How this $6 Billion Project Collapsed

Just one week before she received the record for the worlds oldest skydiver, 104 year old Dorothy Hoffner has passed away in her sleep.

On October 1st, she dove from 13,500 feet in the air in Illinois, and was expected to recieve her Guiness world record next week. She may have not have recieved the piece of paper, but will go down as a legend in all of our hearts.

IN TODAYS NEWS:

• Wind no more: The official cancellation of the $6 Billion project

• Age Limit for Politicans?: New Jersey certainly thinks so

• Hamas Supporters Sanctioned: Bill led by NJ rep gets passed with bipartisanship support

• The end of the Food Truck: Where to get your last taste before the winter

NEW JERSEY ORSTED OFFSHORE WIND FARMS OFFICIALLY CANCELLED🚫

The plans to construct two offshore wind farms off the coast of New Jersey have been abruptly cancelled, resulting in significant financial losses for the Danish company Orsted.

Orsted, a global leader in offshore wind development, announced that it would be forced to write off as much as $5.6 billion due to the scrapping of these projects. This decision is a major setback for New Jersey's ambitious goals of reducing greenhouse gas emissions and embracing clean energy sources, as well as a blow to the broader U.S. wind industry, but a win for the shore towns who deeply despised the idea of wind farms.

The Impact on New Jersey's Green Energy Goals

The cancellation of these two wind farm projects, known as Ocean Wind 1 and 2, is a blow to New Jersey's green energy aspirations.

These projects were intended to provide a substantial source of clean, renewable energy for the state. They had received strong support from Governor Phil Murphy, who has emphasized his environmental credentials and the importance of combating climate change. However, the cancellation of the projects has led to tension, with Governor Murphy suggesting that Orsted acted dishonestly, while still insisting that the future of offshore wind along the state's coastline remains strong. This development highlights the challenges in advancing green energy initiatives and achieving renewable energy targets.

Challenges in the U.S. Wind Industry

The decision to abandon the wind farm projects is indicative of broader challenges in the U.S. wind industry. The Biden administration has set ambitious goals, aiming to install 30 gigawatts of wind power in the United States by 2030. New Jersey, in particular, had set a target of producing 11 gigawatts of wind power by 2040. However, the wind industry in the U.S. is currently facing significant headwinds.

One of the key factors contributing to the cancellation of the wind projects is the adverse economic climate. High inflation and soaring interest rates have made projects that once seemed financially viable no longer profitable. These economic factors have created uncertainty and financial risks for developers, leading to project cancellations.

Another consequence of the challenges faced by the wind industry is that consumers are likely to bear the brunt of these issues. Power generated from offshore wind is expected to become more expensive as developers demand higher prices and seek protection from inflation. This could result in higher electricity bills for consumers, potentially impacting the affordability of renewable energy sources.

Lastly, the recent uptick in whale beachings across the state of New Jersey led local residents to question what was really going on off shore, with many believing that this trend would continue over the next decade and deeply affect the ocean life. Protestors across the state

The "Perfect Storm"

Orsted's CEO, Mads Nipper, characterized the situation as a "perfect storm" for the wind industry. The confluence of challenges includes equipment shortages due to pandemic-related supply chain disruptions, an increasing number of orders for wind turbines as governments strive to meet green energy goals, and rising interest rates as central banks attempt to curb inflation. These challenges collectively weigh down an industry that governments are relying on to produce large volumes of clean and relatively cheap electricity to combat climate change.

And while Orsted is canceling the New Jersey projects, it is not the only company facing challenges in the U.S. offshore wind market. BP, a London-based energy giant, has also encountered setbacks and announced a write-down of $540 million on planned wind projects off New York. These developments indicate the difficulties faced by companies operating in the offshore wind sector in the U.S.

The Path Forward

Despite these setbacks, the offshore wind industry is not dead in the water. Various projects, like Vineyard Wind with 62 turbines off Martha's Vineyard, Massachusetts, are still under construction. However, the industry and its backers are learning hard lessons and may need to recalibrate their strategies. Rekindling interest in developing offshore wind off the East Coast will likely depend on reevaluating the cost structure of offshore power generation and exploring cost-saving measures.

The cancellation of the New Jersey wind farm projects is a significant setback for the state's green energy objectives and the broader U.S. wind industry. It highlights the economic challenges and complexities facing renewable energy development in the United States and underscores the need for innovative solutions to navigate these challenges while ensuring progress toward a more sustainable and environmentally friendly future.

👵🏻 Poll finds that 73% of New Jersey residents support an age limit for serving officials

🔖Early in person voting is open until November 5th

☕️Is it okay to stop in a wawa while your car is being filled up with gas?

🤖 Westfield high school under police investigation after scandal of kids using AI to create pictures of girls at school

🎢 $8 Billion deal joints Six Flags and Dorney Park owners

HAMAS SUPPORTERS TO BE SANCTIONED IN BILL LED BY NJ CONGRESSMAN

On todays episode of “How the Middle East affects America”, The House of Representatives passed a bill co-led by Rep. Josh Gottheimer (D-Wyckoff) that imposes sanctions on foreign persons, entities, and governments that provide support to Hamas and other Palestinian militant groups amid the conflict between Hamas and Israel.

The bill, known as the "Hamas International Financing Prevention Act," requires the president to issue reports on foreign entities that materially assist Hamas or Palestinian Islamic Jihad (PIJ) and imposes various sanctions on those entities, including suspending U.S. assistance, seizing their property within the U.S., and denying exports of certain goods.

While there are very few governments who have expressed support for Hamas as an organization, there are many militant groups which control large parts of Middle eastern countries such as Hezbollah in Lebanon and the Houthis in Yemen which may cause sanctions on the entire country.

The bill passed with strong bipartisan support, with a 363-46 vote in favor, although most of the dissenters came from the left wing of the Democratic caucus. Rep. Gottheimer was unable to vote as he was meeting with New Jersey rabbis at the time.

• If you’re trying to spice up your weekend and add an event to your itinerary, look no further!

NORTH⬆️: The Paramus food truck festival is the towns last of the season before the season ends. Throw on a sweatshirt and enjoy all kids of drink and food in one of the countries most diverse areas

CENTRAL🔄: The Jersey Shore Restaurant week starts today! Make your way down to the beach to indulge in some of the states best eats before it gets too cold for the season

SOUTH⬇️: The Healthy Hearts fest is a celebration of South Jersey. The day starts with a 5k race and goes on from 10-3 with celebrations, arts, and selling from all sorts of stands! Hosted in Elmer

Have a great Weekend New Jersey!

I hope your halloween was great because as of Wednesday, it is officially Christmas :)

"Christmas isnt just a day, its a frame of mind."”

-Valentine Davies

Stay Jolly.

-The Daily Bagel😚