JERA Co Inc and BP PLC’s offshore wind joint venture has indefinitely shelved the proposed Beacon Wind project in the United States.
“JERA Nex bp has taken the difficult decision to reduce our activities in the U.S. to a minimal level and will close our operating activities in the market”, JERA Nex bp said in a statement on its website.
“Unfortunately, as a result of this, all team members will leave the company in the coming months.
“The U.S. is a market with significant long-term potential for offshore wind, which we still believe can play a key role in the country’s energy transition. Unfortunately, in the present environment we see no viable path to the development of our Beacon wind project and have concluded that we cannot continue our investment in the market.
“For now, we will continue to maintain the Beacon lease and wait for a more favorable moment to resume project development”.
Beacon Wind has a planned capacity of 2.5 gigawatts, enough to power about one million homes across the northeastern U.S., according to BP.
The proposed project has secured 128,000 acres in federal waters between Cape Cod, Massachusetts, and Long Island, New York, according to BP.
The U.S. government’s online Permitting Dashboard shows Beacon Wind’s permitting process has been paused since June.
Upon taking office for his second non-consecutive term, President Donald Trump on January 20 ordered an indefinite pause of wind leasing in the Outer Continental Shelf to allow for a review of permitting considerations, saying environmental analyses had been inadequate.
The halt means no new leases would be awarded. For existing leases, “the secretary of the interior, in consultation with the attorney general as needed, shall conduct a comprehensive review of the ecological, economic and environmental necessity of terminating or amending any existing wind energy leases”, stated the presidential memorandum, published on the Federal Register.
Beacon Wind is the only U.S. asset of JERA Nex bp, according to BP and JERA’s announcement of the joint venture December 9, 2024. JERA Nex BP combines the British and Japanese companies’ global offshore wind portfolios.
“The new company’s portfolio of operating assets and development projects has a net potential generating capacity of 13 GW”, a joint statement said August 4, 2024, announcing the launch of JERA Nex bp. “This includes around one GW of installed net generating capacity, a 7.5 GW development pipeline and an additional 4.5 GW of secured leases.
“JERA Nex bp will initially focus on disciplined and prioritized development of projects from its existing global pipeline while continuing to safely and efficiently operate existing assets in Europe and Asia”.
JERA owns and operates wind farms in Belgium, Germany, Japan and Taiwan, while its development portfolio comprises projects in Australia, Ireland and Japan, according to the December announcement.
BP was to contribute its development projects in Germany and the United Kingdom and secured leases in the UK and the U.S., according to that announcement.
The combination excluded BP’s stakes in offshore wind partnerships in South Korea.
To contact the author, email jov.onsat@rigzone.com
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