 |
Louisiana Light • 2 days | 73.66 | +0.86 | +1.18% | ||
|
Bonny Light • 30 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 73.57 | +0.80 | +1.10% | ||
|
Mars US • 320 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 13 mins | 2.039 | +0.028 | +1.41% |
|
Bonny Light • 30 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 30 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 73.57 | +0.80 | +1.10% |
|
Peace Sour • 2 hours | 66.88 | -0.08 | -0.12% | ||
|
Light Sour Blend • 2 hours | 66.13 | -0.08 | -0.12% | ||
|
Syncrude Sweet Premium • 2 hours | 70.88 | -0.08 | -0.11% | ||
|
Central Alberta • 2 hours | 67.88 | -0.08 | -0.12% |
|
Eagle Ford • 2 days | 67.67 | +1.10 | +1.65% | ||
|
Oklahoma Sweet • 2 days | 67.75 | +1.25 | +1.88% | ||
|
Kansas Common • 2 days | 58.02 | +1.10 | +1.93% | ||
|
Buena Vista • 3 days | 76.57 | +1.17 | +1.55% |
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Orsted Delays U.S. Offshore Wind Project
Orsted is delaying construction and start-up at a U.S. offshore wind project, which resulted in impairment losses incurred for the second quarter of the year, the world’s biggest offshore wind project developer said on Thursday.
Wind power developers warned earlier this year that last year’s challenges in the industry would continue in 2024, too.
The wind industry, especially offshore wind, has been plagued by cost increases, rising interest rates, quality issues with turbines, and delays and cancelation of projects.
In its half-year 2024 interim report, Orsted’s Group President and CEO, Mads Nipper, said today that “Despite encouraging progress on our US offshore wind project Revolution Wind, the construction of the onshore substation for the project has been delayed.”
This delay will push the commercial operation date of the project from 2025 into 2026, the executive added.
Revolution Wind is an offshore wind project planned to generate 704 megawatts (MW) of clean power - providing 304 MW to Connecticut and 400 MW to Rhode Island. The offshore project is located about 15 miles south of the Rhode Island coast, 32 miles southeast of the Connecticut coast, and 12 miles southwest of Martha’s Vineyard.
As a result of the delay, however, Orsted booked an impairment loss of $310 million (2.1 billion Danish crowns) for the second quarter. This negative charge adds to another impairment loss of $221 million (1.5 billion crowns), stemming from Orsted’s decision to cease the execution of FlagshipONE, an e-methanol project which was planned to be built in Sweden.
Referring to FlagshipONE, Orsted’s Nipper commented that “The liquid e-fuel market in Europe is developing slower than expected, and we have taken the strategic decision to de-prioritize our efforts within the market and cease the development of FlagshipONE.”
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Still, the company will continue to focus on development efforts within renewable hydrogen, which, it said, is essential for decarbonizing key industries in Europe and is closer to its core business.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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