Equinor takes $1 bn hit from US wind farm regulations, tariffs
Construction of the first phase of Empire Wind, a complex of 54 turbines capable of powering 500,000 homes in Brooklyn, was temporarily halted by the US administration in mid-April.
US President Donald Trump has repeatedly expressed opposition to wind energy -- claiming turbines are unsightly and dangerous -- and signed a series of executive orders targeting the sector shortly after returning to the White House in January.
Those included a temporary freeze on federal permitting and loans for offshore and onshore wind projects.
But the administration reversed its decision to block the project in May.
"We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution," Opedal said on Wednesday.
Of the total $955 million impairment, Opedal said $763 million related to the Empire Wind 1 project and the South Brooklyn Marine Terminal, while the rest is tied to the second phase of the project.
"The construction of the terminal and port facilities was based on the assumption that several wind farms would use them. This is not very relevant under current conditions," Opedal said during a press conference.
"The impairment also includes the impact of higher steel tariffs," set at 50 percent by the administration of US President Donald Trump, he added, while stressing that Empire Wind 1 remained "a profitable project".
The depreciation weighed on second-quarter results, with Equinor reporting a 30 percent year-on-year drop in net profit to $1.3 billion.
Performance was also affected by the decline in oil prices, which did not suffice to offset the rise in natural gas prices and increased production, which is nearing 2.1 million barrels of oil equivalent per day.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sustainability Times
6 hours ago
- Sustainability Times
"This Is the Carbon Bomb We Can Defuse" Using Retired EV Batteries Cuts More Emissions Than Recycling Every Year
IN A NUTSHELL 🔋 California faces a growing surplus of retired electric vehicle batteries, necessitating strategic management. faces a growing surplus of retired electric vehicle batteries, necessitating strategic management. 🌱 A 'second-use first' approach offers significant carbon savings by repurposing batteries for energy storage before recycling. by repurposing batteries for energy storage before recycling. 🔄 Developing a robust recycling infrastructure is critical to handle the oversupply and recover valuable materials like lithium and cobalt. is critical to handle the oversupply and recover valuable materials like lithium and cobalt. 🌍 The study's findings have broader implications for U.S. energy policy, emphasizing the benefits of a circular battery economy. The growing surplus of retired electric vehicle (EV) batteries is becoming an urgent issue for California. As the state increases its adoption of renewable energy, it faces a critical decision: how to manage the influx of spent EV batteries. A recent study by a trans-Atlantic research team highlights a potential solution. Reusing these batteries as grid-connected storage before recycling could significantly reduce carbon emissions. This approach, however, demands a robust infrastructure and strategic planning to maximize environmental benefits. The study's findings not only hold implications for California but also serve as a cautionary tale for energy policies across the United States. Reuse Delivers the Bigger Climate Dividend California's plan to manage retired EV batteries could result in substantial carbon savings. The study reveals that if every retired battery is recycled immediately, it could cover 61% of the state's cumulative EV battery demand by 2050. This would prevent approximately 48 million tons of carbon dioxide emissions. However, adopting a 'second-use first' strategy could amplify these benefits. By repurposing batteries for energy storage, California could avoid up to 56 million tons of carbon emissions. This approach leverages the existing functionality of aged batteries, avoiding the need to manufacture new lithium-ion units. Manufacturing from primary raw materials is carbon-intensive, making the reuse of existing packs a more sustainable option. Extending the life of these batteries defers the environmental impact of new manufacturing, maximizing carbon savings. 'Plastic Becomes Hydrogen Under the Sun': South Korea Unleashes Solar-Powered Breakthrough That Vaporizes Waste Into Clean Fuel Oversupply Looms, Making Early Recycling Infrastructure Critical Despite the environmental benefits of reuse, researchers warn of an impending oversupply of retired EV batteries. By mid-century, the quantity of spent batteries will exceed the state's stationary storage needs. Even if all second-life packs are used, the demand will not match the supply. This scenario highlights the necessity of a well-developed recycling infrastructure. Building large-scale recycling facilities is essential to handle the surplus efficiently. Delaying investment in these facilities could lead to bottlenecks, impeding the recovery of valuable materials like lithium, nickel, and cobalt. These materials are crucial for the production of next-generation EVs. Establishing comprehensive collection networks and efficient recycling processes will ensure a steady supply of these resources, supporting the growth of the EV industry. 'Dead Batteries Reborn': New Friction Tech Recovers Lithium Power Without Waste or Toxic Byproducts in Breakthrough Process Three Scenarios Illuminate Trade-Offs The research team explored three scenarios to evaluate the potential outcomes. The baseline scenario represents the current state, where only 2.5% of retired batteries are reused. The recycling scenario focuses on 100% material recovery, while the second-use scenario prioritizes reuse until storage needs are satisfied annually. Each scenario emphasizes the importance of recycling to close the loop on raw materials. However, the second-use strategy offers the most significant carbon savings while still contributing to future recycling streams. This approach allows batteries to provide additional service years, maximizing their utility before recycling. 'Turning Trash into Tesla?': Furious Debate Erupts as Scientists Use Covid Face Masks in Electric Vehicle Batteries Implications for U.S. Energy Policy Although the study centers on California, its implications resonate nationwide. As federal incentives drive EV adoption and renewable energy growth, states with ambitious clean-energy goals can benefit from these findings. Pairing solar and wind farms with repurposed EV batteries can enhance climate gains. Holistic, regional planning is crucial to realizing the full potential of a circular battery economy. By coordinating production, reuse, and recycling efforts, jurisdictions can strengthen supply-chain resilience, reduce reliance on mined materials, and achieve deeper emissions reductions. Early action will be key to securing these benefits and leading the transition to sustainable energy practices. As California navigates the challenges of managing retired EV batteries, the rest of the nation observes closely. The decisions made today will shape the future of energy policy and environmental sustainability. How will states balance the need for immediate recycling with the potential benefits of battery reuse? This article is based on verified sources and supported by editorial technologies. Did you like it? 4.5/5 (30)
France 24
16 hours ago
- France 24
Peace offering? Donald Trump's Nobel obsession
"It's well past time that President Trump was awarded the Nobel Peace Prize," White House press secretary Karoline Leavitt told reporters on July 31, prompting reactions of disbelief and sarcasm from the Republican leader's opponents. Since his January 20 return to power, the US president "has brokered, on average, one peace deal or ceasefire per month," Leavitt said, citing as examples his mediations between India and Pakistan; Cambodia and Thailand; Egypt and Ethiopia; Rwanda and the Democratic Republic of Congo (DRC); Serbia and Kosovo; and others. His leading spokeswoman also mentioned Iran, where Trump ordered US strikes against the Islamic republic's nuclear facilities, as evidence of decisions Leavitt claims have contributed to world peace. She made no mention of the conflict in Ukraine, which Trump pledged multiple times to end on "day one" of his term, or the war in Gaza, which rumbles on and for which the US supplies Israel with weapons. Pakistan, Israel For some foreign leaders, mentioning the prestigious award has become a sign of diplomatic goodwill toward an American president who envisions himself as a peacemaker. Pakistan nominated Trump for the Nobel Peace Prize, as did Israeli Prime Minister Benjamin Netanyahu. During an early July meeting at the White House, a journalist asked the presidents of Liberia, Senegal, Mauritania, Guinea-Bissau, and Gabon whether Trump deserved the award. Basking in the flattering responses from the African leaders, a smiling Trump said: "We could do this all day long." Tens of thousands of people can offer a nomination to the Nobel committee, including lawmakers, ministers, certain university professors, former laureates and members of the committee themselves. Nominations are due by January 31, with the announcement coming in October -- this year on the 10th of the month. Law professor Anat Alon-Beck, who is an Israeli-American, submitted Trump's name to the committee's five members, who were appointed by the Norwegian Parliament. The assistant professor at Case Western Reserve University School of Law told AFP she did so because of the "extraordinary leadership" and "strategic brilliance" he has shown, in her opinion, in advancing peace and securing the release of hostages held in the Gaza Strip. 'Never' getting the Nobel For some, the prospect of handing the prize to someone who has upended the international order is untenable. "Nominating Trump for the Nobel Peace Prize is like entering a hyena in a dog show," US history and politics researcher Emma Shortis wrote on news site The Conversation. "Of course Trump does not deserve it." The American president disagrees. "I deserve it, but they will never give it to me," Trump told reporters in February as he hosted Netanyahu at the White House, lamenting not ticking the Nobel box in his life. "No, I won't get a Nobel Peace Prize no matter what I do, including Russia/Ukraine, and Israel/Iran, whatever those outcomes may be," Trump griped on his Truth Social platform in June. "But the people know, and that's all that matters to me!" Trump is well-known as someone who is particularly fond of accolades and prizes, Garret Martin, a professor of international relations at American University, told AFP, "so he would welcome this major international recognition." And since the beginning of his presidential ambitions 10 years ago, "he has put himself in opposition to Barack Obama, who famously won the Nobel Peace Prize in 2009," Martin added. The prize awarded to the Democratic former president, barely nine months after he took office, sparked heated debate -- and continues to do so. "If I were named Obama I would have had the Nobel Prize given to me in 10 seconds," Trump bellyached in October 2024, during the final stretch of the presidential campaign. 338 candidates Three other US presidents have also been so honored: Theodore Roosevelt, Woodrow Wilson, and Jimmy Carter. The prize was also awarded to Henry Kissinger in 1973 for his efforts to help end the war in Vietnam. The choice of the one-time US secretary of state was heavily criticized. The full list of Nobel Peace Prize nominees is confidential -- except for individual announcements by sponsors -- but their number is made public. In 2025, there are 338 nominees. Some betting sites have Trump in second place to win, behind Yulia Navalnaya, the widow of Russian opposition leader Alexei Navalny.
Sustainability Times
17 hours ago
- Sustainability Times
"This Changes How You Poop Forever" as This Revolutionary Toilet Paper Breakthrough Redefines How Billions Clean Themselves Every Day
IN A NUTSHELL 🚀 Charmin's introduction of a wavy perforation design has led to a significant increase in sales and consumer satisfaction. design has led to a significant increase in sales and consumer satisfaction. 🔬 The engineering precision behind the innovation involved years of research and development to optimize toilet paper functionality. behind the innovation involved years of research and development to optimize toilet paper functionality. 📜 The evolution of toilet paper reflects broader cultural shifts , emphasizing hygiene and comfort in modern society. , emphasizing hygiene and comfort in modern society. 🔍 Charmin's design is an example of incremental innovation, offering tangible benefits without requiring user adaptation. In the fast-paced world of technology and innovation, we often overlook the subtle advancements in everyday products that significantly impact our daily lives. One such unassuming yet transformative innovation has occurred in the realm of toilet paper. Charmin, a leading brand, has introduced a revolutionary wavy perforation design that has sparked a notable increase in sales and consumer satisfaction. This innovation demonstrates how even the smallest changes in routine products can lead to significant shifts in consumer behavior and market dynamics. As we delve into the intricacies of this product evolution, we uncover a fascinating story of engineering precision and cultural adaptation. A Silent Revolution in Toilet Paper For years, toilet paper has remained a staple in households, often taken for granted due to its seemingly unchanging nature. Yet, beneath this facade of simplicity lies a competitive race for innovation. Charmin's latest breakthrough, the Smooth Tear wavy perforation, exemplifies this trend. After extensive research and development, the company introduced a subtle change that has redefined the way people experience this everyday product. This seemingly minor adjustment has led to a 5% increase in Charmin's business, illustrating the potential of small innovations to make a big impact. This change addresses a common yet overlooked issue: the uneven tearing of toilet paper sheets. By replacing the traditional straight perforation with a wavy line, Charmin has enhanced user satisfaction, demonstrating that even the most mundane actions can be optimized. This quiet revolution in toilet paper design highlights the potential for innovation in the most unexpected places, proving that ordinary objects can undergo extraordinary transformations. 'This Is Everything Wrong with Modern Cyclists': Heated Reactions to Electric Water Bottle That Pumps So You Don't Have To The Engineering of Touch The innovation in toilet paper design is far from arbitrary; it involves complex engineering processes. Procter & Gamble, along with other leading companies, has invested years in creating hundreds of prototypes to refine this essential product. Engineers and designers meticulously analyzed various parameters, including strength, texture, and moisture response, to develop the optimal design. The wavy pattern is a result of precise calculations that account for factors such as force, angle of pull, and adaptation to industrial processes. Behind this seemingly simple product lies an intricate mechanism involving rotating cylinders, synchronized teeth, and cleverly arranged anvils—a testament to the art of engineering. This meticulous process underscores the delicate balance between form and function, highlighting the significant role of engineering in enhancing even the simplest products. 'These Lakes Will Power America for Free': Unbelievable Transformation Turns Water into Colossal Energy Giants Fueling Homes Across the U.S. Paper, Culture, and Hygiene The evolution of toilet paper is not just a story of technological advancement but also a reflection of cultural shifts. While paper has been around for centuries, its use as toilet paper only became widespread in the late 19th century. Prior to this, people used various materials, including leaves, cloths, and even old newspapers, to fulfill this basic need. Joseph Gayetty's introduction of 'medicated' paper in 1857 marked the beginning of modern toilet paper, although it faced initial skepticism. The true turning point came in 1890 with the advent of perforated rolls, which brought convenience and hygiene to the forefront of daily routines. The ongoing quest for balance between functionality, hygiene, and sensory experience has elevated toilet paper to a level of applied design, reflecting broader cultural attitudes toward hygiene and comfort. 'Terrifying Tech Leap' as Live Cockroaches Are Turned Into Remote-Controlled Robot Swarms for Future Spy Missions Funded by Millions in Defense Cash Subtle Innovation In the eyes of experts like Barry Kudrowitz, Charmin's wavy edge represents 'incremental innovation'—small refinements that optimize product use without altering its essence. Unlike more disruptive solutions, such as the bidet, the wavy toilet paper integrates seamlessly into existing habits, drawing strength from its familiarity. This change requires no relearning but offers tangible benefits, making it a remarkably effective advancement. In a market saturated with competing brands, convincing consumers that a brand is slightly better, softer, or smarter is a significant achievement. Charmin's new wavy edge symbolizes the modern obsession with technical perfection in everyday life, emphasizing the importance of refining the ordinary and reminding us that even the most banal gesture can result from years of engineering and design. The story of Charmin's wavy edge exemplifies the modern pursuit of technical perfection in our daily lives. It's about elevating everyday objects to receive scientific, commercial, and cultural attention. This art of revealing complexity in simplicity applies high-precision technology to an object destined to disappear as soon as it's used. As we marvel at these silent advancements, we are left to ponder: what other overlooked aspects of our lives might be waiting for their own quiet revolutions? This article is based on verified sources and supported by editorial technologies. Did you like it? 4.5/5 (28)
