Equinor Navigates Regulatory Waters: Impact of U.S. Order on Empire Wind 1

Equinor is adhering to a U.S. stop work order affecting its Empire Wind 1 offshore project over national security concerns. This suspension could significantly impact the project's progress. Empire Wind 1, with a capacity of 810 MW, aims to power 500,000 homes and is over 60% complete.

Equinor, a major player in the energy sector, is facing compliance challenges with a U.S. stop work order for its Empire Wind 1 project. The order, linked to national security issues, has temporarily halted activities on the ambitious offshore wind project.

According to Equinor, the project could experience substantial setbacks unless a swift resolution is found. As of now, Empire Wind 1 boasts a capacity of 810 megawatts, capable of powering 500,000 homes, and is more than halfway complete. The company remains engaged in discussions with U.S. authorities to address the cessation notice.

The order is the second of its kind for Equinor's project, following an earlier $763 million impairment. With a significant financial investment at stake and a gross book value of approximately $3.1 billion, the company is striving for resolution to continue development at the South Brooklyn Marine Terminal.

(With inputs from agencies.)