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 potential generative 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 recognszes commercial conditions driven by inflation, interest rates and supply chain disruptions that prevented Empire Wind 2’s existing OREC agreement from being viable. The Empire Wind 2 decision provides the opportunity to reset and develop a stronger and more robust project going forward,” according to Molly Morris, president of Equinor Renewables Americas.
