Major Company Halts Two Offshore Wind Projects in Blow to Biden Climate Goals

Danish firm cites supply chain problems, rising interest rates and lack of tax credits in decision to cancel project off Cape May, New Jersey,

Wind turbines located at the Block Island Wind Farm near Block Island, R.I., on July 7, 2022. John Moore/Getty Images

One of the largest wind power companies in the world halted the development of two U.S. offshore New Jersey projects due to higher costs and supply chain problems, according to the Danish firm Ørsted’s CEO.

‘We are extremely disappointed to announce that we are ceasing the development of Ocean Wind 1 and 2,” Mads Nipper said in a statement on Nov. 1.