BP reports $540m write-down on US trio

Richard Heap

November 1, 2023

Oil giant BP has reported a $540m write-down after New York regulators rejected its pleas to renegotiate power deals at a 3.3GW trio of US offshore wind projects.

BP is developing the Empire Wind 1 & 2 and Beacon Wind 1 projects off the US east coast with fellow oil giant Equinor. The partners said they needed to change the power purchase agreements at the projects due to inflation and permitting delays, but the New York Public Services Commission rejected that call last month.

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