Orsted press releases or New Jersey's Board of Public Utilities announcements

New Jersey to Receive $125 Million from Orsted in Legal Settlement Over Canceled Wind Farms

May 28, 2024, 08:57 PM

New Jersey officials announced that the state will receive $125 million from a legal settlement with Denmark's Orsted, a global renewable energy giant, over the company's cancellation last year of two offshore wind farms. The settlement amount is less than half of the $300 million Orsted originally agreed to pay if it failed to complete the projects. The dispute arose after Orsted decided to scrap the wind farms off New Jersey's southern coast last October. The state's Board of Public Utilities confirmed the settlement, which resolves claims against each other.