bp to take full ownership of Beacon Wind US offshore projects and transfer interest in Empire Wind to Equinor Robert Speht, CEO of Vidi Energy Group, comments: “It’s a shame to see bp and Equinor going separate ways, but there’s been some issues in the US market that have probably forced this. It would be great to see bp partnering up with a US developer going forwards.” bp and Equinor today announced an agreement to restructure the ownership of their joint US offshore wind projects which, following completion, will result in bp taking ownership of Equinor’s 50% stake in the Beacon Wind 1 and 2 projects and Equinor taking ownership of bp’s 50% stake in the Empire Wind 1 and 2 projects. In addition, bp agrees to take ownership of Equinor’s 50% interest in the Astoria Gateway for Renewable Energy (AGRE) site and, subject to certain future conditions, Equinor agrees to take ownership of bp’s 50% interest in the South Brooklyn Marine Terminal (SBMT). Previously, bp and Equinor each held a 50% stake in the Beacon and Empire offshore wind projects. Under the new agreement, the companies will work independently to develop their wholly owned projects. The pair have also agreed with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement for the Beacon Wind 1 project. The agreement aims to help each company optimize their development strategies, strengthen their positions in the US offshore wind market and continue supporting the energy transition. “Over the past few years, we have built a highly experienced offshore wind team with deep capabilities and a sizeable global project portfolio with scale positions in the most attractive basins,” said Anja-Isabel Dotzenrath, bp executive vice president, gas & low carbon energy. “We remain disciplined with an uncompromised focus on value creation across our entire offshore wind portfolio as we continue to pursue growth opportunities that underpin our company’s transformation.” “Beacon Wind 1 and 2 have immense potential to create American jobs, benefit local communities, deliver low carbon energy and support the energy transition,” added Joshua Weinstein, bp’s president of offshore wind Americas. “bp has a proven track record of delivering complex engineering projects offshore, and we’ll continue bringing that expertise to bear as we advance the development, engage with communities and bring these projects closer to commercial operations." Original post by: bp Read the full article: https://lnkd.in/e8zUE6ji #windenergy #windenergie #offshorewind #offshorewindenergy #floatingwind #floatingoffshorewind
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bp to take full ownership of Beacon Wind US offshore projects and transfer interest in Empire Wind to Equinor bp and Equinor today announced an agreement to restructure the ownership of their joint US offshore wind projects which, following completion, will result in bp taking ownership of Equinor’s 50% stake in the Beacon Wind 1 and 2 projects and Equinor taking ownership of bp’s 50% stake in the Empire Wind 1 and 2 projects. In addition, bp agrees to take ownership of Equinor’s 50% interest in the Astoria Gateway for Renewable Energy (AGRE) site and, subject to certain future conditions, Equinor agrees to take ownership of bp’s 50% interest in the South Brooklyn Marine Terminal (SBMT). Previously, bp and Equinor each held a 50% stake in the Beacon and Empire offshore wind projects. Under the new agreement, the companies will work independently to develop their wholly owned projects. The pair have also agreed with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement for the Beacon Wind 1 project. The agreement aims to help each company optimize their development strategies, strengthen their positions in the US offshore wind market and continue supporting the energy transition. “Over the past few years, we have built a highly experienced offshore wind team with deep capabilities and a sizeable global project portfolio with scale positions in the most attractive basins,” said Anja-Isabel Dotzenrath, bp executive vice president, gas & low carbon energy. “We remain disciplined with an uncompromised focus on value creation across our entire offshore wind portfolio as we continue to pursue growth opportunities that underpin our company’s transformation.” “Beacon Wind 1 and 2 have immense potential to create American jobs, benefit local communities, deliver low carbon energy and support the energy transition,” added Joshua Weinstein, bp’s president of offshore wind Americas. “bp has a proven track record of delivering complex engineering projects offshore, and we’ll continue bringing that expertise to bear as we advance the development, engage with communities and bring these projects closer to commercial operations." My View - It’s a shame to see bp and Equinor going separate ways, but there’s been some issues in the US market that have probably forced this. It would be great to see bp partnering up with a US developer going forwards. Original post by: bp Read the full article: https://lnkd.in/e8zUE6ji #windenergy #windenergie #offshorewind #offshorewindenergy #floatingwind #floatingoffshorewind
bp to take full ownership of Beacon Wind US offshore projects and transfer interest in Empire Wind to Equinor | News and insights | Home
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𝕋𝕙𝕖 𝔹𝕣𝕖𝕖𝕫𝕪 𝔹𝕦𝕝𝕝𝕖𝕥𝕚𝕟 - 𝟙.𝟚𝟡.𝟚𝟜 🍃 🔌 📰 𝗘𝗾𝘂𝗶𝗻𝗼𝗿 𝗮𝗻𝗱 𝗯𝗽 𝗳𝗶𝗻𝗮𝗹𝗶𝘀𝗲 𝗨𝗦 𝗼𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝘄𝗶𝗻𝗱 𝘀𝘄𝗮𝗽 - 𝗘𝗾𝘂𝗶𝗻𝗼𝗿 𝘄𝗶𝗹𝗹 𝘁𝗮𝗸𝗲 𝗳𝘂𝗹𝗹 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗼𝗳 𝘁𝗵𝗲 𝗘𝗺𝗽𝗶𝗿𝗲 𝗪𝗶𝗻𝗱 𝗹𝗲𝗮𝘀𝗲 𝘄𝗵𝗶𝗹𝗲 𝗯𝗽 𝘄𝗶𝗹𝗹 𝗮𝘀𝘀𝘂𝗺𝗲 𝗳𝘂𝗹𝗹 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗼𝗳 𝘁𝗵𝗲 𝗕𝗲𝗮𝗰𝗼𝗻 𝗪𝗶𝗻𝗱 𝗹𝗲𝗮𝘀𝗲 Norwegian oil and gas company Equinor and bp have agreed a swap transaction to reorganise their joint ownership of offshore wind projects in the US. Equinor will take full ownership of the Empire Wind lease and projects through Empire Offshore Wind Holdings, and will also take over bp’s 50% share of the South Brooklyn marine terminal lease. UK-based oil and gas giant bp will assume full ownership and operational control of the Beacon Wind lease and projects through Beacon Wind Holdings. It will also own the associated project company that holds the Astoria Gateway for Renewable Energy site. The transaction will close in the second or third quarter of 2024. Equinor renewables executive vice-president Pål Eitrheim stated: “We aspire to be a leading company in the energy transition. “Building on our experience as a leading player in US offshore wind, we now take full ownership of a mature, large-scale offshore wind project in a key energy market, where we have built a strong local organization.” Equinor secured the Empire Wind lease in 2017. It is being developed in two projects; Empire Wind 1 with 810MW of capacity and Empire Wind 2 with a potential 1.2GW of capacity. Equinor submitted a bid for the Empire Wind 1 project in New York’s fourth offshore wind solicitation round on 25 January 2024. Equinor and the New York State Energy Research and Development Authority have agreed to terminate the offshore wind renewable energy certificate purchase and sale agreement for the Beacon Wind 1 project. Both Empire Wind 1 and 2 have been affected by industry-wide macroeconomic factors. Empire Wind 1 is competing in the NY4 solicitation (the latest round of proposals from offshore wind developers to deliver offshore wind energy to New York State). At the same time, Empire Wind 2 will be prepared for future rounds. The project is expected to deliver a real base project return towards the lower end of the 4–8% range for renewable projects. Equinor Americas renewables senior vice-president Molly Morris stated: “Empire Wind 1 is ready to deliver on New York’s climate and energy goals, with numerous permits and supplier contracts secured. “The strong commitment by the state to develop this industry is reflected in the NY4 rapid rebid offering, providing an opportunity to improve value creation for the project.” #usoffshorewind #offshorewind #lsprenewables #bp #equinor #empirewind #beaconwind #rebeccatherecruiter Rebecca Macmillan
Equinor and bp finalise US offshore wind swap
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Avangrid, Inc. (#NYSE: #AGR), a leading #sustainable energy company and member of the Iberdrola Group, and #Copenhagen Infrastructure Partners (CIP), a global leader in #greenenergy investment and in #offshorewind development through its affiliate Vineyard Offshore, today announced that the Vineyard Wind 1 project is now delivering more than 136 megawatts (#MW) to the electric grid in #Massachusetts, making it the largest operating offshore wind project in the #UnitedStates. The first large-scale offshore wind project in the United States, Vineyard Wind 1 now has 10 turbines in operation totaling approximately 136 MW, enough to power 64,000 homes and businesses in the Commonwealth. Vineyard Wind 1 has currently installed 47 foundations and transition pieces and 21 turbines, with installation of the 22nd turbine underway. The project will be the largest renewable energy facility in #NewEngland once fully operational, delivering 806 megawatts — enough clean electricity to power 400,000 homes and businesses. “With 10 turbines now in operation, Avangrid is delivering enough clean energy to power more than 60,000 homes and businesses in Massachusetts,” said Avangrid CEO Pedro Azagra. “Our Vineyard Wind 1 project continues to demonstrate the significant benefits that offshore wind offers the New England region, delivering well-paying union jobs, local investment, and clean energy that is helping Massachusetts meet its growing demand for electricity.” In February 2024, Vineyard Wind delivered approximately 68 MW from five turbines to the grid. Building on the 136 megawatts currently in operation, additional power will be delivered to the grid sequentially, with each #turbine starting production once it completes the commissioning process. The power from the project interconnects to the New England #grid in #Barnstable, transmitted by underground cables that connect to a substation further inland on Cape Cod. Once completed, the project will consist of 62 wind turbines. Offshore wind is a critical energy resource in the Northeast region, and is uniquely positioned to meet the New England region’s winter peak demand. In 2018, ISO New England released an assessment, which found that 800 megawatts of offshore wind during a two-week cold snap would have saved ratepayers $40-45 million and avoided more than 108,000 metric tons of #carbonemissions, equivalent to 5% of the region’s annual emissions. From the outset of this project, Vineyard Wind recognised the importance of building and supporting a workforce of local, highly skilled, and diverse tradespeople. The valuable collaboration with union leadership on this project is a prime example of how this new industry can be a responsive member of the communities it serves, ensuring accessible and family-sustaining careers.
Avangrid Commissions Largest Operating Offshore Wind Farm in USA - CleanTechnica
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Japan’s Largest Offshore Wind Farm Now Online By Darrell Proctor || POWER magazine JERA, the largest power generation company in Japan, said the 112-MW Ishikari Bay New Port offshore wind farm has entered commercial operation. The utility, along with Green Power Investment Corp. (GPI), JERA’s partner in the project, announced the installation was commissioned on Jan. 1. Ishikari Bay is now Japan’s largest offshore wind park. The site features 14 SG 8.0-167 DD turbines manufactured by Siemens Gamesa Renewable Energy, and is the first wind power facility in Japan to use turbines of that 8-MW size. The turbines are certified to withstand both typhoon-force winds and seismic activity, a common occurrence in Japan. The wind farm is located off the west coast of the northern Japanese island of Hokkaido. The project also incorporates 180 MWh of battery energy storage capacity at the project’s transformer substation. Power is then sent to Hokkaido Electric Power Network’s (HEPN’s) Nishi Sapporo Substation. HEPN has a 20-year agreement to purchase the wind farm’s electricity. JERA in a Jan. 4 news release said, “Bringing the project to completion was possible because of the tremendous cooperation and understanding extended by regional communities and government administrations including Hokkaido Prefecture, Ishikari City, and Otaru City during the project’s development and construction. “JERA and GPI are committed to envisioning the region’s future together through the promotion of renewable energy projects. Going forward, we plan to work together with the people of Ishikari City, Otaru City, and the region to ensure both stable management of the project and regional development.” GPI is a former Japanese affiliate of U.S. energy developer Pattern Energy Group, which sold GPI to JERA and NTT Anode Energy Corp last year. GPI is a Japanese developer, owner, and operator of renewable energy assets. A joint venture between Shimizu Corp. and Nippon Steel Engineering was responsible for offshore construction of the wind farm, and Kajima Corp. did the project’s onshore work. Other Offshore Wind Projects A JERA-led group also announced it was among the winners in Japan’s second offshore wind tender, the results of which were announced in December. Japan’s industry and land ministries picked three groups that could develop and operate offshore wind farms, as the country works to have at least 10 GW of offshore wind generation capacity in the queue by 2030, and as much as 45 GW of capacity in development by 2040. JERA, as part of a consortium including Itochu, Tohoku Electric Power, and J-Power, was awarded rights to build a 315-MW wind farm off the coast of Oga-Katagami-Akita in Akita prefecture in northern Japan. A group including Mitsui & Co., Germany’s RWE, and Osaka Gas is set to build a 684-MW wind farm off the coast of Murakami-Tainai in... Full article: https://lnkd.in/dS8sgWSX #engineering #energy #renewable #powergeneration #maintenance
Japan's Largest Offshore Wind Farm Now Online
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Global offshore wind capacity reaches 75 GW The world’s total offshore wind capacity has increased by 21 percent over the last 12 months, from 61.5 gigawatts (GW) a year ago to 75 GW, according to a new report by British energy trade group Renewable UK. China maintains a commanding lead with 36.76 GW, nearly half of the global total, followed by the UK with 14.7 GW of installed capacity. Germany is third with 8.3 GW, the Netherlands fourth with 3.7 GW and Denmark fifth with 2.7 GW, according to The Maritime Executive. The report estimates that global operational offshore wind capacity could reach 277GW by the end of 2030, a fourfold increase. With countries racing to achieve their net-zero emissions goal, wind energy is likely to play a critical role in this transition. The global pipeline of projects at all stages of development (operational, under construction, consented, in planning or at an early stage of development) has plateaued this year, and it stands at 1,500 projects totaling 1231GW – barely up 0.2 percent compared to last year’s total. The industry has stopped its acceleration because of project delays, developers trimming their portfolios, and changes in methods of leasing and consenting projects around the world. China has the largest pipeline of projects (227 GW), and the UK is second at 96 GW. The USA is third with 94 GW, Sweden fourth with 68 GW and Brazil capping the top five with 61 GW. As the volume of new offshore wind installations is growing, especially in Europe, investments in grid infrastructure have become critical. In fact, grid integration is ranked as one of the most challenging issues the wind industry faces in both the short term (5 years) and long term (beyond 10 years). As a result, the energy consultancy Rystad projects that the demand for offshore substations will become a huge market, especially in Europe. The substations are crucial in the offshore wind industry as they collect power generated by wind turbines and help in transmitting the power to shore. Approximately 137 substations will be installed off continental Europe this decade, requiring $20 billion in total investment, according to Rystad. Over 120 of these facilities will be installed between 2024 and 2030, at a cost of around $18 billion. Offshore substations are particularly beneficial for projects over 200 MW in capacity and located more than 10 miles from the shore, as they help minimize power transmission losses. https://lnkd.in/e6YCZ6Jt
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Report: Three offshore wind projects cancelled off New York Three offshore wind projects planned off the state of New York have been cancelled following an announcement last week by the New York State Energy Research and Development Authority (NYSERDA), the state authority in charge of the deals. As reported by Politico, NYSERDA said that no final agreements could be reached with the three projects that had received provisional awards in October 2023. Those bids were all linked to major supply chain investments by General Electric and a larger turbine it planned to build that was aimed at boosting the region’s renewable energy portfolio. The projects that were negotiating contracts are the 1,404 MW Attentive Energy One project being developed by TotalEnergies, Rise Light and Power and Corio Generation; the 1,314 MW Community Offshore Wind project developed by RWE Offshore Renewables and National Grid Ventures; and the 1,314 MW Excelsior Wind developed by Vineyard Offshore with backing from Copenhagen Infrastructure Partners. “Subsequent to the provisional award announcement, material modifications to projects bid into New York’s third offshore wind solicitation caused technical and commercial complexities between provisional awardees and their partners, resulting in the provisionally awarded parties’ inability to come to terms,” NYSERDA wrote in an announcement. In February, Politico’s E&E News reported that GE did not plan to proceed with an 18-megawatt turbine. NYSERDA confirmed that was the main reason no final awards were made. As a result, the three projects would have needed to rely on smaller 15.5 MW turbines, which in turn meant that the developers would have needed to build and install more offshore foundations to site each turbine – a move that would have added significant time and labor costs to each project. Marie J. French, the author of the Politico article, commented that: “New York’s signature offshore wind projects meant to boost confidence in the industry are being scrapped, a major hit to the industry in the state and the nation.” French also commented: “The unsuccessful solicitation comes after several blows to the industry in the US in the past year, indicating the high costs and regulatory hurdles each project faces — along with the concern over socking utility customers with higher bills to pay for them.” “NYSERDA remains committed to advancing New York’s offshore wind industry in pursuit of the state’s Climate Act goals,” spokesperson Kate Muller said in a statement. It is possible that some of the project developers might turn their attention to winning awards in New Jersey, where another solicitation is expected later this year. https://lnkd.in/d7SUdEug
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Stonepeak Acquires $300 Million Stake in Wind Energy Portfolio from Ørsted - Alternative investment firm Stonepeak announced today an agreement with global energy developer Ørsted to acquire and equity ownership stake valued at approximately $300 million in a 957 MW portfolio of U.S. onshore wind farms. The portfolio includes four onshore wind farms across Illinois, Texas and Kansas. According to the companies, the portfolio is highly contracted, with each project currently operational, and with power purchase agreements in place for all or parts of the production capacity. Under the terms of the new transaction, Ørsted will continue to operate the portfolio of assets, while Stonepeak will receive 80% of the cash distributions associated with the projects. Ørsted will also retain a call option on the sold stake that it can exercise in the future under certain circumstances. Anthony Borreca, Senior Managing Director at Stonepeak, said: “The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand. Ørsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve.” According to Ørsted, the transaction forms part of its farm-down programme, under which it divests ownership shares of existing operating assets in order to redeploy capital for future value-creating projects. The company noted that it has previously raised approximately $700 million in tax equity proceeds for the portfolio, bringing the proceeds raised from the projects to around $1 billion. David Hardy, Executive Vice President and CEO of Region Americas at Ørsted, said: “This deal signifies the value that our US onshore renewable energy projects can deliver to our investors while also demonstrating the holistic and flexible approach we take to partnerships and divestments. While Ørsted will continue to operate each asset over its lifetime, we’ll use this capital to fund projects that continue to create the most value for our stakeholders and fuel our growth in the renewable energy sector.” Alternative investment firm Stonepeak announced today an agreement with global energy developer Ørsted to acquire and equity ownership stake valued at approximately $300 million in a 957 MW portfolio of U.S. onshore wind farms. The portfolio includes four onshore wind farms across Illinois, Texas and Kansas. According to the companies, the portfolio is highly contracted, with each project currently operational, and with power purchase agreements in place for all or parts of the production capacity. Under the terms of the new transaction, Ørsted will continue to operate the portfolio of assets, while Stonepeak will receive 80% of the cash distributions... https://lnkd.in/gGN5rQJU
Stonepeak Acquires $300 Million Stake in Wind Energy Portfolio from Ørsted
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Lisarb Offshore Expresses Interest in Portuguese Offshore Wind Energy Projects Lisbon, 12th January – Lisarb Offshore, a key player in the renewable energy sector, officially submitted its interest on November 15, 2023, to Direcção Gera de Energia e Geologia (DGEG) to participate in offshore wind energy projects in Portugal. The company is among the 50 entities, comprising individual companies and consortiums from over 10 countries, that have signalled their commitment to the development of electrical production centres based on renewable energy sources of oceanic origin or location. This announcement follows the Portuguese Ministry of the Environment's disclosure of the entities involved in the first stage of the competitive procedure for offshore wind energy development. Lisarb Offshore and other participants where invited to engage in a dialogue session held in Lisbon at LNEG. This stage, focusing on pre-qualification and bidding models, aims to discuss options and understand the specific intentions of each group, laying the groundwork for structuring the terms of the auction. With the imperative to expedite the integration of renewable energy sources and enhance the country's energy security, the Portuguese Government is set to conduct auctions for 10 GW of offshore wind capacity by 2030. This initiative aligns with the National Energy and Climate Plan's goal of installing 2 GW by the same year. Lisarb Offshore, leveraging its extensive experience in renewables financing and project delivery, is poised to contribute to this ambitious endeavour. The company specializes in offshore opportunities across Europe and South America, particularly in emerging floating wind license areas such as the UK Celtic Sea, Scotland, Ireland, and the coast of Brazil. The company envisions playing a pivotal role in Portugal's Future Offshore Industry, offering world-leading technical and commercial expertise in fixed and floating offshore wind, along with associated technologies such as ocean energy and green hydrogen. Lisarb Offshore's multidisciplinary team, boasting decades of experience and involvement in more than 30 offshore wind farms, totalling over 32 GW, and has expertise covering all project phases – from site selection, development, and construction to operation. The team has a proven track record in acquiring/divesting offshore wind projects, preparing competitive lease bids, and securing long-term Power Purchase Agreements. For more information on Lisarb Offshore and their commitment to rethinking offshore wind, visit https://lnkd.in/ePxxgRqi Rethinking Offshore Wind Energy
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Floating Offshore Wind | Renewables | Green Energy | Energy Transition | ESG | Carbon Neutral | Circular Economy
Working in the floating offshore wind 🌬 sector in the UK has been an exhilarating journey over the past year. This period has been marked by significant milestones, including the ups and downs of Allocation Rounds 5 (AR5) and 6 (AR6), and the remarkable progress of the Green Volt project. Here’s a reflection on the experiences, challenges, and triumphs that have shaped this dynamic industry. The Rollercoaster 🎢 of AR5 and AR6 The Allocation Rounds (AR) are critical for securing Contracts for Difference (CfD), which provide price stability for renewable energy projects. AR5 and AR6 have been particularly eventful: AR5: This round faced several hurdles, including delays and regulatory challenges. Many projects struggled to meet the stringent requirements, leading to a lower-than-expected number of successful bids. The failure of some high-profile projects highlighted the need for more streamlined processes and better support for developers. AR6: Learning from the setbacks of AR5, AR6 saw improved coordination and clearer guidelines. This round was more successful, with a higher number of projects securing CfDs. The increased confidence among developers and investors was palpable, setting a positive tone for the future of floating offshore wind in the UK. ⚡ Green Volt: A Beacon of Progress Amidst the challenges of AR5 and AR6, the Green Volt project has been a standout success. Developed by Flotation Energy and Vårgrønn, this pioneering floating offshore wind farm has achieved several key milestones: Planning Approvals: Green Volt received all necessary planning approvals, both onshore and offshore, making it the first commercial scale floating offshore wind farm in the world. This achievement underscores the project’s potential to lead the way in renewable energy innovation. Capacity and Impact: Once completed, Green Volt will feature up to 35 floating wind turbines, providing up to 560 MW of renewable energy capacity. This will significantly contribute to the UK’s renewable energy targets and reduce carbon emissions by approximately 1 million tonnes per year. Economic and Environmental Benefits: The project is set to deliver renewable electricity to oil and gas platforms, replacing existing natural gas and diesel power generation. Additionally, it will supply electricity to the UK grid, supporting the transition to a greener energy mix. Working in the floating offshore wind sector has been both challenging and rewarding. The experiences of AR5 and AR6 have provided valuable lessons in resilience and adaptability. The success of the Green Volt project serves as a testament to what can be achieved with determination and collaboration. As we look ahead, the future of floating offshore wind in the UK appears bright. Continued innovation, supportive policies, and strong partnerships will be crucial in overcoming challenges and driving further progress. Here’s to another year of growth 📈 and success in this exciting industry!
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New York offshore wind projects face global tussle for turbines. The recent article by Eduardo Garcia sheds light on the ambitious offshore wind projects in New York and the significant supply chain challenges they face. While offshore wind is often touted as a green solution, there are critical factors that highlight its complexities and potential drawbacks: **Supply Chain Strain:** The global demand for offshore wind turbines has outpaced supply, leading to significant delays and increased costs. As the article notes, New York's projects were derailed when GE Vernova could not fulfill its promise to provide 18 MW turbines, underscoring the volatility in the supply chain. This issue is not isolated to New York but is a global problem affecting the entire offshore wind industry . **Economic Viability:** The high costs associated with offshore wind projects raise questions about their long-term economic sustainability. According to the Institute for Energy Research, offshore wind is substantially more expensive than onshore wind and other renewable sources, primarily due to the complexities of installation and maintenance at sea . **Environmental and Reliability Concerns:** While offshore wind reduces greenhouse gas emissions, its environmental impact on marine ecosystems is significant. Studies have shown that the construction and operation of offshore wind farms can disrupt marine life and habitats . Moreover, wind energy's intermittent nature requires backup solutions, often fossil fuels, to ensure a stable energy supply, thus complicating its green credentials . New York's ongoing efforts to secure reliable turbine supplies and streamline the procurement process are commendable, but it's crucial to address these broader issues to ensure a truly sustainable and economical energy transition. **Sources:** 1. Garcia, E. (2024). "New York offshore wind projects face global tussle for turbines." *Reuters*. 2. Institute for Energy Research. "Economic Challenges of Offshore Wind." 3. *Conservation Biology*. "Impact of Offshore Wind Farms on Marine Life." Let's ensure our push for renewable energy is both environmentally sustainable and economically viable. NYSERDA Ørsted Eversource Energy Kiewit AECOM OffshoreWind Avangrid Renewables Avangrid
New York offshore wind projects face global tussle for turbines
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Robert Speht, CEO of Vidi Energy Group, comments: “It’s a shame to see bp and Equinor going separate ways, but there’s been some issues in the US market that have probably forced this. It would be great to see bp partnering up with a US developer going forwards.”