JERA Nex BP halts development of US Beacon wind project as business case crumbles

JERA Nex BP, a joint venture between Japan's top power generator JERA and BP, plans to halt development of the US Beacon offshore wind power project and lay off its US employees in the coming months, the company said in a statement.

The decision marks the latest setback for the controversial, subsidy-driven US offshore wind industry, which has been hit by soaring costs from supply chain disruption, inflation and the impact of US President Donald Trump's popular actions against such projects.