Equinor and bp have announced an agreement with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Agreement for the Empire Wind 2 project, an offshore wind project in the US with a total capacity of 1,260 MW.
This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development in anticipation of new offtake opportunities. The decision recognises commercial conditions driven by inflation, interest rates and supply chain disruptions that prevented Empire Wind 2’s existing OREC agreement from being viable.
In August 2023, Equinor inaugurated the 88 MW Hywind Tampen floating offshore wind farm in the Norwegian North Sea. The electricity produced will be used to power Equinor’s oil and gas fields. The wind farm will help the company cut down its oil and gas prices.
