"Equinor and BP Scrap Empire Wind 2 Offshore Project Amid Contract Cancellation"

BP Plc and Equinor ASA have canceled their contract with New York for the Empire Wind 2 project, a 1.3-gigawatt offshore wind farm, due to economic challenges that rendered the project unfeasible. The decision reflects broader issues in the U.S. offshore wind industry, including inflation and supply chain problems. The companies are looking for new opportunities and will forfeit a $6.3 million security deposit to New York. This setback is part of a larger trend of disputes and cancellations affecting nearly half of the U.S. offshore wind capacity under contract.