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The cancellation of two large offshore wind projects in New Jersey is the latest in a series of setbacks for the nascent U.S. offshore wind industry, jeopardizing the Biden administration’s goals of powering 10 million homes from towering ocean-based turbines by 2030 and establishing a carbon-free electric grid five years later.

“We’re probably a little bit too ambitious,” Orsted's Americas CEO David Hardy said. “We came in hot, we came in fast.”

The cancellation of two large offshore wind projects in New Jersey is the latest in a series of setbacks for the U.S. offshore wind industry, including projects in New England, jeopardizing the Biden's goals of powering 10 million homes from ocean turbines by 2030.

The Danish wind energy developer Orsted said this week it’s scrapping its Ocean Wind I and II projects off southern New Jersey.

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030.

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030.

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030.

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030.

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030.

The cancellation of two large offshore wind projects in New Jersey is the latest in a series of setbacks for the nascent U.S. offshore wind industry, jeopardizing President Joe Biden's goal of powering 10 million homes by towering ocean-based turbines by the end of the decade. The Danish wind energy developer Ørsted said this week it’s scrapping its Ocean Wind I and II projects off southern New Jersey due to problems with supply chains, higher interest rates and a failure to obta...