Danish wind company Orsted wants out of a pair of New Jersey offshore wind projects so badly that it’s willing to lose up to $5.6 billion. Only one year after the Inflation Reduction Act beefed up tax incentives for renewables, the U.S. now seems further away from President Biden’s goal of generating 30 gigawatts of offshore wind power by 2030. The company—which is 51 percent owned by the Danish government—effectively told shareholders that the U.S. wind market just isn’t a great place to do bus
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Still, as the price of construction climbs, developers are rapidly backpedaling on their plans or asking to re-negotiate their deals. Equinor ASA, BP Plc, Orsted A/S and Eversource Energy were the most recent developers to hear “no.” The companies had asked New York state to let them raise their rates, a request that the New York Public Service Commission unanimously denied on Oct. 12, leaving the developers at a loss for how best to move forward. “These projects must be financially sustainable to proceed,” Molly Morris, president of Equinor Renewables Americas, said following the ruling, referring to its Empire and Beacon wind farms being developed with BP. David Hardy, chief executive officer for the Americas at Orsted, said the viability of the Sunrise project it’s co-developing with Eversource east of Long Island was “extremely challenged” due to the state’s decision.
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