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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (202362)	11/1/2023 11:41:19 AM
From: Pogeu Mahone	Respond to of 217708

Orsted and Eversource Announce Investment in Revolution Wind: Refuse to Disclose Project Cost Wednesday, November 01, 2023 VIEW LARGER + PHOTO: Deepwater Wind Joint venture partners Ørsted and Eversource announced on Tuesday night that they have agreed to the final investment decision (FID) on Revolution Wind, Rhode Island and Connecticut's first utility-scale offshore wind farm. This FID results in the joint venture’s official commencement of the full scope of construction of the 704-megawatt offshore wind project. However, the companies refuse to disclose the project cost, according to their spokesperson. The companies claim the Revolution Wind will create thousands of direct, indirect, and induced jobs, as well as permanent operations and maintenance jobs across both states. Once complete, the 704-megawatt Revolution Wind will deliver 400 megawatts of clean, affordable offshore wind power to Rhode Island and 304 megawatts of the same to Connecticut, powering more than 350,000 homes across the two states and helping the states reach their ambitious climate goals. GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Revolution Wind project is one-third of the size of two New Jersey projects Ørsted said it was walking away from. Over the past two years, the promises of jobs by the companies have proven to be inflated “Revolution Wind is key to Rhode Island and Connecticut’s clean energy future and the growth of the region’s blue economy,” said David Hardy, Group EVP and CEO Americas at Ørsted. “With our final investment decision, we’re solidifying our commitment to building this second offshore wind farm for Rhode Island, and the first offshore wind project for Connecticut. We’re already making major investments in local union jobs and port infrastructure to support this project, and that effort will expand in the coming months.” Killing New Jersey Projects And while the company is moving forward with the project in Southern New England it is walking away from two major projects in New Jersey. “We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a U.S. and global hub for offshore wind energy,” Hardy said in a statement. “Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,” said Hardy. “As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a U.S. and global hub for offshore wind energy. I want to thank Governor Murphy and NJ state and local leaders who helped support these projects and continue to lead the region in developing American renewable energy and jobs.” “Today’s decision by Orsted to abandon its commitments to New Jersey is outrageous and calls into question the company’s credibility and competence,” New Jersey Governor Phil Murphy said in a statement. “As recently as several weeks ago, the company made public statements regarding the viability and progress of the Ocean Wind 1 project.” Financial Troubles This comes just two months after the top official of the company said the financial viability of offshore wind is in question in America. On August 30, Ørsted announced it may see U.S. losses of $2.3 billion due to supply chain problems, soaring interest rates and a lack of new tax credits. Orsted's share price tumbled 20% after the announcement to its lowest level in more than four years and is down almost 70% from its 2021 peak. "The situation in U.S. offshore wind is severe," Chief Executive Mads Nipper told reporters on a conference call. Revolution Wind received its Record of Decision in August from the U.S. Department of the Interior's Bureau of Ocean Energy Management (BOEM), paving the way for the project to begin onshore construction. Revolution Wind expects to receive approval from BOEM on its construction and operations plan in November, the final approval required in the agency’s review of the project. The project is expected to be operational in 2025. This story was first published 10/31/23 9:07 PM and updated at 10:30 PM Related Articles Ørsted Partners With URI to Advance Technology for Protection of Right Whales Ørsted Contracts with Senesco to Built Crew Transfer Vessel in RI VIDEO: Offshore Wind Company Ørsted Officially Opens Innovation Hub in Providence at Wexford Ørsted and Eversource Tap ProvPort as Regional Offshore Wind Hub U.S. Secretary of Energy Granholm Visits Ørsted and Eversource’s New Offshore Wind Fabrication Hub Ørsted and Eversource’s Offshore Wind Project Gets Critical CRMC Approval RI’s CVS and Ørsted Make TIME Magazine’s List of 100 Most Influential Companies Will Ørsted Bid for Next Round of Offshore Wind? Will Anyone?