Equinor Reassesses U.S. Offshore Wind Strategy Following Empire Wind Setbacks

According to a recent report by Bloomberg, Equinor ASA is optimistic about its $5 billion offshore wind initiative near new York, which faced interruptions during the Trump management but is now back on track. However, the company has indicated that it may be hesitant to invest further in U.S. offshore wind projects moving forward.

Chief Financial Officer Torgrim Reitan expressed confidence in the Empire Wind project’s progress during an interview,stating that they believe it will continue without further disruptions. Yet he acknowledged a cautious approach towards future investments in similar ventures due to increased uncertainty.

In April, Interior Secretary doug Burgum paused work on the empire Wind farm, claiming it had been expedited under Biden’s leadership.This decision was reversed just a month later—an unexpected turn for a significant project already underway and indicative of the volatile investment climate during Trump’s presidency.

Reitan noted that this situation adds another layer of unpredictability for potential investors: “The developments surrounding Empire Wind create more hesitation regarding future funding,” he remarked. He suggested that companies might now seek higher returns when considering investments in U.S. projects due to this newfound uncertainty.

During this period of indecision following the government’s halt order,Equinor faced mounting costs while engaging with White House officials about their concerns over project viability. “We were incurring $50 million weekly into something uncertain,” Reitan explained. “We were prepared to halt operations if necessary and made it clear we could only wait so long before making drastic decisions.”

A resolution emerged on May 19 when an agreement was reached between Trump’s administration and New York Governor Kathy Hochul allowing Empire Wind to move forward while also permitting new gas pipelines within the state.

This ambitious 810-megawatt wind farm aims to power around 500,000 homes and is expected to commence commercial operations by 2027. Equinor plans to provide insights into how these delays have affected their strategy when they release their second-quarter results on July 23.

© 2025 Bloomberg L.P.
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