Equinor, bp simply scrapped their 1.2 GW Empire Wind 2 offshore wind farm

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Equinor and bp have terminated New York State’s Empire Wind 2 offshore wind farm – however a do-over isn’t out of the query.

The 2 corporations have agreed with the New York State Vitality Analysis and Growth Authority (NYSERDA) to terminate the Offshore Wind Renewable Vitality Certificates (OREC) Settlement for the 1,260 megawatt (MW) Empire Wind 2.

Equinor and bp stated that the choice to terminate Empire Wind 2 was as a consequence of “business situations pushed by inflation, rates of interest, and provide chain disruptions” that prevented its present OREC settlement from being viable.

The state’s utility regulator, the New York Public Service Fee (NYPSC), refused to renegotiate Empire Wind’s contracts at larger costs regardless of an attraction from Equinor and bp.

Nevertheless, the 2 corporations are nonetheless very a lot on the desk, as they known as this cancellation a “reset” of their announcement and say they’re “searching for new offtake alternatives.” They stated that the already mature undertaking would possibly get a second life in some form or type as a result of there’s help from the state to revive the faltering initiatives.

Molly Morris, president of Equinor Renewables Americas, stated:

Business viability is prime for bold initiatives of this measurement and scale. The Empire Wind 2 determination supplies the chance to reset and develop a stronger and extra strong undertaking going ahead. We’ll proceed to intently have interaction our many neighborhood companions throughout the state.

As evidenced by the progress on the South Brooklyn Marine Terminal, our offshore wind exercise is able to generate union jobs and important financial exercise in New York.

In October, Governor Kathy Hochul (D-NY) introduced a 10-point plan to assist clear power builders “overcome current macroeconomic and inflationary challenges which have impacted the renewable power sector.”

On the finish of October, NYSERDA awarded three offshore wind contracts to different builders at a lot larger costs than the Empire Wind initiatives, and that’s excellent news for bp and Equinor as they search a reset.

The Biden administration accredited Empire Wind 1 and a pair of on November 21, 2023.

Learn extra: The world’s strongest wind turbine has set a world file

Map: Equinor


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