BP and JERA have decided to halt their offshore wind venture in the US due to challenges faced in the sector, including political risks and soaring costs. This decision impacts their planned 2.5 GW Beacon wind farm off Massachusetts. President Trump’s actions to halt offshore wind projects have contributed to the uncertain environment. Despite ceasing operations, the joint venture will retain lease rights for the Beacon project and await a more favorable time to resume development. The venture, established in 2024, aimed to be one of the world’s largest offshore wind operators with a combined net potential generating capacity of 13GW.

Read more at Yahoo Finance: BP JERA offshore wind joint venture to cease US operations