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The US offshore wind industry is facing challenges due to cost pressures and permitting delays, according to a top executive at BP. The executive describes the industry as 'fundamentally broken'. BP's low-carbon strategy is being defended by its temporary boss, which could result in a wider valuation gap with US competitors focusing on fossil fuels. BP and its partner Equinor have written down $840M in US wind assets. The renewables boss at BP states that the US offshore wind industry is 'fundamentally broken' as they explore options for developing large projects.
BP Exec Describes US Offshore Wind Industry As "Fundamentally Broken" https://t.co/EgWXJrLxu4
$BP $EQNR write down $840M in US wind assets > U.S. offshore wind sector 'fundamentally broken' - BP exec BP's renewables boss said on Wednesday the U.S. offshore wind industry is "fundamentally broken" as BP and its partner Equinor study options to develop huge projects offโฆ https://t.co/3azciw3TP4
BPโs temporary boss is defending its low-carbon strategy, risking a wider valuation gap with US competitors that are doubling down on fossil fuels, writes @lc_hurst https://t.co/ZAVd7xUPaI
BP low carbon boss calls U.S. offshore wind industry 'fundamentally broken' https://t.co/weTJT6NsL8 https://t.co/erlEIUq7c5
The US offshore wind industry is fundamentally broken due to cost pressures and permitting delays, according to a top executive at BP https://t.co/rjWvsgLzoC