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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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NJ allocates Orsted settlement funds to renewable projects by 2024?

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

No • 50%

Yes • 50%

Public records or statements from the New Jersey Department of Environmental Protection

NJ to reinvest settlement into renewable energy by mid-2025?

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

No • 50%

Yes • 50%

Official statements from New Jersey's government or documented budget allocations

Orsted to announce new projects in NJ by end of 2024?

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Yes • 50%

No • 50%

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

Orsted to initiate a new NJ wind farm project by 2024?

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

No • 50%

Yes • 50%

Public announcements from Orsted or the New Jersey Board of Public Utilities

Other states to sue Orsted for project cancellations by mid-2025?

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

No • 50%

Yes • 50%

Legal filings or public records from relevant state authorities

Public approval of NJ's handling of Orsted settlement to increase?

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Increase • 50%

No Increase • 50%

Public opinion polls by reputable firms

NJ's investment allocation of Orsted funds by 2024

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Wind Energy • 33%

Solar Energy • 33%

Hydroelectric Energy • 34%

Public records or statements from the New Jersey Department of Environmental Protection

NJ's next renewable energy partner post-Orsted settlement by 2024

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Vestas • 25%

None/Other • 25%

GE Renewable Energy • 25%

Siemens Gamesa • 25%

Public announcements from the New Jersey Board of Public Utilities

Orsted's future US market commitments post-settlement by end of 2024

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Decrease investments • 25%

Increase investments • 25%

Maintain current level • 25%

Exit US market • 25%

Orsted's strategic announcements or analysis from credible market researchers

Orsted's response to US market post-settlement by end of 2024

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Withdraw further from US market • 34%

No new partnerships • 33%

Form new partnerships • 33%

Orsted press releases or news from major energy sector reporting agencies

Orsted's US operations status post-settlement by 2024

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Complete withdrawal from US market • 25%

Reduction of US operations • 25%

Expansion of US operations • 25%

Stable/maintain current operations • 25%

Orsted's financial reports and public statements

Sector of NJ's investment of Orsted settlement by end of 2024

New Jersey•Denmark•Orsted•Board of Public Utilities

Resolution / Starting Odds

Solar Power • 25%

Wind Energy • 25%

Other Renewable • 25%

Hydropower • 25%

Official statements or budget announcements from New Jersey's government