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The Advertiser
5 hours ago
- Business
- The Advertiser
Offshore wind partners given more time to consider involvement in Hunter project
Novocastrian Wind Pty Ltd has been given more time to weigh up its involvement in the Hunter's offshore wind project due to uncertainty that is rocking the global industry. Project partners, Australian company Oceanex and Norwegian energy giant Equinor, were offered a feasibility licence for their two GW project in late February. The government initially gave the partners 90 days to consider the offer, given that the offer was made just prior to the federal election campaign. The timeframe expired last week. The government has since agreed to allow another 90 days for the partners to develop their commercial arrangements, given the challenges facing the industry. While Oceanex is keen to move ahead, Equinor's recent public statements have raised questions about its commitment to the project. If they are unable to resolve their issues, the government could be forced to call for fresh licence applications for the zone, which it declared in 2023. Oceanex founder and chief executive Andy Evans told the Newcastle Herald that the company remained committed to making the Novocastrian Wind project a reality. "We love the region and the people, and we know it's the perfect place to start a floating offshore wind industry in Australia," he said. In previous statements, Equinor has said that it was assessing the government's offer as part of the prescribed legislative framework. On Tuesday, a spokeswoman said the company continued to believe Newcastle had strong characteristics for an offshore wind industry, including a legacy of heavy industry and innovation, supply chain capabilities, infrastructure and wind resources offshore. "We will continue to assess the feasibility licence, and if accepted, the initial focus will be on community and stakeholder engagement, supply chain development, as well as environmental studies and baseline surveys," the spokeswoman said. "This phase is expected to take up to seven years, and consultation with stakeholders is a key component of environmental approvals under legislative and regulatory requirements." The Herald understands Equinor will also have to make significant milestone payments to its commercial partner if it signs off on the licence. Equinor, formerly known as Statoil, changed its name in 2018 as part of a rebrand away from oil and gas to broader energy generation. Throughout 2024, it announced a retreat from offshore wind, closing its office in Vietnam and cancelling all offshore wind projects in Portugal and Spain. It also reduced the number of employees in its renewable energy division by 20 per cent, roughly a cut of 250 jobs globally. In February 2025, as part of its Q4 and 2024 annual results, Equinor announced it would halve its renewables investment from US$ 10 billion to US$5 billion. It has also lowered its capacity for renewables from 12 - 16 GW to between 10 -12 GW. The company recently recommenced construction of its 810-megawatt Empire Wind 1 project off downstate New York after the Trump administration claimed there were "serious issues with respect to the project approvals". Aside from offshore wind, the company has been lifting its investments in offshore oil, including plans to invest US$6.7 billion each year through to 2035 in Norway's offshore oil sector. Overall, it is increasing oil and gas production, aiming for a 10 per cent growth from 2024 to 2027. In April 2025, institutional investors, including a Danish and Swedish pension fund, as well as Australia's Centre for Corporate Responsibility, expressed their concerns at the incompatibility of the plans with Equinor's stated commitment to net zero. Despite a high-profile campaign against the Hunter Offshore Wind Project in the lead-up to last month's federal election, Labor increased its majority in the seat of Paterson. Minister for Climate Change and Energy Chris Bowen said on Tuesday that the offshore wind had huge economic and employment potential for the Hunter and Australia. "When you're starting a new industry, you'll always have challenges to overcome, but the future remains potentially very strong for offshore wind and all the jobs that it involves," he said. Mr Bowen was in Western Australia's Bunbury offshore wind zone on Tuesday to offer a feasibility licence to Bunbury Offshore Wind Farm Pty Ltd to operate in the northern part of the zone. The project has the potential to deliver 1.5 gigawatts of reliable renewable electricity, enough to power about one million homes, and could employ 900 workers during construction with 450 ongoing jobs. The Minister has shortlisted two projects: one from Westward Wind Pty Ltd and an additional project from Bunbury Offshore Wind Pty Ltd for a preliminary feasibility licence in the southern area of the zone. The two applicants will now seek to resolve the overlap between them. Novocastrian Wind Pty Ltd has been given more time to weigh up its involvement in the Hunter's offshore wind project due to uncertainty that is rocking the global industry. Project partners, Australian company Oceanex and Norwegian energy giant Equinor, were offered a feasibility licence for their two GW project in late February. The government initially gave the partners 90 days to consider the offer, given that the offer was made just prior to the federal election campaign. The timeframe expired last week. The government has since agreed to allow another 90 days for the partners to develop their commercial arrangements, given the challenges facing the industry. While Oceanex is keen to move ahead, Equinor's recent public statements have raised questions about its commitment to the project. If they are unable to resolve their issues, the government could be forced to call for fresh licence applications for the zone, which it declared in 2023. Oceanex founder and chief executive Andy Evans told the Newcastle Herald that the company remained committed to making the Novocastrian Wind project a reality. "We love the region and the people, and we know it's the perfect place to start a floating offshore wind industry in Australia," he said. In previous statements, Equinor has said that it was assessing the government's offer as part of the prescribed legislative framework. On Tuesday, a spokeswoman said the company continued to believe Newcastle had strong characteristics for an offshore wind industry, including a legacy of heavy industry and innovation, supply chain capabilities, infrastructure and wind resources offshore. "We will continue to assess the feasibility licence, and if accepted, the initial focus will be on community and stakeholder engagement, supply chain development, as well as environmental studies and baseline surveys," the spokeswoman said. "This phase is expected to take up to seven years, and consultation with stakeholders is a key component of environmental approvals under legislative and regulatory requirements." The Herald understands Equinor will also have to make significant milestone payments to its commercial partner if it signs off on the licence. Equinor, formerly known as Statoil, changed its name in 2018 as part of a rebrand away from oil and gas to broader energy generation. Throughout 2024, it announced a retreat from offshore wind, closing its office in Vietnam and cancelling all offshore wind projects in Portugal and Spain. It also reduced the number of employees in its renewable energy division by 20 per cent, roughly a cut of 250 jobs globally. In February 2025, as part of its Q4 and 2024 annual results, Equinor announced it would halve its renewables investment from US$ 10 billion to US$5 billion. It has also lowered its capacity for renewables from 12 - 16 GW to between 10 -12 GW. The company recently recommenced construction of its 810-megawatt Empire Wind 1 project off downstate New York after the Trump administration claimed there were "serious issues with respect to the project approvals". Aside from offshore wind, the company has been lifting its investments in offshore oil, including plans to invest US$6.7 billion each year through to 2035 in Norway's offshore oil sector. Overall, it is increasing oil and gas production, aiming for a 10 per cent growth from 2024 to 2027. In April 2025, institutional investors, including a Danish and Swedish pension fund, as well as Australia's Centre for Corporate Responsibility, expressed their concerns at the incompatibility of the plans with Equinor's stated commitment to net zero. Despite a high-profile campaign against the Hunter Offshore Wind Project in the lead-up to last month's federal election, Labor increased its majority in the seat of Paterson. Minister for Climate Change and Energy Chris Bowen said on Tuesday that the offshore wind had huge economic and employment potential for the Hunter and Australia. "When you're starting a new industry, you'll always have challenges to overcome, but the future remains potentially very strong for offshore wind and all the jobs that it involves," he said. Mr Bowen was in Western Australia's Bunbury offshore wind zone on Tuesday to offer a feasibility licence to Bunbury Offshore Wind Farm Pty Ltd to operate in the northern part of the zone. The project has the potential to deliver 1.5 gigawatts of reliable renewable electricity, enough to power about one million homes, and could employ 900 workers during construction with 450 ongoing jobs. The Minister has shortlisted two projects: one from Westward Wind Pty Ltd and an additional project from Bunbury Offshore Wind Pty Ltd for a preliminary feasibility licence in the southern area of the zone. The two applicants will now seek to resolve the overlap between them. Novocastrian Wind Pty Ltd has been given more time to weigh up its involvement in the Hunter's offshore wind project due to uncertainty that is rocking the global industry. Project partners, Australian company Oceanex and Norwegian energy giant Equinor, were offered a feasibility licence for their two GW project in late February. The government initially gave the partners 90 days to consider the offer, given that the offer was made just prior to the federal election campaign. The timeframe expired last week. The government has since agreed to allow another 90 days for the partners to develop their commercial arrangements, given the challenges facing the industry. While Oceanex is keen to move ahead, Equinor's recent public statements have raised questions about its commitment to the project. If they are unable to resolve their issues, the government could be forced to call for fresh licence applications for the zone, which it declared in 2023. Oceanex founder and chief executive Andy Evans told the Newcastle Herald that the company remained committed to making the Novocastrian Wind project a reality. "We love the region and the people, and we know it's the perfect place to start a floating offshore wind industry in Australia," he said. In previous statements, Equinor has said that it was assessing the government's offer as part of the prescribed legislative framework. On Tuesday, a spokeswoman said the company continued to believe Newcastle had strong characteristics for an offshore wind industry, including a legacy of heavy industry and innovation, supply chain capabilities, infrastructure and wind resources offshore. "We will continue to assess the feasibility licence, and if accepted, the initial focus will be on community and stakeholder engagement, supply chain development, as well as environmental studies and baseline surveys," the spokeswoman said. "This phase is expected to take up to seven years, and consultation with stakeholders is a key component of environmental approvals under legislative and regulatory requirements." The Herald understands Equinor will also have to make significant milestone payments to its commercial partner if it signs off on the licence. Equinor, formerly known as Statoil, changed its name in 2018 as part of a rebrand away from oil and gas to broader energy generation. Throughout 2024, it announced a retreat from offshore wind, closing its office in Vietnam and cancelling all offshore wind projects in Portugal and Spain. It also reduced the number of employees in its renewable energy division by 20 per cent, roughly a cut of 250 jobs globally. In February 2025, as part of its Q4 and 2024 annual results, Equinor announced it would halve its renewables investment from US$ 10 billion to US$5 billion. It has also lowered its capacity for renewables from 12 - 16 GW to between 10 -12 GW. The company recently recommenced construction of its 810-megawatt Empire Wind 1 project off downstate New York after the Trump administration claimed there were "serious issues with respect to the project approvals". Aside from offshore wind, the company has been lifting its investments in offshore oil, including plans to invest US$6.7 billion each year through to 2035 in Norway's offshore oil sector. Overall, it is increasing oil and gas production, aiming for a 10 per cent growth from 2024 to 2027. In April 2025, institutional investors, including a Danish and Swedish pension fund, as well as Australia's Centre for Corporate Responsibility, expressed their concerns at the incompatibility of the plans with Equinor's stated commitment to net zero. Despite a high-profile campaign against the Hunter Offshore Wind Project in the lead-up to last month's federal election, Labor increased its majority in the seat of Paterson. Minister for Climate Change and Energy Chris Bowen said on Tuesday that the offshore wind had huge economic and employment potential for the Hunter and Australia. "When you're starting a new industry, you'll always have challenges to overcome, but the future remains potentially very strong for offshore wind and all the jobs that it involves," he said. Mr Bowen was in Western Australia's Bunbury offshore wind zone on Tuesday to offer a feasibility licence to Bunbury Offshore Wind Farm Pty Ltd to operate in the northern part of the zone. The project has the potential to deliver 1.5 gigawatts of reliable renewable electricity, enough to power about one million homes, and could employ 900 workers during construction with 450 ongoing jobs. The Minister has shortlisted two projects: one from Westward Wind Pty Ltd and an additional project from Bunbury Offshore Wind Pty Ltd for a preliminary feasibility licence in the southern area of the zone. The two applicants will now seek to resolve the overlap between them. Novocastrian Wind Pty Ltd has been given more time to weigh up its involvement in the Hunter's offshore wind project due to uncertainty that is rocking the global industry. Project partners, Australian company Oceanex and Norwegian energy giant Equinor, were offered a feasibility licence for their two GW project in late February. The government initially gave the partners 90 days to consider the offer, given that the offer was made just prior to the federal election campaign. The timeframe expired last week. The government has since agreed to allow another 90 days for the partners to develop their commercial arrangements, given the challenges facing the industry. While Oceanex is keen to move ahead, Equinor's recent public statements have raised questions about its commitment to the project. If they are unable to resolve their issues, the government could be forced to call for fresh licence applications for the zone, which it declared in 2023. Oceanex founder and chief executive Andy Evans told the Newcastle Herald that the company remained committed to making the Novocastrian Wind project a reality. "We love the region and the people, and we know it's the perfect place to start a floating offshore wind industry in Australia," he said. In previous statements, Equinor has said that it was assessing the government's offer as part of the prescribed legislative framework. On Tuesday, a spokeswoman said the company continued to believe Newcastle had strong characteristics for an offshore wind industry, including a legacy of heavy industry and innovation, supply chain capabilities, infrastructure and wind resources offshore. "We will continue to assess the feasibility licence, and if accepted, the initial focus will be on community and stakeholder engagement, supply chain development, as well as environmental studies and baseline surveys," the spokeswoman said. "This phase is expected to take up to seven years, and consultation with stakeholders is a key component of environmental approvals under legislative and regulatory requirements." The Herald understands Equinor will also have to make significant milestone payments to its commercial partner if it signs off on the licence. Equinor, formerly known as Statoil, changed its name in 2018 as part of a rebrand away from oil and gas to broader energy generation. Throughout 2024, it announced a retreat from offshore wind, closing its office in Vietnam and cancelling all offshore wind projects in Portugal and Spain. It also reduced the number of employees in its renewable energy division by 20 per cent, roughly a cut of 250 jobs globally. In February 2025, as part of its Q4 and 2024 annual results, Equinor announced it would halve its renewables investment from US$ 10 billion to US$5 billion. It has also lowered its capacity for renewables from 12 - 16 GW to between 10 -12 GW. The company recently recommenced construction of its 810-megawatt Empire Wind 1 project off downstate New York after the Trump administration claimed there were "serious issues with respect to the project approvals". Aside from offshore wind, the company has been lifting its investments in offshore oil, including plans to invest US$6.7 billion each year through to 2035 in Norway's offshore oil sector. Overall, it is increasing oil and gas production, aiming for a 10 per cent growth from 2024 to 2027. In April 2025, institutional investors, including a Danish and Swedish pension fund, as well as Australia's Centre for Corporate Responsibility, expressed their concerns at the incompatibility of the plans with Equinor's stated commitment to net zero. Despite a high-profile campaign against the Hunter Offshore Wind Project in the lead-up to last month's federal election, Labor increased its majority in the seat of Paterson. Minister for Climate Change and Energy Chris Bowen said on Tuesday that the offshore wind had huge economic and employment potential for the Hunter and Australia. "When you're starting a new industry, you'll always have challenges to overcome, but the future remains potentially very strong for offshore wind and all the jobs that it involves," he said. Mr Bowen was in Western Australia's Bunbury offshore wind zone on Tuesday to offer a feasibility licence to Bunbury Offshore Wind Farm Pty Ltd to operate in the northern part of the zone. The project has the potential to deliver 1.5 gigawatts of reliable renewable electricity, enough to power about one million homes, and could employ 900 workers during construction with 450 ongoing jobs. The Minister has shortlisted two projects: one from Westward Wind Pty Ltd and an additional project from Bunbury Offshore Wind Pty Ltd for a preliminary feasibility licence in the southern area of the zone. The two applicants will now seek to resolve the overlap between them.
E&E News
7 days ago
- Business
- E&E News
White House claims Hochul ‘caved' on gas pipelines to save Empire Wind
President Donald Trump and New York Gov. Kathy Hochul disagree on what was in their agreement to resume construction on Empire Wind 1. The Trump administration was silent for nearly a week on why it decided to suddenly lift its stop work order for the $5 billion project. But on Friday, the White House fired off a statement to POLITICO's E&E News claiming that the Democratic governor 'caved' to Trump and agreed to allow 'two natural gas pipelines to advance' through New York. Hochul, however, says there was no deal — and she will approve the pipelines if they meet federal and state requirements. Her staff said she persuaded Trump by simply presenting the facts on why the 54-turbine offshore wind project is important. Advertisement 'No deal on any natural gas pipeline was reached,' Hochul spokesperson Paul DeMichele said Friday morning. Hochul's office did not respond to inquiries after the White House statement was released later on Friday.
E&E News
22-05-2025
- Business
- E&E News
How former NATO chief helped save Empire Wind
As far as calling in the lobbying cavalry, it's hard to do better than the former secretary-general of NATO. And that's exactly who Equinor called to help save its New York offshore wind project, which was on the brink of cancellation after being hit with a stop-work order by the Trump administration. Jens Stoltenberg, the former secretary-general of NATO and current Norwegian finance minister, told reporters in Norway this week that he spoke to Treasury Secretary Scott Bessent and Interior Secretary Doug Burgum about lifting the stop-work order on Empire Wind 1, the $5 billion project under construction south of Long Island that Burgum halted in April. Advertisement In a post on X after the order was lifted Monday, Stoltenberg thanked the pair 'for our great cooperation in reaching an energy deal that allows Equinor to resume construction of Empire Wind 1. This will benefit both our countries & deliver energy to thousands of US households.'
Yahoo
21-05-2025
- Business
- Yahoo
Trump Just Revived a $5 Billion Wind Farm -- And Might Bring Gas Pipelines Back Too
After private discussions between Donald Trump and New York Governor Kathy Hochul, the $5 billion Empire Wind 1 project from Equinor (NYSE:EQNR) is back on track. The Trump administration lifted a stop-work order after Hochul signaled openness to long-contested gas pipeline infrastructure a quiet but significant U-turn that could reshape New York's energy future. Hochul praised the move as a step toward reliability and affordability, while Trump allies pointed to potential economic relief from lower heating and power costs. This unexpected detente breathes life into more than just wind. Analysts believe shelved gas projects like the Constitution Pipeline could get a second chance, especially if state regulators ease their grip on water-quality objections. In return, the offshore wind sector, which has faced delays, inflation pressures, and federal roadblocks, may now find a clearer though still cautious path forward. ClearView Energy noted the deal might mark the beginning of transactional wind-for-pipeline negotiations, particularly for projects already shovel-ready. For Equinor, the timing was brutal. Eleven ships were on standby and 1,500 union jobs were hanging in the balance. CEO Anders Opedal met with the White House earlier this month and got word late Monday that work could resume. While the industry isn't calling this a full policy pivot just yet, the fact that a staunch wind critic like Trump gave the green light after a trade involving fossil fuel infrastructure signals a new kind of energy pragmatism. This deal may be less about ideology, and more about jobs, leverage, and what it takes to keep the lights on. This article first appeared on GuruFocus.
Miami Herald
21-05-2025
- Business
- Miami Herald
Trump administration allows N.Y. offshore wind energy project to proceed
May 20 (UPI) -- The Trump administration has lifted a stop-work order on New York's offshore wind energy project and will allow construction to resume. New York Gov. Kathy Hochul announced Monday evening that Interior Secretary Doug Burgum and President Donald Trump had agreed to lift the order after making progress on a natural gas compromise with the state. "Americans who live in New York and New England would see significant economic benefits and lower utility costs from increased access to reliable, affordable, clean American natural gas," Burgum wrote in a post on X. The offshore and wind energy project Empire Wind 1, off Long Island, is the first offshore wind project that would deliver electricity directly to New York City. It was approved by the Biden administration and stopped last month by Trump. Throughout his campaign, Trump made his opposition to wind power clear as he pushed offshore fossil fuel production instead. In January, Trump signed an executive order that bans new leases for offshore wind in U.S. waters. Equinor, the parent company of Empire Offshore Wind LLC, suspended offshore construction last month in compliance with the Interior Department order. According to Burgum, the Empire Wind 1 project was tabled "until further review of information that suggests the Biden administration rushed through its approval without sufficient analysis." Hochul pushed back last month, saying, "Empire Wind 1 is already employing hundreds of New Yorkers, including 1,000 good-paying union jobs as part of a growing sector that has already spurred significant economic development and private investment throughout the state and beyond." On Tuesday, Equinor expressed gratitude for the administration's agreement with New York. "We appreciate the fact that construction can now resume on Empire Wind, a project which underscores our commitment to deliver energy while supporting local economies and creating jobs," said Anders Opedal, president and chief executive officer of Equinor. Equinor's work began last year with the goal of gearing up commercial operations in 2027. The Empire Wind 1 project is 30% complete. It will include 54 turbines, up to 910-feet tall, that will generate 810 megawatts of electricity for half a million homes. "I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the United States," Opedal added. "I am grateful to Gov. Hochul for her constructive collaboration with the Trump administration, without which we would not have been able to advance this project and secure energy for 500,000 homes in New York." Copyright 2025 UPI News Corporation. All Rights Reserved.
