Hochul to fight Burgum shut down of Empire Wind \u201cevery step of the way\u201d
\n \t
\n
<\/BR>
\n
\n \t
\n
<\/BR><\/p>\n
In an announcement on a social media post,<\/a> Secretary of the Interior Doug Burgum said yesterday that he had ordered BOEM to immediately halt all construction activities on the Empire Wind Project <\/a>\u201cuntil further review of information that suggests the Biden administration rushed through its approval without sufficient analysis.\u201d <\/p>\n \u201cAs Governor, I will not allow this federal overreach to stand,\u201d said New York State Gov. Kathy Hochul . \u2018\u2019I will fight this every step of the way to protect union jobs, affordable energy and New York\u2019s economic future.\u201d<\/p>\n \u201cEvery single day, I\u2019m working to make energy more affoHrdable, reliable and abundant in New York and the federal government should be supporting those efforts rather than undermining them,\u201d said Gov. Hochul. \u201cEmpire Wind 1 is already employing hundreds of New Yorkers, including 1,000 good-paying union jobs as part of a growing sector that has already spurred significant economic development and private investment throughout the state and beyond.<\/p>\n \u201cThis fully federally permitted project has already put shovels in the ground before the President\u2019s executive orders\u2014it\u2019s exactly the type of bipartisan energy solution we should be working on.\u201d<\/p>\n \u201cStopping work on the fully federally permitted Empire Wind 1 offshore wind project should send chills across all industries investing in and holding contracts with the United States Government,\u201d said Liz Burdock, president and CEO of the Oceantic Network. \u201cPreventing a permitted and financed energy project from moving forward sends a loud and clear message to all businesses \u2013 beyond those in the offshore wind industry \u2013 that their investment in the U.S. is not safe. We urge the Department of Interior to lift this order immediately to restore a predictable and equitable environment for the buildout of critical energy resources that help secure our energy future and independence.\u201d<\/p>\n Equinor subsidiary Empire Offshore Wind LLC, meantime, is considering its legal remedies.<\/p>\n Here\u2019s the full text of a statement released today by Equinor:<\/p>\n \u201cIn accordance with a halt work order issued by the U.S. government, Empire Offshore Wind LLC (Empire) will safely halt the offshore construction in waters of the outer continental shelf for the Empire Wind project.<\/p>\n On April 16, Empire received notice from the Bureau of Ocean Energy Management (BOEM), ordering Empire to halt all activities on the outer continental shelf until BOEM has completed its review.<\/p>\n Empire is engaging with relevant authorities to clarify this matter and is considering its legal remedies, including appealing the order.<\/p>\n The federal lease for Empire Wind was signed with the U.S. Administration in 2017. Empire Wind 1 has validly secured all necessary federal and state permits and is currently under construction. The project is being developed under contract with New York State Energy Research and Development Authority (NYSERDA) to provide an important new source of electricity for the State of New York. The construction phase has put more than 1,500 people to work in the U.S. Empire wind 1 has the potential to power 500,000 New York homes.<\/p>\n Empire is complying with the order affecting project activities for Empire Wind. Upon receipt of the order, immediate steps were taken by Empire and its contractors to initiate suspension of relevant marine activities, ensuring the safety of workers and the environment.<\/p>\n Empire Wind has per 31 March 2025 a gross book value of around USD 2.5 billion, including South Brooklyn Marine Terminal.<\/p>\n Equinor\u2019s ownership to Empire is held through the Equinor Wind US LLC.<\/p>\n Total amount drawn under the project finance term loan facility per March 31, 2025 was around $1.5 billion. Empire is in the process of ascertaining the impact on the project and project financing. Equinor US Holdings Inc has provided guarantees for the equity commitment in the project financing. In a full stop scenario, the USD 1.5 billion will be repaid from the equity commitment to the project finance lenders and Empire Offshore Wind LLC will be exposed to termination fees towards its suppliers.<\/p>\n The halt work order will be disclosed as a subsequent event in the first quarter 2025 report.<\/p>\n<\/blockquote>\n<\/blockquote>\n The post Hochul to fight Burgum shut down of Empire Wind \u201cevery step of the way\u201d<\/a> appeared first on Marine Log<\/a>.<\/p>\n<\/div>\nCHILLING MESSAGE FOR INVESTORS IN U.S.<\/h4>\n
EMPIRE \u201cCONSIDERS ITS LEGAL REMEDIES\u201d<\/h4>\n
\n
\n