Utility Dive•about 1 month ago
2.4-GW New Jersey offshore wind project canceled by developer
Key Takeaway
The cancellation of a major offshore wind project underscores the growing economic and regulatory headwinds impacting large-scale renewable development, increasing risk and uncertainty for developers and large power consumers.
AI Summary
- •Invenergy has canceled its 2.4 GW New Jersey offshore wind project.
- •The cancellation is attributed to 'economic and regulatory conditions' making development 'extremely difficult,' signaling rising costs and policy hurdles.
- •This event highlights increasing project uncertainty and cost escalation risks for large-scale renewable energy developments.
- •For developers and large loads, this indicates potential delays in new capacity additions and challenges in securing long-term, stable power supplies.
Topics
financingpjmpolicyppatransmissionwind
Article Content
“The offshore wind industry has experienced economic and regulatory conditions that have made the development of new offshore wind energy projects extremely difficult,” Invenergy said in a regulatory filing.