Ørsted 's North American vice president David Hardy expressed confidence in the company's U.S. East Coast project, and prospects for tax and renewable energy credit subsidies. "The U.S. offshore wind market remains attractive in the long term," said Hardy. "We will continue to work with our stakeholders to explore all options to improve our near-term projects including continued dialogue about ITC qualification, OREC adjustments, and other business case levers." But Ocean Wind 1, a flagship project for Ørsted and New Jersey Gov. Phil Murphy's administration, may not come online until 2026 because of supply chain and financial issues, Ørsted officials say. Ørsted already obtained legislation June 30 from Murphy's Democratic allies in the state Legislature to redirect more federal tax credits for renewable energy to Ocean Wind 1.