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Equinor (EQNR) Wins Offshore Wind Agreements From New York
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New York has taken a significant step forward in its clean energy ambitions by naming Equinor ASA’s (EQNR - Free Report) Empire Wind 1, and Sunrise Wind (a joint venture between Orsted and Eversource Energy) as the conditional winners of the state's fourth offshore wind solicitation.
The decision marks a pivotal move in supporting the offshore wind industry, which faces challenges from rising construction costs, higher interest rates and supply-chain disruptions.
New York's officials awarded conditional contracts for the purchase of electricity from these two proposed offshore wind projects. Once completed, Empire Wind 1 and Sunrise Wind are expected to generate enough electricity to power one million homes, representing the largest electricity generation projects in New York in nearly 40 years.
The selection of these projects comes at a critical time when offshore wind developers voiced concerns over the feasibility of constructing profitable facilities due to escalating costs and logistical hurdles. Despite these challenges, New York has pushed forward, denying requests from Equinor and Orsted to increase the cost of power from their projects, instead allowing them to rebid under the current solicitation.
Offshore wind energy is seen as foundational in transitioning to a zero-emission electric grid, and New York's commitment to these projects underscores the state’s leadership in clean energy development. The state aims to develop 9,000 megawatts of offshore wind by 2035, with Empire Wind 1 and Sunrise Wind contributing 1,700 MW toward this goal.
Negotiations for the final terms of the 25-year contracts for these projects are underway, with expectations to conclude by the second quarter of this year. Equinor's proposal includes the transformation of a Brooklyn marine terminal into a staging and port facility for offshore wind development. Additionally, Orsted's plan involves acquiring Eversource's 50% stake in Sunrise Wind.
Sunrise Wind is set to become the nation's largest offshore wind project upon completion. The environmental impacts of these initiatives are also significant, with an expected reduction in greenhouse gas emissions by more than 3 million metric tons annually. This reduction is equivalent to taking more than 740,000 cars off the road.
New York's offshore wind projects represent a critical step forward in the state's clean energy journey. Through strategic investments and partnerships, New York is setting a precedent for national leadership in renewable energy, paving the way for a cleaner, more sustainable future.
Valaris (VAL - Free Report) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, the company has experience operating in nearly every major offshore basin.
The Zacks Consensus Estimate for VAL’s 2024 EPS is pegged at $4.75. Valaris has witnessed upward earnings estimate revisions for 2024 in the past 60 days. VAL’s 2024 earnings are expected to soar 118.5% year over year.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of A for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Energy Transfer (ET - Free Report) is a publicly traded limited partnership focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 12.4% year over year.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Equinor (EQNR) Wins Offshore Wind Agreements From New York
New York has taken a significant step forward in its clean energy ambitions by naming Equinor ASA’s (EQNR - Free Report) Empire Wind 1, and Sunrise Wind (a joint venture between Orsted and Eversource Energy) as the conditional winners of the state's fourth offshore wind solicitation.
The decision marks a pivotal move in supporting the offshore wind industry, which faces challenges from rising construction costs, higher interest rates and supply-chain disruptions.
New York's officials awarded conditional contracts for the purchase of electricity from these two proposed offshore wind projects. Once completed, Empire Wind 1 and Sunrise Wind are expected to generate enough electricity to power one million homes, representing the largest electricity generation projects in New York in nearly 40 years.
The selection of these projects comes at a critical time when offshore wind developers voiced concerns over the feasibility of constructing profitable facilities due to escalating costs and logistical hurdles. Despite these challenges, New York has pushed forward, denying requests from Equinor and Orsted to increase the cost of power from their projects, instead allowing them to rebid under the current solicitation.
Offshore wind energy is seen as foundational in transitioning to a zero-emission electric grid, and New York's commitment to these projects underscores the state’s leadership in clean energy development. The state aims to develop 9,000 megawatts of offshore wind by 2035, with Empire Wind 1 and Sunrise Wind contributing 1,700 MW toward this goal.
Negotiations for the final terms of the 25-year contracts for these projects are underway, with expectations to conclude by the second quarter of this year. Equinor's proposal includes the transformation of a Brooklyn marine terminal into a staging and port facility for offshore wind development. Additionally, Orsted's plan involves acquiring Eversource's 50% stake in Sunrise Wind.
Sunrise Wind is set to become the nation's largest offshore wind project upon completion. The environmental impacts of these initiatives are also significant, with an expected reduction in greenhouse gas emissions by more than 3 million metric tons annually. This reduction is equivalent to taking more than 740,000 cars off the road.
New York's offshore wind projects represent a critical step forward in the state's clean energy journey. Through strategic investments and partnerships, New York is setting a precedent for national leadership in renewable energy, paving the way for a cleaner, more sustainable future.
Zacks Ranks & Stocks to Consider
Equinor currently carries a Zacks Rank #4 (Sell).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Valaris (VAL - Free Report) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, the company has experience operating in nearly every major offshore basin.
The Zacks Consensus Estimate for VAL’s 2024 EPS is pegged at $4.75. Valaris has witnessed upward earnings estimate revisions for 2024 in the past 60 days. VAL’s 2024 earnings are expected to soar 118.5% year over year.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of A for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Energy Transfer (ET - Free Report) is a publicly traded limited partnership focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 12.4% year over year.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.