A wave of impairments is sweeping through the U.S. wind-energy sector amid high interest rates, inflation and supply-chain woes, forcing developers to put off projects and casting doubts over the industry’s outlook.
The decision came a week before legislative elections in New Jersey, where wind turbines have become a top target for Republicans against Democratic Gov. Phil Murphy’s plan to have 100% of the state’s power coming from renewables by 2035. Earlier this week, BP booked a $540 million pretax impairment charge on three wind projects off the coast of New York afterto renegotiate power-purchase terms to reflect inflationary pressures and permitting delays. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. The companies said they are assessing the impact of the regulators’ decision on their future development plans.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: wjxt4 - 🏆 246. / 63 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: ksatnews - 🏆 442. / 53 Read more »