No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Wednesday, October 8, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Markets

Trump allows New York offshore wind project after gas compromise

by TheAdviserMagazine
5 months ago
in Markets
Reading Time: 3 mins read
A A
Trump allows New York offshore wind project after gas compromise
Share on FacebookShare on TwitterShare on LInkedIn


File: The wind farm in the Baltic Sea 35 kilometres northeast of Rügen is a joint venture of the Essen-based energy group Eon and the Norwegian shareholder Equinor.

Bernd Wüstneck | Picture Alliance | Getty Images

Norwegian energy company Equinor will resume construction on its offshore wind farm in New York, after the Trump administration lifted its order to halt work on the project.

Empire Wind 1 will be the first offshore wind project to deliver electricity directly to New York City. The Interior Department under the Biden administration approved the project last year after Equinor signed a lease issued by the department in 2017.

But Interior Secretary Doug Burgum ordered construction on Empire Wind to stop on April 16, alleging the Biden administration rushed the project’s approval “without sufficient analysis or consultation among the relevant agencies as relates to the potential effects.”

The stop-work order had raised fears among investors that the White House might target other wind projects that had already been permitted and approved.

New York Gov. Kathy Hochul said Monday evening that Burgum and President Donald Trump agreed to lift the stop-work order and allow the project to move forward “after countless conversations with Equinor and White House officials.” Empire Wind supports 1,500 union jobs, Hochul said.

Equinor said it aims to execute planned installation activities this year and minimize the impact of the stop-work order in order to reach its goal of starting commercial operations in 2027.

Apparent natural gas compromise

Burgum said he was encouraged by Hochul’s “willingness to move forward on critical pipeline capacity.”

“Americans who live in New York and New England would see significant economic benefits and lower utility costs from increased access to reliable, affordable, clean American natural gas,” the Interior secretary said in a post on social media platform X.

Hochul did not mention natural gas in her statement, though she “reaffirmed that New York will work with the Administration and private entities on new energy projects that meet the legal requirements” under state law. New York has a history of opposing new natural gas pipelines.

Trump has targeted the wind industry, despite his agenda calling for the U.S. to achieve energy dominance. The president issued an executive order on his first day in office that barred new leases for offshore wind in U.S. waters and ordered a review of leasing and permitting practices.

Trump has a long history of attacking wind turbines, arguing that they kill birds and cost more than they generate in revenue. He posted more than 150 times about wind across Twitter, X and Truth Social since 2012, according to a CNBC review of his posts.

Empire Wind 1 started construction in the spring of 2024 and is more than 30% complete. Equinor has invested $2.5 billion in the project so far. The company is planning to build 54 turbines that are up to 910 feet tall. Empire Wind 1 will generate 810 megawatts of electricity, which is enough to power half a million homes, according to Equinor.

Equinor Chief Financial Officer Torgrim Reitan called the Trump administration’s order to stop work unlawful, extraordinary and unprecedented during the company’s first-quarter earnings call on April 30.

“We have complied with this order. However, the order did not include any information about the alleged deficiencies in the approval,” Reitan said.

Three other offshore wind projects are under construction in the U.S. all located on the Eastern Seaboard. They are Revolution and Sunrise Wind in New England and Coastal Virginia Offshore Wind.

Dominion Energy is confident Coastal Virginia Offshore Wind will continue to move forward, CEO Robert Blue said on the company’s May 1 earnings call. It is 55% complete and will deliver electricity in early 2026, Blue said.

Orsted remains fully committed to Revolution and Sunrise Wind, CEO Rasmus Errboe said on the company’s May 7 earnings call. Revolution and Sunrise are about 75% and 35% complete respectively, Errboe said.

CNBC’s Gabriel Cortés contributed to this report.

Catch up on the latest energy news from CNBC Pro:



Source link

Tags: CompromisegasoffshoreprojectTrumpwindYork
ShareTweetShare
Previous Post

US State and Local Government Edition 

Next Post

10 Value Plays Quietly Positioning for Up to 50% Upside in 2025

Related Posts

edit post
As the Sun Sets on Gen X Careers, Dark Clouds Gather

As the Sun Sets on Gen X Careers, Dark Clouds Gather

by TheAdviserMagazine
October 7, 2025
0

Andrii Iemelianenko / Shutterstock.comAdvertising Disclosure: When you buy something by clicking links within this article, we may earn a small...

edit post
She Had a Broken Arm, No Insurance — and a ,000 Bill

She Had a Broken Arm, No Insurance — and a $97,000 Bill

by TheAdviserMagazine
October 7, 2025
0

Dikushin Dmitry / Shutterstock.comAs soon as she fell, Deborah Buttgereit knew she couldn’t avoid going to the hospital. “I could...

edit post
Ray Dalio says today is like the early 1970s and investors should hold more gold than usual

Ray Dalio says today is like the early 1970s and investors should hold more gold than usual

by TheAdviserMagazine
October 7, 2025
0

Bridgewater Associates' Ray Dalio on stage at CNBC's CONVERGE LIVE in March.Courtesy of CNBCBridgewater Associates founder Ray Dalio said investors...

edit post
Key takeaways from Constellation Brands’ (STZ) Q2 2026 earnings

Key takeaways from Constellation Brands’ (STZ) Q2 2026 earnings

by TheAdviserMagazine
October 7, 2025
0

Alcohol giant Constellation Brands, Inc. (NYSE: STZ) has ended the first half on a mixed note, with second-quarter sales and...

edit post
Main takeaways from McCormick & Company’s (MKC) Q3 2025 earnings report

Main takeaways from McCormick & Company’s (MKC) Q3 2025 earnings report

by TheAdviserMagazine
October 7, 2025
0

Shares of McCormick & Company, Incorporated (NYSE: MKC) were down over 2% on Tuesday following the announcement of the company’s...

edit post
NYSE-owner Intercontinental Exchange  billion Polymarket stake

NYSE-owner Intercontinental Exchange $2 billion Polymarket stake

by TheAdviserMagazine
October 7, 2025
0

Traders work on the floor of the New York Stock Exchange. NYSEShares of New York Stock Exchange parent, Intercontinental Exchange,...

Next Post
edit post
10 Value Plays Quietly Positioning for Up to 50% Upside in 2025

10 Value Plays Quietly Positioning for Up to 50% Upside in 2025

edit post
How to elevate the client experience during tax preparation

How to elevate the client experience during tax preparation

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
Raymond James sues to retrieve dead advisor’s laptop

Raymond James sues to retrieve dead advisor’s laptop

September 11, 2025
edit post
Why boomers keep winning in the housing market as ‘investors and second-home buyers’ continue to dominate

Why boomers keep winning in the housing market as ‘investors and second-home buyers’ continue to dominate

0
edit post
KEENA ARBUTHNOT | The EDU Ledger

KEENA ARBUTHNOT | The EDU Ledger

0
edit post
Letters to Frank Meyer Reveal Rothbard’s Views on Lincoln, Slavery, and Popular Sovereignty

Letters to Frank Meyer Reveal Rothbard’s Views on Lincoln, Slavery, and Popular Sovereignty

0
edit post
How to Find Coins Before They Get Listed on Binance or Coinbase

How to Find Coins Before They Get Listed on Binance or Coinbase

0
edit post
How Overuse of OTC Painkillers Is Silently Damaging Your Liver

How Overuse of OTC Painkillers Is Silently Damaging Your Liver

0
edit post
Green Lantern buys frozen fries co Tapugan for NIS 507m

Green Lantern buys frozen fries co Tapugan for NIS 507m

0
edit post
Green Lantern buys frozen fries co Tapugan for NIS 507m

Green Lantern buys frozen fries co Tapugan for NIS 507m

October 8, 2025
edit post
How to Find Coins Before They Get Listed on Binance or Coinbase

How to Find Coins Before They Get Listed on Binance or Coinbase

October 8, 2025
edit post
Monsoon and crop risks remain key to price volatility ahead: Pushan Sharma

Monsoon and crop risks remain key to price volatility ahead: Pushan Sharma

October 8, 2025
edit post
Dollar rallies as US shutdown drags on, weighing on confidence

Dollar rallies as US shutdown drags on, weighing on confidence

October 7, 2025
edit post
Meteora AG reveals $MET tokenomics; 48% of supply to circulate at TGE

Meteora AG reveals $MET tokenomics; 48% of supply to circulate at TGE

October 7, 2025
edit post
Is AI Really Coming After Your Job?

Is AI Really Coming After Your Job?

October 7, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Green Lantern buys frozen fries co Tapugan for NIS 507m
  • How to Find Coins Before They Get Listed on Binance or Coinbase
  • Monsoon and crop risks remain key to price volatility ahead: Pushan Sharma
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.