Equinor and bp terminate offshore wind energy contract with New York

Equinor and bp have introduced the termination of their contract to promote offshore wind energy to the US state of New York.

The settlement, which pertained to the Empire Wind 2 venture, was dissolved on Wednesday.

This determination was made in response to a mixture of financial elements which have impacted the viability of the venture.

The termination was attributed to rising inflation charges, elevated borrowing prices and challenges throughout the provide chain.

These elements collectively rendered the present contract impractical, prompting Equinor and bp to reevaluate the venture’s financial feasibility.

The Empire Wind 2 venture is an offshore wind farm with a possible generative capability of 1,260MW.

Molly Morris, President of Equinor Renewables Americas, stated: “Industrial viability is key for bold initiatives of this measurement and scale. The Empire Wind 2 determination supplies the chance to reset and develop a stronger and extra sturdy venture going ahead.”