Equinor and bp announced last night that they had agreed with NYSERDA (the New York State Energy R&D Authority) to terminate the Offshore Wind Renewable Energy Certificate (OREC) agreement for the 'Empire Wind 2' project, an offshore wind project in the USA with a potential generating capacity of 1260 MW.

According to the press release, this decision reflects changing economic circumstances across the industry, and will "reposition an already mature project for further development in anticipation of new procurement opportunities".

This decision is based in particular on the commercial conditions brought about by inflation, interest rates and supply chain disruptions that have prevented Empire Wind 2's existing OREC agreement from being viable.

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