Particle.news
Download on the App Store
5 ARTICLES
·
3d ago

JERA Nex BP Halts Beacon Wind and Winds Down U.S. Operations

The joint venture cites unfavourable market conditions, retaining the Beacon lease to keep options open.

For illustrative purposes; Source: BP
Image
Rising costs and regulatory setbacks have left investors with their fingers burnt
Image

Overview

  • JERA Nex BP will reduce its U.S. activity to a minimal level and close operating activities, with all team members departing in the coming months.
  • The company says it sees no viable path to advance the Beacon Wind project and will cease investment in the U.S. market for now.
  • While development is paused, the company will maintain the Beacon lease and wait for more favourable conditions to consider a restart.
  • BOEM began reviewing Beacon Wind’s Construction and Operation Plan in June 2023 and issued a final environmental assessment in May 2024.
  • In February 2025 the developer withdrew its onshore transmission application, and the two-phase lease offshore Massachusetts had been planned to feed power into the New York grid.