September 11, 2023 — Orsted A/S, the offshore wind developer anchoring Rhode Island’s place in the industry, is facing rough seas.
The Danish wind giant said in an Aug. 29 announcement that it may write off $2.3 billion in its upcoming, third-quarter earnings. The warning, on the heels of the company’s $87.8 million second-quarter loss, comes as supply chain slowdowns and interest rate hikes hamper a trio of East Coast projects, including the Revolution Wind project that will power Rhode Island. At best, costs are going up and schedules are behind, with the Ocean Wind project planned for New Jersey, now delayed from 2025 to 2026, executives said.
At worst, the company may abandon the project altogether.