Developers Cancel Huge Offshore Wind Contract In Latest Blow To Biden’s Climate Agenda

The two firms behind a major offshore wind project decided to cancel a contract to supply power from the development on Wednesday, dealing a major blow to President Joe Biden’s massive green energy agenda.

Equinor and British Petroleum (BP), the firms working in a joint venture to construct the enormous Empire Wind 2 offshore wind farm, canceled a contract with New York state to sell power generated by the project, citing inflationary pressures, high interest rates and supply chain problems, Equinor announced. The cancellation stands as the latest sign of trouble for the offshore wind industry, which the Biden administration is counting on to produce enough energy to power 10 million American homes for one year by 2030.