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Danish energy company Orsted is expected to write down more of its U.S. offshore wind investments after BP and Equinor recently booked $840 million in impairments. Orsted has canceled two wind projects in New Jersey, recording impairment charges significantly above its previous predictions. The company could face impairments of up to $5.6 billion. The cancellations highlight the challenges faced by the struggling offshore wind industry, including rising costs and supply chain delays.
The offshore wind industry is being tipped into a crisis https://t.co/QDqYoCMJm1
The offshore wind industry is being tipped into a crisis https://t.co/N5oqfVO5FR
The offshore wind industry is being tipped into a crisis https://t.co/FKXQdmaSXq
Global wind giant Ørsted's decision to scrap New Jersey offshore wind projects has major implications for renewable tech's U.S. future. https://t.co/pqxwD3rhCO
Collapse of projects shows again that wind power is not affordable https://t.co/uyktuJjiT1 https://t.co/kFOnQ92vs6
WATCH: Renewable energy firm Orsted halted development of two US offshore wind projects. Wind firms in the US have been hit with issues of rising inflation, interest rate hikes and supply chain delays, casting doubt on plans https://t.co/JbtbyEJDdj https://t.co/rmC8FiulDb
Renewable energy firm Orsted halted development of two US offshore wind projects. Wind firms in the US have been hit with issues of rising inflation, interest rate hikes and supply chain delays, casting doubt on plans https://t.co/TAYMIN1RC9 https://t.co/vkIBIr6iXm
Ørsted's cancellation of Ocean Wind 1+2 off New Jersey's coast brings total US offshore wind projects canceled due to skyrocketing costs to 5.5GW, or 25% of the market. States and feds face tough choices to salvage the rest: pay more now or pay more later: https://t.co/m3EXWPgqWO
WATCH: Renewable energy firm Orsted halted the development of two US offshore wind projects, taking a big financial hit over the move, with estimates as high as $5.6 billion https://t.co/JbtbyEKb2R https://t.co/vk2pa3zWsX
Renewable energy firm Orsted halted the development of two US offshore wind projects, taking a big financial hit over the move, with estimates as high as $5.6 billion https://t.co/TAYMIN1jMB https://t.co/m3Fd1rYi2L
Offshore wind projects are being nixed at record speed due to high inflationary costs, failed subsidies, & mounting opposition from stakeholders & beach communities. Bidenomics eats its own—with Orsted being the latest casualty. Ouch! More at @IWF today https://t.co/MMaZMRgMe6
WATCH: Orsted, the world's largest offshore wind developer, says it is cancelling two major wind power projects off the coast of New Jersey https://t.co/JbtbyEKb2R https://t.co/q8uUw8Npyx
Orsted, the world's largest offshore wind developer, says it is cancelling two major wind power projects off the coast of New Jersey https://t.co/TAYMIN1jMB https://t.co/22bS5cyHaJ
WATCH: Renewable energy firm Orsted halted the development of two US offshore wind projects and said related impairments had surged above $5 billion, as the industry grapples with supply chain delays and higher costs https://t.co/JbtbyEJDdj https://t.co/eO1wJmd9QI
Renewable energy firm Orsted halted the development of two US offshore wind projects and said related impairments had surged above $5 billion, as the industry grapples with supply chain delays and higher costs https://t.co/TAYMIN1jMB https://t.co/79ueEhNIhR
Even though plans to build two wind farms off the coast of New Jersey are being scrapped, the U.S. offshore wind industry isn’t dead. But its backers are learning some harsh lessons. https://t.co/TiKBIPKpAJ
Offshore Wind Firm Cancels New Jersey Projects, As Industry's Prospects Dim https://t.co/jyRR74r762
Orsted, a Danish offshore wind farm developer, said that it would write off as much as $5.6 billion as it gives up on plans to build two wind farms off the coast of New Jersey. https://t.co/Z27z79LdZ0
Experts said wind energy was good for the environment and the economy, but it wasn't. And now, with the cost of wind energy rising, along with industry demands for subsidies, @Orsted has abandoned the projects it had planned to build off the coast of New Jersey. Victory!!! https://t.co/3YEx5WlA9O
Ørsted just axed plans for two New Jersey offshore wind farms – here's why https://t.co/XOmmYcvZSf by @michelle0728
A Danish company just scrapped its ambitious plan for a New Jersey offshore wind farm https://t.co/b4JrM7c3Je
Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry. https://t.co/A1GQTgSILn
Orsted cancels two New Jersey offshore wind projects, takes $4 billion writedown https://t.co/EUjwRgCvyc
Orsted cancels two New Jersey offshore wind projects, takes $4 billion writedown https://t.co/KtV1awGEl5
"Orsted, Offshore Wind Firm, Cancels NJ Projects" https://t.co/JRsnCdW1MQ "Orsted is not alone in encountering hazards in the fledgling offshore market in the [USA].... Offshore wind is not dead, but the industry and its backers are certainly learning some harsh lessons." https://t.co/QGYHyx8cNT
Developer axes 2 major offshore wind projects in blow to Biden's green energy goals https://t.co/lCTJ0CslJi
ICYMI... two major New Jersey offshore wind projects cancelled because of cost. @OrstedUS would rather take a $5.5 billion loss than continue. #MilloysOtherLaw: Green = Disaster. https://t.co/UYlIe1NiLl https://t.co/Fzqk1YOMry
Orsted, a Danish offshore wind farm developer, said that it would write off as much as $5.6 billion as it gives up on plans to build two wind farms off the coast of New Jersey. https://t.co/Zx7Yop1cpM
World's Largest Offshore Wind Farm-Developer Abandons Two Major US Projects As Renewable Bust Erupts https://t.co/ZqGqWcmCAf
Orsted hit by up to $5.6 billion impairment on halted US projects Renewable energy firm Orsted on Wednesday halted the development of two U.S. offshore wind projects and said related impairments could spiral to as much as 39.4 billion Danish crowns ($5.58 billion). The stock,… https://t.co/i96g0BGxL5
The green myth of cheap renewables is finally being exposed. Wind-power costs could be about to rise by a staggering 70%. Net Zero is a disaster for our energy bills, says James Woudhuysen https://t.co/ls3fkE9JlA
Orsted drops the development of two US wind projects, recording impairment charges significantly above its previous predictions in the latest blow to the struggling industry https://t.co/wHmhcMr6Wy
Ørsted halts New Jersey wind power projects in blow for Biden's clean energy plans https://t.co/Y0Lt0IYIUW
Orsted records $4 bln in impairments, ceases development of some US offshore wind projects https://t.co/CFqdOf4w9r https://t.co/db9AMWfZD3
Ørsted halts New Jersey wind projects in blow to US energy plans https://t.co/CV9lIuZpVF https://t.co/oh9jSbrTHz
Offshore wind company pulls out of New Jersey projects, imperiling Biden's green agenda https://t.co/VCdLz2FK4G
HUGE WINNING.... @OrstedUS cancels two New Jersey offshore wind projects. Books $4 billion loss. Media release: https://t.co/c6bp1H3llU https://t.co/mPtqmIeKAO https://t.co/ygIMBxpeoS
US OFFSHORE WIND WRITEDOWNS SEEN SOARING WITH ORSTED EARNINGS (Reuters) European energy companies, including Denmark's Orsted, will likely write down more of their U.S. offshore wind investments this week after BP and Equinor booked $840 million in impairments in recent days. https://t.co/J3YyANZ3Iv
US offshore wind writedowns seen soaring with Orsted earnings https://t.co/x6mIKUSVOz https://t.co/9CHKhpB3Tl
🚩 US OFFSHORE WIND WRITEDOWNS SEEN SOARING WITH ORSTED EARNINGS European energy companies, including Denmark's Orsted, will likely write down more of their U.S. offshore wind investments this week after BP and Equinor booked $840 million in impairments in recent days. https://t.co/3T3BRMOBe4