In Is offshore wind dead in the water?
It’s possible, Save Jerseyans, after Orsted announcd the end of its offshore wind projects in New Jersey’s coastal waters.
“Following decisions of its Board of Directors, Ørsted will cease development of the Ocean Wind 1 and 2 projects and has taken final investment decision on the Revolution Wind project,” the company said late Tuesday. “The decisions are part of an ongoing review of Ørsted’s US offshore wind portfolio.”
Reuters reported this week that wind development giant Orsted wass one of a few companies “likely write down more of their U.S. offshore wind investments this week.” Meanwhile, The New Jersey Globe said late Tuesday that “some Murphy administration officials [were] concerned that Ørsted might have misrepresented their financial position.” Did they really? Or did Team Murphy go along with a fiction that happened to suit its radical agenda and political goals?
The Democrat-led New Jersey legislature passed a one billion dollar package to aid Orsted’s Ocean Wind I project over the summer despite a growing mountain of evidence that the scheme couldn’t be salvaged without ever-increasing levels of public subsidy. Orsted had previously blamed everything from regulatory hurdles to supply chain challenges for the failures of its dubious technology.
“This is a consequence of additional supplier delays further impacting the project schedule and leading to an additional significant project delay,” the company explained. “In addition, Ørsted has updated its view on certain assumptions, including tax credit monetization and the timing and likelihood of final construction permits. Finally, increases to long-dated US interest rates have further deteriorated the business case.”
Causation aside, New Jersey taxpayers are likely to lose hundreds of millions of dollars (at least) because the Danish company has decided to pull up stakes and abandon its plan to place dozens of wind turbines off the coast of the Jersey Shore, a plan bitterly opposed by Republicans and some environmentalists.
Public opposition to the projects had grown over time especially following a spate of marine mammals deaths likely related to wind turbine construction exploration.
“I am thrilled to see that Orsted has decided to pack up its offshore wind scam and leave South Jersey’s beautiful coasts alone,” posted Congressman Jeff Van Drew, adding that the news represented a “tremendous win for South Jersey residents, our fisherman, and the historic coastline of the Jersey shore.”
The news is also as a massive blow to Governor Murphy and legislative Democrats included LD4’s Paul Moriarty who went along with the aforementioned billion dollar bailout. According to Save Jersey sources, legislators were actively bracing for possible confirmation earlier Halloween evening.
The blockbuster announcement came before a Wednesday interim financial briefing teased by the company.
