How New Jersey could lose $100M on its first offshore wind farm

Orsted, the company that’s planning to build New Jersey’s first offshore wind farm, made a deal with the state recently that shows it’s still financially committed to building the project. But the agreement could also allow Orsted to avoid making a $100 million payment – a third of the money the company owes to the state. POLITICO’s Ry Rivard breaks down the financial outlook of New Jersey’s first offshore wind farm and the bumpy times for the offshore wind industry as a whole. Plus, the United States will not reimpose steel and aluminum tariffs on the European Union at the end of the year even if the sides cannot come to an agreement on a so-called green steel deal.  For more news on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro:  https://subscriber.politicopro.com/newsletter-archive/morning-energy   Catherine Morehouse is an energy reporter for POLITICO and the host of the POLITICO Energy podcast. Ry Rivard covers energy, the environment and transportation in New Jersey for POLITICO.  Nirmal Mulaikal is a POLITICO audio host-producer.  Kara Tabor is an audio producer for POLITICO. Gloria Gonzalez is the deputy energy editor for POLITICO.  Matt Daily is the energy editor for POLITICO.