Equinor booked a $955 million impairment on its U.S. offshore wind portfolio in the second quarter of 2025, citing regulatory uncertainty and financial headwinds linked to policy shifts under the Trump administration.
The Norwegian energy company reported a $763 million write-down on its 810-megawatt Empire Wind 1 project off the coast of New York and associated infrastructure at the South Brooklyn Marine Terminal. An additional $192 million charge was recorded for the lease area linked to the adjacent Empire Wind 2 development.
“The offshore wind industry is facing major financial and regulatory challenges in the US,” Equinor said in its quarterly earnings update. “Reduced expected synergies from future offshore wind projects resulting from regulatory changes and increased exposure to tariffs impacted the project economics negatively in the second quarter 2025.”
Construction at Empire Wind 1 has resumed following the lifting of a stop-work order imposed earlier in the year. Equinor is targeting commercial operations for the project in 2027.
The impairments contributed to a $1 billion operating loss in Equinor’s renewables segment for the quarter, a sharp increase from a $90 million loss in the same period last year.
Despite the U.S. setback, Equinor said its broader renewables portfolio continues to progress. “We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution,” said Chief Executive Anders Opedal. “We have reached financial close for the Baltyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”
Equinor remains a key player in offshore wind globally, but the company has previously flagged regulatory uncertainty in the U.S. as a risk to project timelines and financial viability.
