General – USA
The joint venture between BP and Japan’s JERA has announced it will suspend development of its only U.S. offshore wind project, Beacon Wind, citing unfavourable market conditions and escalating financial pressures across the offshore energy sector.
Describing the move as a ‘difficult decision’, the company said it would scale back all activities in the United States to a minimal level, effectively shuttering its operations and dismissing all staff associated with the project.
“Unfortunately, in the present environment, we see no viable path to the development of our Beacon Wind project and have concluded that we cannot continue our investment in the market,” the company said in a written statement. “The U.S. is a market with significant long-term potential for offshore wind, which we still believe can play a key role in the country’s energy transition.”
“We will maintain the Beacon lease and wait for a more favourable moment to resume the project’s development,” the company confirmed.
