Offshore Wind Projects in New Jersey Scrapped Due to Supply Chain and Cost Concerns

Wind developer Orsted scrapped plans for two large offshore wind projects in New Jersey this week, citing supply chain problems and high interest rates.

The projects, Ocean Wind I and II off the coast of southern New Jersey, were canceled due to higher costs and lower power prices.

The offshore wind industry in the U.S. northeast faces concerns over financial viability as projects face cancellation and developers seek better terms.

Opponents argue offshore wind is inherently unworkable without massive subsidies, though supporters cite urgency to transition from fossil fuels.

Despite setbacks, some offshore wind projects are moving forward like Dominion Energy's approval for a large wind farm off Virginia's coast.