For Real! Wind Company Cancels Development and Asks to Not Pay Its $300M Guarantee

By B.N. Frank

American opposition to offshore wind farms includes citizens, environmentalists, and lawmakers. Dead whales and other marine life have been washing up on beaches (see 1, 2, 3, 4, 5, 6, 7, 8). These projects are becoming more expensive as well (see 1, 2). While some U.S. lawmakers are willing to continue funding these projects, others are not. Earlier this month, Orsted cancelled development in New Jersey citing its decision as “consequence of additional supplier delays further impacting the project schedule and leading to an additional significant project delay.” Now the company is asking to not pay for what it guaranteed to build it.

From Wind-Watch.org:

Orsted wants out of $300M forfeiture for scrapped New Jersey offshore wind farms

Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state’s coast.

Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible. The company cited supply chain issues, inflation and a failure to gain enough government tax credits.

The next day, Orsted wrote to the New Jersey Board of Public Utilities, saying it was withdrawing from an agreement it signed with the state under which it would forfeit the money if it did not build Ocean Wind I.

[rest of article available at source]