Norwegian power large Equinor stated Wednesday the US choice to halt its New York offshore wind farm mission was illegal and warned that it was nonetheless weighing its authorized choices.
In mid-April, the US authorities ordered a halt to Equinor’s building of the massive wind farm, dealing one other blow to an trade President Donald Trump opposes.
Valued by Equinor at $2.5 billion, the Empire Wind 1 mission consists of 54 generators designed to ship 810 megawatts of power into Brooklyn, powering 500,000 properties.
“Now we have invested in Empire Wind after acquiring all crucial approvals, and the order to halt work now could be unprecedented and in our view illegal,” Equinor chief government Anders Opedal stated in a quarterly earnings assertion on Wednesday.
“We search to have interaction immediately with the US Administration to make clear the matter and are contemplating our authorized choices,” he stated.
The US authorities has argued that former president Joe Biden’s administration “rushed by means of” approval of the mission “with out ample evaluation”.
Opedal made the assertion as Equinor reported that its web revenue reached 2.63 billion kroner ($254 million) within the first quarter, down two p.c from the identical interval a 12 months in the past.
Its adjusted working revenue climbed by 15 p.c to eight.65 billion kroner, beating analysts’ consensus forecast of 8.51 billion kroner.
“I’m happy to see the great operational efficiency and stable manufacturing capturing increased fuel costs,” Opedal stated in an announcement.
“With the present market uncertainties, Equinor’s core goal is secure, secure and value environment friendly operations and resilience by means of a robust steadiness sheet,” he stated.
This story was initially featured on Fortune.com
