"BP and Equinor Consider Scrapping US Offshore Wind Ventures"

BP and Equinor are renegotiating the power purchase agreements (PPAs) for their joint offshore wind projects in the USA and may cancel the projects unless they meet the desired return thresholds. The projects include the Empire Wind 1 and 2 off New York, and the Beacon Wind 1 and 2 off Massachusetts, with a combined capacity of 2.4 GW. The partners have secured PPAs covering 3.3 GW of capacity. This comes after AVANGRID terminated the PPA for its Commonwealth Wind project and SouthCoast Wind is also in discussions to cancel and rebid its PPAs for its SouthCoast offshore wind project.