Officials behind a proposed wind farm almost 30 miles off the coast of the vineyard are responsible for the Trump administration for a comprehensive delay in development and for the greater devaluation of their offshore wind projects in the USA.
On Wednesday, Miguel Stilwell d'andrade, CEO of Edp Renewables, said in a profit call that the project is expected to be the entire presidency of Donald Trump, citing the president Executive order This maintains the approval of new permits in new rental areas for offshore wind.
“We followed the more prudent approach at the age of four, we could have followed a delay of two years, but we took a four -year year with us,” D'andrade told investors. “So we still have the project ready and we will try to manage this optionality.”
SouthCoast Wind is 26 nautical miles south of the Martha vineyard and is a 2.4 gigawatt project that the interior department specifies to generate sufficient electricity to supply 840,000 houses in Massachusetts and Rhode Island.
SouthCoast Wind Developers had planned to start building this year, and they had received one Main permit on the last days of the bidges administration in January days before signing Trump's command.
Also on Wednesday, the uncertainties, which are due to Trump's opposition to Offshore wind, caused EDP to devalue its offshore wind projects across the country.
“With an impairment of € 133 million (around 138 million US dollars), Ocean Winds will be exposed to EDPR on the net profit level,” said Rui Texeira, Chief Financial Officer from Edp Renewables, during the call.
Ocean Winds is the international wind society based in Madrid, which has SouthCoast wind and is a joint venture between Edp Renectables, daughter of the Edp Group, Portugal's largest supply company, and Engie, a French multinational electricity company. In the United States, Ocean Winds also develops Bluepoint Wind in New York and Golden State Wind in California.
Pierre-François Riolacci, Chief Financial Officer from Engie, also provided a decline in the company's US offshore wind projects during a festival Income call on Thursday.
“We also have a impairment for our US offshore assets for just more than 100 million euros (around 104 million US dollars) in order to take a time delay of four years in their development according to the execution regulations issued on January 20,” said Riolacci.
SouthCoast Wind had received approval from the US Interior Ministry in December and was the last offshore wind project that was promoted as part of the Biden administration.
After a new administration, however, it is unclear when a final decision will be made. The Executive Ordinance also indicates the Interior Minister Doug Burgum to “carry out a review of ecological, economic and ecological necessity, to end or change existing wind energy lease contracts, to identify legal basis for such a distance” and to submit a report to the president.
A spokesman for the Interior Ministry has not given a schedule regarding Trump's executive order.
“The Ministry of the Interior is currently carrying out an internal review of the reports that have been presented to the secretary [Doug Burgum]. At this stage, we evaluate these reports to determine whether further measures are justified, and we are still set for the fact that all points are thoroughly assessed within the framework of our internal management process, ”said J. Elizabeth Peace, spokesman for the Ministry of the Interior.
Ocean land did not respond to a request for comments.