UPDATE 1-White House says it is committed to offshore wind despite New Jersey setbacks

The Biden administration on Wednesday said it is committed to supporting the nascent U.S. offshore wind industry despite challenges that prompted the cancellation this week of two major planned projects off the coast of New Jersey. The White House and Interior Department both issued statements backing the sector shortly after Denmark's Orsted said soaring cost inflation, high interest rates and supply chain bottlenecks had forced it to stop development on the projects. Expansion of offshore wind is a key pillar of President Joe Biden's plan to decarbonize the U.S. power grid and combat climate change.