Equinor Halts $5B Empire Wind Project amid Review

Construction of Equinor's Empire Wind offshore project near New York has been suspended following a US government directive to halt work until a more thorough environmental review is completed. The pause, attributed to perceived insufficient environmental analysis during the project's approval process, could affect financing and may lead to termination fees. The Empire Wind project was intended to power up to 500,000 New York homes and serve as the first offshore wind project to connect to the New York City grid, with a planned commercial operation date in 2027. Equinor, which has invested billions in the project, is now assessing the financial impact and exploring legal remedies, including a potential appeal of the order. The suspension underscores ongoing challenges for the US offshore wind industry, including regulatory scrutiny, financing difficulties, and supply chain issues. The project's future remains uncertain as stakeholders await the outcome of the Bureau of Ocean Energy Management's review.