Cape May County Officials Release Statement On Orsted Pullout

Cape May County officials issued a statement Wednesday concerning Orsted’s decision to stop its Ocean Wind 1 and Ocean Wind 2 projects off the coast. The Cape May County Herald reports the county release states that resistance by the county and its municipalities played a significant role in Ørsted’s decision to abandon the South Jersey wind farms while continuing with projects in other Atlantic Coast lease areas. The county release quotes an Oct. 31 conference call with Ørsted investors in which CEO Mads Nipper said, “Ørsted has updated its view on certain assumptions including tax credit monetization and the timing and likelihood of final construction permits.” The county states that the final straw for Ørsted came with the filing of a lawsuit challenging federal permits issued for the development of Ocean Wind I.