Latest news with #EmpireWind
Straits Times
15 hours ago
- Business
- Straits Times
Trump mounts new attack against wind projects on federal land
The Trump administration is considering halting all wind development on federal lands and waters. The Trump administration is considering halting all wind development on federal lands and in federal waters as the president expands his campaign against the renewable energy source he's long criticised . Interior Secretary Doug Burgum on July 29 ordered a comprehensive review of the agency's approval process for wind projects, including right-of-way authorisations, environmental analysis and wildlife permits. The order, which Mr Burgum said aims to end preferential treatment for wind and solar, is sure to further spook renewables investors and developers already reeling from the administration's attack on clean energy. President Donald Trump, who was in Scotland on July 29 to open a second golf course at his sprawling estate in the eastern part of the country, criticised the UK's support for wind power and decried turbines as overly expensive eyesores. 'Windmills are a disgrace,' he said earlier in the day. 'They hurt everything they touch. They're ugly. They're very inefficient. It's the most expensive form of energy there is.' Mr Trump, who fought against a wind project within view of his first golf course in Aberdeen, Scotland, indefinitely halted the sale of new offshore wind leases on his first day in office and paused permitting of all wind projects on federal lands and waters. More recently, the Interior Department ordered that all solar and wind projects on federal lands required Burgum's sign-off, a move that threatens to mire their approval process in red tape. In April, Mr Burgum halted work on Equinor ASA's US$5 billion (S$6.44 billion) Empire Wind farm off the coast of New York, but then reversed the decision in May after the administration reached a deal with New York Governor Kathy Hochul to open the way for new gas pipelines to be built in the state. Mr Torgrim Reitan, Equinor's chief financial officer, said in an interview in June that further investments in US offshore wind are likely off the table. BLOOMBERG
Local Norway
7 days ago
- Business
- Local Norway
Norway energy firm Equinor takes $1 bn hit on US wind
Equinor chief executive Anders Opedal said the company's net operating income had been hit by a $955 million impairment related to its Empire Wind project "due to regulatory changes" affecting synergies in future offshore wind farms, as well as "increased exposure to 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". Advertisement 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. In early morning trading, Equinor shares fell 0.5 percent on the Oslo Stock Exchange, while the broader market was up 0.35 percent.
Yahoo
23-07-2025
- Business
- Yahoo
Equinor takes $1 bn hit from US wind farm regulations, tariffs
Norwegian energy company Equinor said on Wednesday that its giant offshore wind project in New York -- once halted by the US administration -- had lost nearly $1bn in value following regulatory changes and tariffs. Equinor chief executive Anders Opedal said the company's net operating income had been hit by a $955 million impairment related to its Empire Wind project "due to regulatory changes" affecting synergies in future offshore wind farms, as well as "increased exposure to 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. In early morning trading, Equinor shares fell 0.5 percent on the Oslo Stock Exchange, while the broader market was up 0.35 percent. phy/ef/abx/djt/rl Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
France 24
23-07-2025
- Business
- France 24
Equinor takes $1 bn hit from US wind farm regulations, tariffs
Equinor chief executive Anders Opedal said the company's net operating income had been hit by a $955 million impairment related to its Empire Wind project "due to regulatory changes" affecting synergies in future offshore wind farms, as well as "increased exposure to 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.
Int'l Business Times
23-07-2025
- Business
- Int'l Business Times
Equinor Takes $1 Bn Hit From US Wind Farm Regulations, Tariffs
Norwegian energy company Equinor said on Wednesday that its giant offshore wind project in New York -- once halted by the US administration -- had lost nearly $1bn in value following regulatory changes and tariffs. Equinor chief executive Anders Opedal said the company's net operating income had been hit by a $955 million impairment related to its Empire Wind project "due to regulatory changes" affecting synergies in future offshore wind farms, as well as "increased exposure to 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. In early morning trading, Equinor shares fell 0.5 percent on the Oslo Stock Exchange, while the broader market was up 0.35 percent.
