President Donald Trump signed an executive order on Monday temporarily halting offshore wind lease sales in federal waters and pausing the issuance of approvals, permits and loans for both onshore and offshore wind projects. Read more.
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Ørsted says the Sunrise Wind project offshore New York State is progressing despite supply chain and construction schedules.
The development, 30 miles east of Montauk Point, Long Island, is taking onboard experience from Revolution Wind offshore Connecticut/Rhode Island, such as the offshore wind turbine installation rate.
That has led to a revision of Sunrise Wind to incorporate schedule delays and higher costs.
In addition, Orsted has updated its expectations concerning installation expectations of the US’ first offshore HVDC system, including installation of the jacket and export cables.
Commissioning has now been pushed back to the second half of 2027.
These factors, alongside rising costs (notably related to the monopile foundations to keep fabrication and installation on track), have led to an impairment of DKK4.3 billion ($596 million) for the project.
And the combination of a higher interest rate, seabed leases and execution difficulties will further exacerbate the impairment figure for Sunrise Wind to DKK12.1 billion ($1.68 billion), the company warned.
