A major hit against wind power projects took place recently. CNBC reports Danish wind power manufacturer Orsted sacked a $4 billion offshore wind power edifice off the coast of New Jersey citing rising costs due to heightening interest rates, project delays, and supply chain issues.

The Danish wind power developer Orsted is canceling two off-shore wind projects that were planned off the coast of New Jersey and is taking a $4 billion impairment for the first nine months of the year, the company announced this week.

The company has also set aside an additional provision of up to $1.55 billion for “potential contract cancellation fees not already covered by the impairments,” meaning the total write-off could top $5.55 billion.

Orsted CEO Mads Nipper said “significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates,” were to blame for the project cancelations, according to a statement from the company published Tuesday.

The significance is that Orsted is the world’s largest windmill manufacturer and this one of a number of wind farm projects that have met their demise in recent months. During mid-October, New York nixed a request from Orsted and two other wind farm manufacturing companies for more money during contract negotiations in which similar elements were cited by the companies in their requests for more funds.

For opponents of the offshore wind farms this will certainly be good news. Not just because renewable energy sources (like wind power) cannot provide enough fuel to meet people’s energy needs but also due to the recent publicity surrounding dead whales that ended up on New Jersey beaches whose deaths have been attributed to the windmills.

In the end, renewable energy is nothing more than a wealth transfer scheme to benefit environmentalists. They knew full well that their proposals would not be able to replace fossil fuels but went ahead with them in hopes of eventually destroying the West’s energy sector. Unfortunately, they very nearly succeeded but, thankfully, reality got in the way.

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