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Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry. It added fresh uncertainty to an industry seen by supporters as a way to help end the burning of planet-warming fossil fuels, but derided by opponents as inherently unworkable without massive financial subsidies.

Orsted is writing off $4 billion and its stock is down more than 25%.

Fears over future of Hornsea 3 after Danish energy giant axes New Jersey development

The decision by the wind energy developer Orsted to cancel the two projects is raising new concern over the financial viability of the nascent offshore wind industry in the U.S.

Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry.