Equinor and bp rip up US offshore wind contract

US Empire 2 offshore wind project

Source: Equinor

Equinor and bp have terminated their existing agreement for the US Empire 2 offshore wind project on the grounds of commercial viability.

The parties said that the decision to terminate the Offshore Wind Renewable Energy Certificate (OREC) Agreement for the project reflects ”changed economic circumstances on an industry-wide scale” and repositions an already mature project to continue development in anticipation of new offtake opportunities.

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