Orsted Cancels Power Deal for Maryland Offshore Wind Farm (2)

Orsted A/S withdrew from an agreement with regulators in the US state of Maryland to sell electricity from a big offshore wind farm it plans to build in the Atlantic Ocean.

It’s the latest step for the Danish firm to reconfigure a portfolio of American projects after soaring costs forced it to take billions of dollars of writedowns last year. Orsted’s executives intend to update investors Feb. 7 on how they’ll reset the company after the setbacks.

The prices set in the power contract for the Skipjack Wind project were no longer viable because of inflation, high interest rates and ...