the Danish wind farm developer, Ørsted, said its first offshore wind farm in New Jersey will be delayed until 2026, and its U.S. offshore wind portfolio is expected to suffer impairments of over $2.5 billion.
The company implies that without further financial assistance from public sources, its projects, including Ocean Wind I, could no longer be viable.
According to Ørsted, several factors have impacted the projects, making initial contract bid amounts insufficient.
In a petition before the New York State Public Service Commission (PSC), Ørsted pointed to persistent supply chain challenges, high interest rates, and higher than expected inflation.
In the company’s Aug. 29 release, Ørsted also noted that “continued discussions with senior federal stakeholders about additional ITC qualifications for Ocean Wind I and Sunrise Wind are not progressing as we previously expected.” ITC references Investment Tax Credits. The company wants more public money through additional tax credits.”
The CTWWW Advisory Council