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The cancellation of two large offshore wind projects in New Jersey has posed a setback to the U.S. offshore wind industry, potentially jeopardizing President Biden’s clean energy goals. Danish wind energy developer Ørsted cited supply chain problems, higher interest rates, and a failure to obtain desired tax credits as reasons for canceling its Ocean Wind I and II projects. This comes after the cancellation of three projects in New England. Despite these setbacks, the White House remains optimistic about the future of offshore wind and its potential to create jobs and strengthen the power grid.

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