The Trump administration has lifted a month-old stop-work order on Empire Wind, a $5 billion wind farm project off the coast of New York, in a compromise with the state that could also see cancelled plans for a gas pipeline revived, officials said on Tuesday.
Norway’s Equinor (EQNR.OL), opens new tab said construction work can now resume on the project, which is expected to provide power for half a million homes from 2027 onwards.
Shares in Equinor, which is mostly reliant on oil and gas, were up by 1.5% by 1016 GMT.
Denmark’s Orsted (ORSTED.CO), opens new tab, the world’s largest offshore wind farm developer, which is constructing two plants off the coast of the United States, saw its shares jump by 15%.
U.S. Interior Secretary Doug Burgum, who had issued the stop order on Empire Wind on April 16, said he was encouraged that New York Governor Kathy Hochul will now allow new gas pipeline capacity to move forward.
The deal could revive plans to build the proposed Constitution natural gas pipeline from Pennsylvania to New York, which was cancelled in 2020 after years of regulatory and legal battles over environmental and other concerns.
This should be a stupid question with an obvious answer, but my faith in common sense has gone away:
Have they taken into account sea level rise when building that support terminal?