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2d ago

JERA Nex BP Quits U.S. Offshore Wind, Halts Beacon Wind and Cuts Staff

The joint venture says U.S. policy risk has left no viable path for Beacon Wind at this time.

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

  • JERA Nex BP will reduce its U.S. presence to a minimal level, close operating activities, and lay off all U.S. employees in the coming months.
  • Investment in the 2.5 GW Beacon Wind project has been stopped, with the company retaining the federal lease and pausing development until conditions improve.
  • The JV cites inflation, soaring costs and supply‑chain pressures, alongside an adverse federal policy environment, as the reasons the project no longer pencils out.
  • Beacon Wind sits between Cape Cod and Long Island, advanced through BOEM review with a final environmental assessment in May 2024, and its onshore transmission application was withdrawn in February 2025.
  • The pullback follows a broader retrenchment in U.S. offshore wind as projects face writedowns, delays and Trump administration stop‑work orders on other Northeast developments.