"BP and Equinor Abandon New York Offshore Wind Project Amid Economic Challenges"

Equinor and BP have canceled the Empire Wind 2 project, an offshore wind farm planned near Long Island, due to economic challenges such as inflation, higher interest rates, and supply chain issues. The project, which was expected to generate 2.1 gigawatts of electricity, faced additional setbacks from local opposition and a denial of rate hikes by New York utility regulators. Despite this, clean energy advocates view the cancellation as a minor setback in the broader transition to renewable energy, with the region still making progress in other renewable projects. New York is set to reopen bidding for the project, and future rate adjustments are anticipated to address infrastructure costs.