Posted 11/1/2023, 7:44:25 AM
Orsted Cancels 2 Major US Offshore Wind Projects, Takes $5.6 Billion Impairment, Citing Rising Costs
- Orsted halts development of 2 US offshore wind projects due to rising costs and delays
- Projects were Ocean Wind 1 and 2 in New Jersey, totaling 2,248 MW
- Company expects impairments of up to $5.6 billion related to project cancellations
- Supply chain issues, rising interest rates cited as reasons for halting projects
- Orsted stock drops 22% on news of impairments and project cancellations
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