{"id":612941,"date":"2023-10-27T21:21:43","date_gmt":"2023-10-27T15:51:43","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=612941"},"modified":"2023-10-27T21:21:43","modified_gmt":"2023-10-27T15:51:43","slug":"norways-equinor-books-300-million-impairment-for-u-s-offshore-wind","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/norways-equinor-books-300-million-impairment-for-u-s-offshore-wind\/","title":{"rendered":"Norway&#8217;s Equinor books $300 million impairment for U.S. offshore wind"},"content":{"rendered":"<p>Norway&#8217;s Equinor said on Friday it has booked an impairment of $300 million on its U.S. offshore wind power portfolio after New York authorities rejected a petition for better terms.<\/p>\n<p>The impairment booked at the company&#8217;s renewable energy segment follows the rejection of petitions related to offtake agreements, the company said in its third quarter earnings report.<\/p>\n<p>New York&#8217;s regulator the Public Service Commission on Oct. 12 denied a request for an average 54% increase for the price of power produced at three sites to address recent inflationary pressures that are impacting project economics.<\/p>\n<p>&#8220;Equinor&#8217;s offshore wind projects on the US North East Coast are facing increased costs due to inflation and supply chain constraints,&#8221; the company added.<\/p>\n<p>Equinor together with its partner BP is planning to build the Empire Wind 1, Empire Wind 2 and Beacon Wind wind farms off the New York coast, which have a combined capacity of 3,300 megawatts, capable of powering 2 million homes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Norway&#8217;s Equinor said on Friday it has booked an impairment of $300 million on its U.S. offshore wind power portfolio after New York authorities rejected a petition for better terms. The impairment booked at the company&#8217;s renewable energy segment follows the rejection of petitions related to offtake agreements, the company said in its third quarter earnings report. New York&#8217;s regulator the Public Service Commission on Oct. 12 denied a request for an average 54% increase for the price of power produced at three sites to address recent inflationary pressures that are impacting project economics. &#8220;Equinor&#8217;s offshore wind projects on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-612941","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/612941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=612941"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/612941\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=612941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=612941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=612941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}