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Ørsted Takes $580 Million Hit Led by Connecticut Wind Delay

Ørsted Halts Development of Two U.S. Projects

Renewable Energy Firm Faces Challenges in America

Ørsted, a renewable energy firm, has halted the development of two U.S. projects due to delays in Connecticut. The company has also taken a $580 million hit in the second quarter, largely due to this delay.

The Connecticut project, known as Revolution Wind, has been delayed by a permitting issue. Ørsted had planned to begin construction on the project this year, but the delay has pushed back the timeline.

Ørsted is also facing challenges in other parts of the U.S. The company has said that it is prepared to walk away from projects in America unless the White House takes action to support the offshore wind industry.

Key Points

* Ørsted has halted the development of two U.S. projects due to delays in Connecticut. * The company has also taken a $580 million hit in the second quarter, largely due to this delay. * Ørsted is facing challenges in other parts of the U.S. and has said that it is prepared to walk away from projects in America unless the White House takes action to support the offshore wind industry.

Conclusion

Ørsted's decision to halt the development of two U.S. projects and the company's overall financial loss are a setback for the offshore wind industry in the United States. However, the company's willingness to walk away from projects unless the White House takes action to support the industry shows that Ørsted is serious about its commitment to developing offshore wind in the United States.