New Jersey Offshore Windmill Developer Loses $8 Billion, May Cancel

New Jersey Offshore Windmill Developer Loses $8 Billion, May Cancel

The company building wind-powered generators off the coast of New Jersey suffered a stock market crash, losing 25% of its value, or about $8 billion, yesterday.

Danish energy company Orsted suggested it may walk away from the project after suffering the loss. In July, the company threatened to abandon the windmill plans, prompting Governor Phil Murphy and Democrats in Trenton to give it a $1 billion bailout with money that was originally earmarked to offset rising energy costs for utility customers.

The foreign wind developer warned today they could additionally lose up to $2.3 billion which could lead them to cancel projects being developed along the New Jersey coast.

Sen. Michael Testa urged Gov. Murphy to preemptively reject any additional bailouts for Orsted. “It was a travesty when Governor Murphy bailed out Orsted at the expense of New Jersey taxpayers the first time they threatened to walk away,” Testa said. “I’m calling on the Murphy administration to state unequivocally that our residents will not be sold out for Orsted a second time,” said Testa (R-1). “Supply chain issues and rising inflation prove that these projects are unsustainable and the cost of continuing these projects will be too much of a burden for our state to bear. Not to mention the environmental damage that has ensued since survey work on these projects began. In the real-world costs matter and our residents cannot afford to be thrown under the bus again for the sake of saving Orsted.”

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One Response to "New Jersey Offshore Windmill Developer Loses $8 Billion, May Cancel"

  1. Wind Turbines. Those things cannot be recycled. They have to be buried. I believe we should ship them back to China. They’ve been an eyesore on the I-10 near Palm Springs for many years. I doubt if any of them work. They never provided enough power to provide the residents with electricity. All they did was kill birds and become old and rusty. The wind and solar business is just another money-making racket. Acres and acres of land in the High Desert are used for those solar panels. What a waste! They should be growing food.


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