The British multinational oil and gas company BP and the Norwegian oil and gas company Equinor announced their agreement with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Agreement for the 1.2GW Empire Wind 2 project. The agreement considers a change in commercial conditions driven by inflation, interest rates and supply chain disruptions that prevented the OREC agreement for the 1.2 GW project from being viable for the joint venture. In October 2023, the New York State Public Service Commission (NYSPSC) denied requests by BP and Equinor to increase contract prices by 66% for the 1,260 MW Empire Wind 2 (US$107.50/MWh), and several other projects. The NYSPSC estimated that amending contracts would have resulted in raising residential customers electricity bills by 6.7%.
The Empire Wind development also includes the 816 MW Empire Wind 1, which received its Article VII Certificate of Environmental Compatibility and Public Need in New York in December 2023. The Empire Wind 2 planned the installation of up to 90 wind turbines off the coast of the US State of New York.
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