Overview
- The reported action targets two offshore wind projects off Massachusetts being developed by Avangrid, Iberdrola’s U.S. subsidiary.
- Avangrid had not begun construction on New England Wind 1 and 2, which remained in permitting and were slated to supply power for more than 900,000 homes.
- The step is not yet final, had not been formally communicated to the company, and reports indicate the near-complete Vineyard project is unaffected.
- Iberdrola shares fell about 1.7%, with Ørsted down as much as 2.6% and Vestas off 1.3% following the reports.
- The move follows earlier restrictions on offshore wind that halted new federal leasing and have already blocked at least four East Coast projects this year.