Key Player In Biden’s Offshore Wind Push Withdraws From Deal With Blue State, Blames Inflation
NICK POPE
CONTRIBUTOR
January 26, 2024
A major offshore wind developer announced Thursday that it withdrew from a deal with a state utility regulator for two offshore wind projects, citing inflation and other economic pressures.
Ørsted, a key corporate player in the Biden administration’s offshore wind agenda, has backed out of the Maryland Public Service Commission’s (MPSC) orders approving the company’s Skipjack 1 and 2 projects off the Maryland coast, the company announced Thursday. The company said that inflationary pressure, high borrowing costs and supply chain problems have combined to make the state’s subsidies economically unviable, but that it is not yet abandoning the projects and will continue to pursue permits, according to a regulatory filing with the MPSC.
“Today’s announcement affirms our commitment to developing value creating projects and represents an opportunity to reposition Skipjack Wind, located in a strategically valuable federal lease area and with a state that’s highly supportive of offshore wind, for future offtake opportunities,” David Hardy, the executive vice president and CEO of region Americas at Ørsted, said in a Thursday statement. “As we explore the best path forward for Skipjack Wind, we anticipate several opportunities and will evaluate each as it becomes available. We’ll continue to advance Skipjack Wind’s development milestones, including its construction and operations plan.”
https://dailycaller.com/2024/01/26/orsted-biden-wind-push-climate/
