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Market
Orsted's response to US market post-settlement by end of 2024
4
Resolution / Starting Odds
Form new partnerships • 33%
No new partnerships • 33%
Withdraw further from US market • 34%
Orsted press releases or news from major energy sector reporting agencies
Story
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.
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Deny any wrongdoing • 25%
Admit partial wrongdoing • 25%
Settle without admission of wrongdoing • 25%
No response • 25%
Increase in competing acquisitions • 33%
No significant changes • 34%
Reduction in investments • 33%
Support FTC • 25%
Oppose FTC • 25%
Neutral • 25%
No Comment • 25%
Major upgrades announced • 25%
Minor upgrades announced • 25%
No change announced • 25%
Security review announced with no specifics • 25%
Adopt alternative suppliers • 25%
Seek exemptions or modifications to sanctions • 25%
Reduce overall LNG operations • 25%
No significant changes • 25%
Adopt new technologies • 33%
Increase investment in renewable resources • 33%
Legal opposition • 34%
Charges filed • 33%
Settlement reached • 33%
Case dismissed • 34%
Increase investment in domestic EV production • 33%
Form new alliances with non-Chinese EV part suppliers • 33%
No significant change in strategy • 34%
Deny involvement • 33%
Admit minor involvement • 33%
Admit significant involvement • 34%
No impact • 33%
Reduced partnerships • 33%
Termination of major partnerships • 33%
Seek waivers • 33%
Find alternative suppliers • 33%
Increase investment in domestic mining • 33%
No change in operations • 25%
Minor operational adjustments • 25%
Significant investment in renewable energy • 25%
Reduction in operations within Vermont • 25%