Orsted / Eversource

Stormy Weather for Offshore Wind Farms?

Nov. 30, 2023
Orstead cancelled plans to build two massive wind farms off the New Jersey Coast.

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.