"BP and Equinor Scrap Empire Wind 2 Contract, Undermining New York's Renewable Push"
Equinor and BP have canceled their contract to sell power from the Empire Wind 2 offshore wind farm to New York State due to economic challenges such as inflation, higher borrowing costs, and supply chain issues. The companies are repositioning the project in light of a new solicitation by New York that allows for renegotiation of contracts, potentially at higher prices. The state's commitment to offshore wind remains strong, with an expedited solicitation's winners to be announced in February. Despite setbacks, the offshore wind industry is crucial for U.S. decarbonization goals, with the first power from New York's and Massachusetts' offshore wind farms being delivered recently.
