Danish energy developer Orsted has canceled its plans to build a pair of wind projects off the New Jersey coast, it announced Oct. 31. Company leaders expect it will write off billions of dollars as a result of the move, saying a changed economic situation and supplier delays prompted the cancellation.
Market analysts are reducing sector growth outlooks, but New Jersey officials remain committed to offshore wind—as projects in other states move forward and participants remain bullish to build on what’s been accomplished so far—and fix what’s broken.