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Nick Pope Daily Caller News Foundation A major offshore wind developer announced Thursday that it withdrew from a deal with a state utility regulator for two offshore wind projects, citing inflation and other economic pressures. Ørsted, a key corporate player in the Biden administration’s offshore wind agenda, has backed out of the Maryland Public Service…
The state is already dealing with the ramifications of fewer lease areas needed to develop offshore wind farms.
A major energy developer is pulling out of contracts it entered into with the State of Maryland to build two large offshore wind farms in a blow to Democrats' green energy goals.
The company said that inflationary pressure, high borrowing costs and supply chain problems have combined to make the state’s subsidies economically unviable, but that it is not yet abandoning the projects and will continue to pursue permits, according to a regulatory filing with the MPSC.
A major offshore wind developer announced Thursday that it has withdrawn from a deal with a state utility regulator for two offshore wind projects.