Equinor’s wind projects in Europe and around the world have consistently been significant job creators. It is too early to assess specific economic impacts for Empire Wind, but estimates will be provided as soon as data is available.
Equinor has recently begun the research and permitting phase for Empire Wind. This phase is expected to last four-to-five years. Early estimates suggest that first power could be generated by the mid-2020s. As the project progresses, these estimates will be updated.
Visibility depends on a wide range of factors from site altitude to weather conditions Equinor expects that, under certain conditions, the turbines will be visible from shore. Models are currently in development to examine visibility under different conditions.
Yes. Some impact is anticipated for the immediate area during the construction phase; but following the turbine installation, normal fishing activities should be able to resume. Equinor is committed to cooperation with other marine industries throughout the development of Empire Wind to minimize the project’s impact.
When functioning at full capacity, Empire Wind will generate enough clean energy to power about one million American homes.
Equinor is committed to securing clean energy through responsible, sustainable development practices. Any significant impacts to fisheries, view sheds, or other resources will be carefully considered during the development process. Equinor will also continue active dialogue around issues of concern.
Equinor spent $42.5 million to obtain the lease for the Empire Wind site. The construction of Empire Wind will be financed by private investors. Investments for a 1 GW wind farm project will typically be in the range of $3 billion. There will be no cost to American taxpayers.
At the moment, Equinor is focused on Empire Wind. Over the coming decade, the company is well positioned to take part in what could be a significant build-out of offshore wind in other states. The United States is a key emerging market for offshore wind with huge potential along both the east and west coasts, from Massachusetts to California and Hawaii.
Commercial terms for Empire Wind are being discussed as part of the project development process. In general, offshore wind costs have been decreasing rapidly. In Europe, we have seen an approximately 40% reduction in the cost of energy in just one year