'Macroeconomic factors have changed dramatically': A major offshore wind developer announced that it is cancelling two major developments on Tuesday evening. Orsted, a Denmark-based offshore wind firm with a major presence in the U.S. market, said that it has cancelled its Ocean Wind 1 and 2 projects off the coast of New Jersey, a decision which deals a major blow to the Biden administration’s offshore wind goals. The cancellations follow weeks of mounting financial problems for the company and for the offshore wind industry more broadly.