New Jersey Settles with Orsted for $125M Over Canceled Wind Farms

The settlement follows the cancellation of two offshore wind projects, significantly reducing Orsted's initial financial obligations.

Orsted will pay New Jersey $125 million instead of the originally required $300 million.
The funds will support wind energy investments and other clean energy programs in the state.
New Jersey plans to accelerate future offshore wind project solicitations.
The state pauses coordination with PJM Interconnection due to new federal regulations.
Critics argue the settlement is a loss for New Jersey, while supporters highlight the ongoing commitment to clean energy.