With the global macroeconomic conditions putting the offshore wind industry under pressure, several developers announced they were pausing, cancelling , and/or rethinking their projects.
BP and Equinor were among those who requested to renegotiate their power purchase agreements (PPAs) for projects in the USA. In August 2023, the partners said they did not plan on developing their joint projects off New York unless they met the ”return thresholds of 6% to 8%”.
