bp, Equinor part ways on U S offshore wind project as industry finds it footing worldoil.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldoil.com Daily Mail and Mail on Sunday newspapers.
“It appears that the economies of scale just aren’t enough to help these projects amid these macroeconomic events,” said Timothy Fox, an analyst at ClearView Energy Partners. “All those projects were on the bubble, so it’s not surprising that Equinor and BP want to reduce some of the risk they’re facing.” About 17.5 gigawatts of US offshore wind projects have won state contracts, and proposals representing more than half of that are in dispute or have been canceled, according to Fox.
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In back-to-back events this week, one offshore wind developer delivered its first power to Massachusetts while another pulled the plug on a project in New York.