Energy
Orsted scraps plans for two massive offshore wind farms in New York due to soaring costs
The Danish energy giant made the announcement as it booked a €3.8 billion impairment charge on the floundering US projects
Orsted, the Danish energy giant, has scrapped plans to develop two massive offshore wind projects in the US, recording impairment charges significantly above its previous predictions in the latest blow to the struggling industry.
The company said it will halt the development of the Ocean Wind 1 and 2 projects, which are meant to be built off the coast of New York.
The Danish utility company wrote down €3.8 billion ($4 billion) in the third ...
