Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year
Land-based wind turbines spin in Atlantic City. N.J., on Nov. 3, 2023. On Tuesday, April 30, 2024, New Jersey utility regulators opened a fourth round of solicitations for new offshore wind farm proposals to join the three that already have preliminary approval. Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company's cancellation of two offshore wind farms last year — a little over a third of what the company once was required to pay.
Before the projects were abandoned, Orsted put up a $100 million guarantee that it would have one of them, Ocean Wind I, built by the end of 2025. It also had been obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey. The agreement, along with other moves announced Tuesday by New Jersey, “underscore New Jersey’s commitment to offshore wind and the industry’s bright future in the Garden State,” it said.
The settlement announcement was one of several that the administration of Democratic Gov. Phil Murphy made Tuesday regarding offshore wind. “Offshore wind development remains a once-in-a-generation opportunity that will result in significant economic and environmental benefits throughout the Garden State,” Murphy said in a statement. “At this pivotal inflection point for the industry both in New Jersey and across the nation, it’s critical that we remain committed to delivering on the promise of thousands of family-sustaining, union jobs and cleaner air for generations to come.
Politics Government Programs Climate And Environment Business U.S. News General News Article 110619100
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year.
Read more »
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year.
Read more »
New Jersey and wind farm developer Orsted settle claims for $125M over scrapped offshore projectsDanish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year.
Read more »
New Jersey earthquake: 2.6 magnitude earthquake rattles parts of New Jersey, PennsylvaniaThe month of May started with a rumble for people in parts of New Jersey and Pennsylvania after a minor 2.6 earthquake was reported Wednesday morning.
Read more »
Associate or Senior Editor, Communications Medicine - Jersey City, New Jersey job with Springer Nature LtdJob Title: Associate or Senior Editor, Communications Medicine Location: Philadelphia, New York, Jersey City, Washington DC (Hybrid Working) Closing date: May 19th, 2024 Nature Portfolio is the world’s leader in publishing high-quality research from across the natural sciences, and is rapidly expanding its footprint in medical...
Read more »
Best US states: Pennsylvania, New Jersey, Delaware ranked in new studyHere's how Pennsylvania, New Jersey and Delaware ranked among all 50 states in U.S. News & World's 'Best State Rankings' for 2024.
Read more »