BP & Equinor Demand 54% Hike In Offshore Wind Power Price Increases

BP PlcBP and partner Equinor ASA EQNR are demanding a 54% hike in electricity prices produced at three offshore wind farms in the United States, per a Reuters report. The companies obtained the rights to develop the Empire Wind 1, Empire Wind 2 and Beacon Wind farms offshore New York. Several projects were awarded, and spikes in inflation forced energy companies to hedge equipment and labor at much higher prices than expected. The strike price for Empire Wind 1 would rise from $118.38 per megawatt hour (MWh) to $159.64 per MWh and for Empire Wind 2 from $107.50 per MWh to $177.84 per MWh. Beacon Wind would witness the strike price increase from 118.00 per MWh to 190.82 per MWh. >>click to read<< 11:29

One Response to BP & Equinor Demand 54% Hike In Offshore Wind Power Price Increases

  1. Brick Wenzel says:

    Nobody should be giving these companies anymore money to develop “Empire Wind” Industrial Offshore Wind sites. BOEM has already acknowledged that these lease sites are a mistake. The location of Empire Wind is located in between and butts up against two shipping lanes entering and leaving New York. The hazards to navigation, issues concerning homeland security, the mitigation costs from environmental impacts and loss of fisshing grounds make these sites financially unobtainable without excessive contributions beyond what is currently being requested.

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