New Jersey’s leading would-be wind developer is in deep trouble, Save Jerseyans.
On Wednesday, the Danish company tasked with developing “Ocean Wind 1” off of Cape May County saw its stock drop by nearly 25%. The drop came as the company warned that supply problems and the failure to obtain more U.S. tax credits was impeding its efforts.
How many more credits does it need to be profitable ?
Policymakers and voters should be more curious than they‘ve been up until now. Keep in mind: just last month, Governor Murphy signed a massive billion dollar tax credit package for Orsted. Orsted was reportedly ready to walk away from Garden State projects without Murphy’s backing for the billion dollar bill.
To date, not a single wind turbine has actually been erected off the New Jersey coast.
If it’s starting to feel like a hustle? That might not be a coincidence…
