Norwegian vitality large Equinor mentioned Wednesday the US choice to halt its New York offshore wind farm mission was illegal and warned that it was nonetheless weighing its authorized choices.
In mid-April, the US authorities ordered a halt to Equinor’s building of the large wind farm, dealing one other blow to an trade President Donald Trump opposes.
Valued by Equinor at $2.5 billion, the Empire Wind 1 mission consists of 54 generators designed to ship 810 megawatts of vitality into Brooklyn, powering 500,000 houses.
“We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful,” Equinor chief government Anders Opedal mentioned in a quarterly earnings assertion on Wednesday.
“We seek to engage directly with the US Administration to clarify the matter and are considering our legal options,” he mentioned.
The US authorities has argued that former president Joe Biden’s administration “rushed through” approval of the mission “without sufficient analysis”.
Opedal made the assertion as Equinor reported that its web revenue reached 2.63 billion kroner ($254 million) within the first quarter, down two p.c from the identical interval a yr in the past.
Its adjusted working revenue climbed by 15 p.c to eight.65 billion kroner, beating analysts’ consensus forecast of 8.51 billion kroner.
“I am pleased to see the good operational performance and solid production capturing higher gas prices,” Opedal mentioned in an announcement.
“With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet,” he mentioned.
This story was initially featured on Fortune.com
