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Equinor sees glimmer of hope for US East Coast offshore wind projects, but looks to onshore alternatives - Recharge

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Equinor sees glimmer of hope for US East Coast offshore wind projects, but looks to onshore alternatives | Recharge

A ten-point action plan that New York State authorities have put forward to encourage offshore wind developers to re-bid on stalled projects is a step in the right direction, according to an executive with Equinor, co-developer of the stalled Beacon Wind and Empire Wind projects.

Equinor and joint venture partner BP submitted a petition for a major revision of terms for more than 3GW of projects in June after soaring costs and an absence of any index-linking of the original PPA offtake prices undermined profitability.

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Related Knowledge Center: ENERGY BASICS: wind

State of Play

Decades of government support for the development of wind energy has resulted in lower costs and a rapidly growing share of electricity generated by wind turbines. Wind in 2019 accounted for 7.3 percent of electrical generation, surpassing for the first time hydropower at 7.0 percent. 

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