"BP and Equinor Abandon 1.2 GW New York Offshore Wind Project Amid Economic Challenges"
Equinor and bp have terminated the Empire Wind 2 offshore wind farm project in New York due to economic challenges, including inflation and supply chain issues, after the New York Public Service Commission refused to renegotiate the contract at higher prices. Despite this setback, the companies view the termination as a "reset" and are looking for new opportunities to revive the project, buoyed by the state's support and recent higher-priced offshore wind contracts awarded to other developers. Empire Wind 1 remains unaffected, and the Biden administration had approved both projects in November 2023.