Stormy weather for offshore wind farms? While offshore wind farms are quite common in Europe, their already slow acceptance in the United States took a hit in 2023 with the news that Orsted, one of the largest wind developers in the world, canceled plans for the Ocean 1 and Ocean 2 wind farms off the coast of New Jersey because of financing concerns, and that BP may have to write down $540 million because of rising project costs, according to a New York Times report.
Despite the issues with these projects, plans are still in place for several other large wind farms, including the South Fork project off the coast of Montauk, NY, expected to provide power to 70,000 Long Island, NY, homes by early 2024, as well as other projects off the coast of New Jersey and Virginia.
About the Author
Jim Lucy
Editor-in-Chief
Over the past 40-plus years, hundreds of Jim’s articles have been published in Electrical Wholesaling and Electrical Marketing newsletter on topics such as the impact of new competitors on the electrical market’s channels of distribution, energy-efficient lighting and renewables, and local market economics. In addition to his published work, Jim regularly gives presentations on these topics to C-suite executives, industry groups and investment analysts.
He launched a new subscription-based data product for Electrical Marketing that offers electrical sales potential estimates and related market data for more than 300 metropolitan areas, and in 1999 he published his first book, “The Electrical Marketer’s Survival Guide” for electrical industry executives looking for an overview of key market trends.
While managing Electrical Wholesaling’s editorial operations, Jim and the publication’s staff won several Jesse H. Neal awards for editorial excellence, the highest honor in the business press, and numerous national and regional awards from the American Society of Business Press Editors. He has a master’s degree in Communications and a bachelor’s degree in Journalism from Glassboro State College, Glassboro, N.J. (now Rowan University).