Great Lakes Dredge & Dock Says Offshore-Wind Contract Was Terminated
January 04 2024 - 3:57PM
Dow Jones News
By Will Feuer
Great Lakes Dredge & Dock said its rock-installation
contract at an offshore wind project was terminated, the latest
sign of challenges in the burgeoning alternative-energy space.
Great Lakes was contracted in 2022 to do rock-installation work
for the Empire Wind I and II projects with installation windows in
2025 and 2026, respectively.
The termination of the Empire Wind II project initiates a
termination fee payable to Great Lakes and its partner, Van Oord,
that is intended to cover lost earnings potential. Empire Wind I is
still on track, the company said.
"New York remains committed to meeting the State's clean energy
goals and they have taken steps forward with the accelerated
solicitations for new PPAs to allow developers to adjust prices for
inflation and develop more robust projects going forward," said
Eleni Beyko, senior vice president of offshore wind at Great
Lakes.
Equinor and BP, the developers behind the Empire Wind II,
scrapped their contract with the state of New York, saying that
inflation, interest rates and supply-chain disruptions made the
agreement not viable.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 04, 2024 16:42 ET (21:42 GMT)
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