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Danish energy developer Orsted said it is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration and many state governments are counting on to help transition away from the burning of planet-warming fossil fuels.

The company said it is canceling its Ocean Wind I and II projects in southern New Jersey, citing supply chain issues and rising interest rates.

Orsted CEO Mads Nipper said in a statement the company was disappointed to be halting the projects because it believes the United States needs wind power to reduce carbon emissions.

“However, the significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision,” Nipper said.

Orsted stands to lose a $100 million guarantee it posted with New Jersey earlier this month that it would build Ocean Wind I by the end of 2025. That money could be returned to ratepayers.

The company said it would move forward with its Revolution Wind project in Connecticut and Rhode Island.

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Melanie's avatar

Another short video is “Thrown to the Wind”.

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Frank Canzolino's avatar

Amen. Not only slashing the size, but housing the Departments that remain to the State most heavily effected. Agriculture to Iowa, Energy to Texas, etc. Going back to appointment rather than direct election of Senators would help, too.

The Framers had a vision for the structure of government. This isn’t to say that the amendments against slavery and voting should be removed. Those amendments added critical individual rights protections. But amendments monkeying with government alone haven’t quite worked out as intended.

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Christopher Messina's avatar

Great minds think alike!

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David Wolosik's avatar

And now these wind projects have gone broke and Brandon will have TAXPAYERS bail them out!

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Christopher Messina's avatar

Brother, is that a spoiler alert for the listeners? Or you knew that separately....?

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Frank Canzolino's avatar

You get what you voted for...

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Christopher Messina's avatar

Sadly, we also get what we did not vote for, but all the crap 50% + 1 person voted for.

The answer lies in drastically slashing the size of government, destroying the Administrative State such that there is no more Chevron Deference (law making by unelected bureaucrats) and generally a much smaller government that does a very few things, which means they can do those things well and leave the rest of us the f(*% alone.

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