Story by Amanda Oglesby
Asbury Park Press, September 1, 2023 – A Denmark company building New Jersey’s first offshore wind turbine project announced this week billions of dollars in losses in its American division due to supply shortages and high interest rates.
Wind turbine company Ørsted plans start onshore construction for Ocean Wind 1 — an 11,000-megawatt wind turbine project to be located about 15 miles offshore — this fall. However, supply chain instability and high interest rates are being blamed for pushing the project completion date back to 2026, according to NJ Spotlight News.
Twelve environmental and advocacy organizations — including the New Jersey Sierra Club, Environment New Jersey, NJ Work Environment Council and Jersey Renews — urged continued support for the state’s burgeoning offshore wind market despite Ørsted’s announcement.