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Credit: Empire Wind

European energy giants Equinor and BP have terminated their contract to sell energy to the state of New York from their offshore wind power project. In 2022, New York awarded Equinor and bp contracts in 2022 to develop the 1.2GW Empire Wind complex with 147 turbines to be spread across 80,000 acres of the sea. However, a combination of higher costs, tax credits and interest rates have prevented the project being realised, thwarting Joe Biden’s ambitious vision for clean energy technology.   

Northvolt received EU approval for a €902m German state aid package to build an electric vehicle battery production plant with an annual capacity of 60 gigawatt-hours in Heide, Germany. Northvolt had considered establishing the plant in the US, which offered more generous subsidies through the Inflation Reduction Act. However, the company agreed to build the plant in Germany after Berlin pledged to match the offer. 

Between €1.2bn and €2bn will be dedicated to dam rehabilitation and the modernisation of older hydropower stations, which will enhance resilience against extreme weather, flood damage and potential security threats. The funding is projected to increase Norwegian hydroelectric power capacity between 1.5GW and 2.5GW, representing more than 20% of installed capacity. 

Iberdrola and the Norwegian sovereign wealth fund managed by Norges Bank Investment Management plan to invest €2bn in renewable energy on the Iberian Peninsula. The investment will result in the addition of 1.3GW of renewable energy capacity over the three years to 2026. Iberdrola will retain a majority stake of 51% in the assets. Their entire 674MW capacity is now valued at €627m.