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Wind Power Write-Downs Cast Shadow Over Industry Outlook
  + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com   time to read: +5 min
Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.
Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, , Phil Murphy ’, Martin Tessier, Stifel ’, , Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, , BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe
CEO of Grundfos Mads Nipper presents the financial statements of 2017 at a news conference in Bjerringbro, Denmark, March 13, 2018. "We are still upholding a real option to walk away," Orsted CEO Mads Nipper told Bloomberg News in an interview. "But right now, we are still working towards a final investment decision on projects in America." Last week Orsted said it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits. ($1 = 6.9488 Danish crowns)Reporting by Gursimran Kaur in Bengaluru; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
Persons: Mads Nipper, Henning Bagger, Biden, Orsted, Gursimran Kaur, Jan Harvey Organizations: Scanpix, REUTERS, Bloomberg, Bloomberg News, Thomson Locations: Bjerringbro, Denmark, Scanpix Denmark, U.S, America, Bengaluru
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