EDP has paused three US offshore wind projects in Massachusetts, New York and California due to limited policy visibility under the Trump administration.
The projects have been scaled back to minimum activity levels, including staffing reductions to maintain essential work, chief executive Miguel Stilwell d’Andrade told Bloomberg.
He added that EDP has held off taking final investment decisions to avoid potential losses, as reported by Bloomberg.
“They’re in hibernation mode,” Stilwell d’Andrade said in an interview at the company’s Lisbon headquarters on Wednesday, adding that EDP has held off taking final investment decisions to avoid potential losses.
“We’ve basically parked our projects to wait for better days.”
He said the company was “lucky” not to have started construction or deployed significant capital, as reported by Bloomberg.
“I know some of our peers were halfway across the bridge,” Stilwell d’Andrade added.
“We hadn’t started crossing the bridge yet, we were getting ready to cross it and so we stopped.”
The projects are controlled by Ocean Winds, a joint venture between EDP Renováveis SA and Engie SA.
The wind farms were not named but OW has several sites in development including the 2.4GW SouthCoast scheme off Massachusetts and 2.4GW BluePoint site off New York.