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Costs deadlock over US offshore wind projects forces Equinor to declare $300m renewables impairment

Posted on October 31, 2023

Norwegian oil and gas major Equinor has recognised $300m in impairments to its renewables business in a third quarter earnings statement that recorded a net income of $2.5bn, down from $9.4bn in the same quarter of 2022.

Equinor said its offshore wind projects on the US north-east coast had been negatively impacted by cost inflation and supply chain constraints, and the company drew attention to the decision by the New York Public Service Commission to reject petitions for offtake price increases for projects in which the company is a partner.


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