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The company described the financial impact as "onerous," adding continuing to operate in the area would be "uneconomic".

Apache said recent confirmation in the Budget that the windfall tax on oil and gas firm profits would rise and be extended to 2030 had made production uneconomic.

“Considerable uncertainty exists regarding Enviva’s ability to renegotiate uneconomic customer contracts” entered into in the fourth quarter of the 2022 fiscal year, the global credit-rating agency said in a Jan. 19 press release.

Three U.S. states in New England - Massachusetts, Rhode Island and Connecticut - on Wednesday agreed to jointly procure offshore wind power as soaring interest rates and rising equipment and labor costs have made some projects uneconomic.

Three U.S. states in New England - Massachusetts, Rhode Island and Connecticut - on Wednesday agreed to jointly procure offshore wind power as soaring interest rates and rising equipment and labor costs have made some projects uneconomic.