Amid high interest rates, inflation and supply-chain woes, U.S. wind-energy sector facing a wave of impairments and forcing developer to cancel projects and casting doubts over the industry’s outlook.
Orsted, BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days.
Orsted shares plunged 26% on Wednesday (11/1) after this world’s largest offshore wind developer announcing 2 wind projects off the coast of New Jersey—Ocean Wind 1 and 2 cancellations cause 4.02 billion of impairments. S&P Global Ratings could lower the rating of Ørsted which previously flagged increasing risks for its projects in the country, citing the lack of favorable progress on tax credits.
