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AP National

Offshore wind projects face economic storm. Cancellations jeopardize Biden clean energy goals

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Published 6:33 AM

By JENNIFER McDERMOTT, MATTHEW DALY, MICHAEL HILL and MIKE CATALINI
Associated Press

WASHINGTON (AP) — The cancellation of two large offshore wind projects in New Jersey is the latest in a series of setbacks for the nascent U.S. offshore wind industry, jeopardizing President Joe Biden’s goal of powering 10 million homes by towering ocean-based turbines by the end of the decade. The Danish wind energy developer Ørsted said this week it’s scrapping its Ocean Wind I and II projects off southern New Jersey due to problems with supply chains, higher interest rates and a failure to obtain desired tax credits. The two projects were supposed to deliver over 2.2 gigawatts of power to New Jersey. Along with cancellations in New England totaling 3.2 gigawatts, the total amount of lost wind power is nearly one-fifth of Biden’s goal.

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