Ørsted scrapped its ambitious plan for a New Jersey offshore wind farm

The wind energy company Ørsted has officially shuttered plans for two New Jersey offshore wind farms, citing rising inflation, interest rates, and supply chain problems. The blow to US green energy infrastructure arrives less than two weeks after the Danish wind industry giant promised to pay the Garden State a $100 million penalty if its Ocean Wind I turbines weren’t online by the end of 2025. But although the company’s plans off the coast of Atlantic City are canceled, similar projects are still underway across the US as the country transitions towards a sustainable…