October 8, 2020 — Utilities and oil majors from Europe are slicing up the Eastern Seaboard when it comes to the burgeoning U.S. offshore wind industry, with fewer domestic-owned developers so far putting money into a sector that is expected to balloon over the coming decade.
BP PLC became the latest company to enter the fray in September, when it bought into two offshore wind developments owned by Norway’s Equinor ASA, the Beacon Wind and Empire Wind projects, which between them have development potential of 4,400 MW, including an 816-MW state contract already awarded for Empire Wind. The joint venture between the two oil and gas firms follows a host of deals and leasing rounds that have seen the major players of Europe’s own offshore boom take the lead in the sector’s next big market.
Denmark’s Ørsted A/S, Spain’s Iberdrola SA and the BP-Equinor joint venture now own just over 11,600 MW of planned projects along the coast, while Dominion Energy Inc. and Eversource Energy — the next two top owners — are sitting on a combined 4,500 MW of projects, according to an S&P Global Market Intelligence analysis.