New Jersey to get $125 million from Orsted after offshore wind projects halted
By Stephen Nakrosis
Orsted (DK:ORSTED) will pay New Jersey $125 million after the Danish energy company decided to cease development on the Ocean Wind 1 and Ocean Wind 2 projects, according to the state's Board of Public Utilities.
The funds will be used to support investments in qualified wind energy facilities and other clean energy programs, the board said Tuesday.
Last year, Orsted said it was pulling out of the offshore wind projects, citing supply-chain issues and higher interest rates, among other factors. In the third quarter, the company booked an impairment charge of over $4 billion related to its offshore wind portfolio in the U.S.
In February, the company announced a number of cost-cutting measures, including a pause to dividend payments.
Also on Tuesday, New Jersey said it would accelerate its offshore wind solicitation schedule, expediting the projected opening of a fifth offshore wind solicitation from the third quarter of 2026 to the second quarter of 2025.
In addition, the board said it will pause on moving forward with a Second State Agreement Approach for coordinated offshore wind transmission planning with regional grid operator, PJM Interconnection.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-28-24 2048ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now