At least they didn’t get a massive “loan” from Los Federales which will never be paid back
Giant offshore wind project axed in blow to Biden’s green goals
Global energy developers Equinor and BP on Wednesday announced they are canceling the contract for a massive wind project slated for construction off the coast of New York.
The two companies said they had reached an agreement with the New York State Energy Research and Development Authority (NYSERDA) to terminate the offshore wind renewable energy certificate for their Empire Wind 2 project. Equinor and BP explained that commercial conditions, namely inflation, interest rates and supply chain disruptions, prevented its contract for the project from remaining viable.
“Commercial viability is fundamental for ambitious projects of this size and scale. The Empire Wind 2 decision provides the opportunity to reset and develop a stronger and more robust project going forward,” Molly Morris, president of Equinor Renewables Americas, said in a statement. “We will continue to closely engage our many community partners across the state.”
That’s nice corp-speak for “this thing was a turd and we didn’t want to lose our shirts.”
“BP is supportive of NYSERDA’s leadership and commitment to offshore wind, which we believe is a critical part of New York State’s and America’s clean energy future,” added Joshua Weinstein, BP’s president of offshore wind Americas. “Offshore wind can deliver reliable renewable power as well as economic benefits to the state and its communities.”
Critical, but, not at the thought of losing lots of money
The cancelation of Empire Wind 2 comes weeks after the Biden administration formally approved it and its counterpart, Empire Wind 1, in November. The Department of the Interior (DOI) and Department of Energy (DOE) have both endorsed the project, while the White House has referred to it as a success story of “Bidenomics.”
Yup, that’s Bidenomics. Projects that are expensive and not “commercially viable.”