Ørsted: US projects Ocean Wind 1 and 2 will not be built
Following a decision by its Board of Directors, Ørsted will cease development of the Ocean Wind 1 and Ocean Wind 2 projects and has taken final investment decision (FID) on the Revolution Wind project.
South Fork Wind Offshore Construction Continues, with Turbine Component Loadout Underway
“Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,” said David Hardy, Group EVP and CEO Americas at Ørsted. “As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a U.S. and global hub for offshore wind energy. I want to thank Governor Murphy and NJ state and local leaders who helped support these projects and continue to lead the region in developing American renewable energy and jobs.”
The decision to cease development of Ocean Wind 1 and Ocean Wind 2 is part of an ongoing review of Ørsted’s U.S. offshore wind portfolio with an update planned for its Q4 2023 results announcement. The company remains committed to the U.S. renewable energy industry, including offshore wind and land-based technologies. The board decided today to take FID on Revolution Wind, a 50/50 joint venture with Eversource.
“With our final investment decision, we’re solidifying our commitment to building our second commercial-scale offshore wind farm in the United States, helping to deliver more American energy and American jobs,” Hardy added. “I want to thank our Ørsted employees who helped achieve FID for Revolution, as well as our team at South Fork Wind building New York’s first offshore wind farm, our New Jersey team that worked tirelessly to advance these projects, and our land-based team delivering across our portfolio. As we manage and deliver in a challenging market, our team of experts sets itself apart.”
Included below is a summary of the company’s offshore wind energy projects in the U.S.
