orsted - Shore News Network

New Jersey Lawmaker Says Orsted Failure Casts Doubt on Murphy’s Green Energy Credibility

Phil StiltonNovember 1, 20230

TRENTON, NJ – Assemblywoman Bethanne McCarthy Patrick, the sole legislator residing in Salem County, is raising concerns over the credibility of Governor Phil Murphy following the cancellation of Orsted’s New Jersey offshore wind projects. The move has led residents to question the impact on job commitments and the state’s $25 million sublease agreement with Orsted for a wind port in Lower Alloways Creek. Orsted, a Danish multinational energy company, abandoned its plans for two New Jersey offshore wind projects, Ocean Wind 1 and Ocean Wind 2, citing supply chain issues and increasing interest rates. McCarthy Patrick expressed that the failed

Ocean County Lawmakers Demand Murphy Put Orsted Funds Into Education Funding

Phil StiltonNovember 1, 20230

TOMS RIVER, NJ – After Orsted, a foreign wind developer, canceled its offshore wind projects in New Jersey, Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano are calling for the return and reinvestment of any funds given to the company. The lawmakers insist that the money should be directed towards education in the state. Orsted had committed a $100 million escrow payment on October 4 to build New Jersey’s first offshore wind farm, slated for operation by December 2025. Failure to meet the deadline would result in the loss of the money. Holzapfel, McGuckin, and Catalano criticize Governor

ICYMI: Testa Statement on Ørsted Withdrawing from Offshore Wind Project

Press ReleaseNovember 1, 20230

In response to Ørsted’s announcement that it is withdrawing from New Jersey’s offshore wind project, Senator Michael Testa issued the following statement.

Statement by Senate Minority Leader Bucco on Orsted Withdrawing From Offshore Wind Project

Press ReleaseNovember 1, 20230

Sen. Anthony M. Bucco issued the following statement in response to Orsted announcing that they are withdrawing from New Jersey’s offshore wind project.

Orsted Stock Crashes on News of New Jersey Pullout

Phil StiltonNovember 1, 20230

ATLANTIC CITY, NJ – Orsted, the Danish wind energy company that was to build two major wind farms off the coast of New Jersey was already facing tough economic challenges before they announced their pullout of Ocean Wind I & II. Today, those problems were made worse after the stock opened in early trading at around $12, down from $63.41 just two years ago. Orsted CEO Mads Nipper said related impairments from that decision will cost the company $5.6 billion. He also said he would use New Jersey’s failure as a learning moment for the company in the future. “It

New Jersey Congressman Says Orsted Exit Exposes Economically Flawed Wind Energy Industry

Phil StiltonNovember 1, 20230

NEW JERSEY, NJ – Danish company Ørsted announced today its decision to halt the development of two offshore wind turbine projects, Ocean Wind 1 and 2, located off New Jersey’s coast. The decision was influenced by “anticipated impairments on its US portfolio” amounting to approximately $2.266 billion. Factors contributing to this decision include disruptions in supply chains and rising interest rates. New Jersey Governor Phil Murphy received frightening news on Halloween night, when 0rsted announced they were sinking their New Jersey wind farm project. Rep. Chris Smith (R-Manchester) commented on the development, emphasizing the financial challenges faced by Ørsted despite

Orsted CEO says US offshore wind targets still possible but not easy

ReutersSeptember 18, 20230

By Scott DiSavino and Nichola Groom (Reuters) – U.S. President Joe Biden’s plan to deploy 30,000 megawatts (MW) of offshore wind by 2030 is still possible, although not easy, the CEO of Orsted, the world’s largest offshore wind developer, said on Monday at the Climate Week NYC event in New York. The remarks by Orsted CEO Mads Nipper come as soaring costs and supply chain delays have increasingly cast doubt on the Biden administration’s goal, a cornerstone of its plan to fight climate change. The Danish company said at the end of August that it may see U.S. impairments of

Stocks for New Jersey’s Offshore Wind Developer Orsted Crash

Phil StiltonAugust 31, 20230

ATLANTIC CITY, NJ – Orsted, the company tasked by New Jersey Governor Phil Murphy saw its shares plummet today in a sign of bad news to come for the controversial offshore wind farm at the Jersey Shore. The wind energy bubble could be about to burst for the Denmark-based company that has been at the center of an ecological controversy since 2022. Since December 2022 when Orsted began working offshore, 68 whales have been found dead in waters off the Mid-Atlantic seaboard, according to the Save Right Whales coalition. While Murphy and Orsted contend the deaths are unrelated to Orsted’s

Orsted skips congressional hearing on offshore wind energy, fishing, and whales in D.C.

Phil StiltonMarch 17, 20230

Nino Cambria on March 16, 2023 It”s not a good look for the company building a massive wind energy farm off the coast of New Jersey, and it doesn’t help Governor Phil Murphy either. During a congressional hearing on Thursday, Orsted, the largest offshore wind operator in the U.S., declined to address concerns about offshore wind’s potential links to rising whale deaths and negative impacts on fishing. Orsted was invited to testify at a congressional district hearing, led by Republican New Jersey Congressman Jeff Van Drew, on the impact of offshore wind industrialization on the Jersey shore amid criticism that the site

Orsted sells 50% of British wind farm to French consortium

ReutersMarch 28, 20220

COPENHAGEN – Denmark’s Orsted said on Monday it had agreed to sell half of the Hornsea 2 project in Britain, which will become the world’s biggest offshore wind farm, to a French consortium for 3 billion pounds ($3.94 billion). The French consortium comprises AXA IM Alts, a unit of France’s biggest insurer AXA, and Credit Agricole Assurances, it said. ($1 = 0.7608 pounds) (Reporting by Stine Jacobsen; Editing by Edmund Blair)