Bidenflation is a obliterating his so-called green energy efforts.

European energy firms Equinor (EQNR.OL) and BP (BP.L) terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

“This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development in anticipation of new offtake opportunities,” Equinor said in a statement on Wednesday, in an apparent reference to a new offshore wind solicitation launched by New York in November.

The solicitation allows companies to exit old contracts and re-offer projects at higher prices. The winners of an expedited solicitation for offshore wind will be announced in February.

An Equinor spokesperson declined to comment on the bid strategy for the 1,260-megawatt (MW) Empire Wind 2 project, but said it was “carefully assessing” the solicitation and was “encouraged by the state’s commitment to offshore wind.”

This is the latest example that the momentum behind Biden’s green energy schemes collapsing is ongoing. The groundwork was being laid for the Empire Wind Project 2’s demise as early as last year. However, the wind farm contractors still hold out some semblance of hope the deal will still go through.

Basically,  the utility rate increases that would have been used to help finance the wind farm were projected to be over 50% higher than the ones initially suggested. In a surprising move, New York Public Service Commission felt sorry for its customers and sacked the increase. Consequently, the wind farm collapsed.

So much the better since renewable energy does not supply enough energy to provide for people’s energy needs and is only a money making racket for the political elements involved.

PHOTO CREDIT: Pixabay