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Equinor (EQNR) Secures New York Contract for Empire Wind 1
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Equinor ASA (EQNR - Free Report) , the Norwegian state-owned energy giant, has announced the successful execution of a Purchase and Sale Agreement (“PSA”) with the New York State Energy Research and Development Authority (“NYSERDA”) for the renewable power generated by the Empire Wind 1 offshore wind project. This milestone strengthens Equinor's position in advancing New York’s renewable energy goals.
This agreement followed NYSERDA’s announcement in February, when Equinor was named a conditional winner in New York’s fourth offshore wind solicitation. Molly Morris, president of Equinor Renewables Americas, expressed gratitude toward NYSERDA and New York for their commitment to the offshore wind industry, highlighting Empire Wind 1 as a pivotal project for the company.
Empire Wind 1 is set to become America's first offshore wind project to connect directly to the New York City grid, with an anticipated delivery of its first power by late 2026. Onshore construction is already underway at the South Brooklyn Marine Terminal (“SBMT”). The project aims to deliver power at a strike price of $155.00 per MW/h, ensuring competitive returns within the guided range for renewable projects. Equinor aims to utilize project financing and achieve financial closure by the end of 2024. It also plans to involve a partner to mitigate any financial risk.
The 810-MW Empire Wind 1 project is expected to provide renewable energy to approximately 500,000 homes in New York, create more than 1,000 union jobs during construction and enhance the domestic supply chain. Additionally, it is likely to stimulate economic growth in local communities, while advancing the offshore wind industry on the East Coast.
A key component of the project is the transformation of SBMT in Sunset Park, Brooklyn. Rebuilt with union labor, SBMT is expected to serve as the primary staging and assembly area for Empire Wind 1, positioning it as a future hub for offshore wind projects along the Northeast seaboard.
Doreen M. Harris, president and CEO of NYSERDA, emphasized the importance of major renewable energy infrastructure projects like Empire Wind 1 in achieving New York's climate goals. She praised Equinor for its investment in New York’s green economy and the redevelopment of SBMT, marking significant progress for the state's offshore wind industry.
Empire Wind 1 is set to deliver a range of economic benefits, including increased funding for workforce and community development. Significant investments have already been made in the Offshore Wind Learning Center, the Offshore Wind Innovation Hub and the Offshore Wind Ecosystem Fund. Additionally, the project has committed to supporting businesses owned by minorities, women and service-disabled veterans, particularly in onshore development at SBMT.
The signing of the PSA marks a milestone for Equinor and New York, driving the state closer to its renewable energy targets and paving the way for a greener, more sustainable future.
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SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
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Equinor (EQNR) Secures New York Contract for Empire Wind 1
Equinor ASA (EQNR - Free Report) , the Norwegian state-owned energy giant, has announced the successful execution of a Purchase and Sale Agreement (“PSA”) with the New York State Energy Research and Development Authority (“NYSERDA”) for the renewable power generated by the Empire Wind 1 offshore wind project. This milestone strengthens Equinor's position in advancing New York’s renewable energy goals.
This agreement followed NYSERDA’s announcement in February, when Equinor was named a conditional winner in New York’s fourth offshore wind solicitation. Molly Morris, president of Equinor Renewables Americas, expressed gratitude toward NYSERDA and New York for their commitment to the offshore wind industry, highlighting Empire Wind 1 as a pivotal project for the company.
Empire Wind 1 is set to become America's first offshore wind project to connect directly to the New York City grid, with an anticipated delivery of its first power by late 2026. Onshore construction is already underway at the South Brooklyn Marine Terminal (“SBMT”). The project aims to deliver power at a strike price of $155.00 per MW/h, ensuring competitive returns within the guided range for renewable projects. Equinor aims to utilize project financing and achieve financial closure by the end of 2024. It also plans to involve a partner to mitigate any financial risk.
The 810-MW Empire Wind 1 project is expected to provide renewable energy to approximately 500,000 homes in New York, create more than 1,000 union jobs during construction and enhance the domestic supply chain. Additionally, it is likely to stimulate economic growth in local communities, while advancing the offshore wind industry on the East Coast.
A key component of the project is the transformation of SBMT in Sunset Park, Brooklyn. Rebuilt with union labor, SBMT is expected to serve as the primary staging and assembly area for Empire Wind 1, positioning it as a future hub for offshore wind projects along the Northeast seaboard.
Doreen M. Harris, president and CEO of NYSERDA, emphasized the importance of major renewable energy infrastructure projects like Empire Wind 1 in achieving New York's climate goals. She praised Equinor for its investment in New York’s green economy and the redevelopment of SBMT, marking significant progress for the state's offshore wind industry.
Empire Wind 1 is set to deliver a range of economic benefits, including increased funding for workforce and community development. Significant investments have already been made in the Offshore Wind Learning Center, the Offshore Wind Innovation Hub and the Offshore Wind Ecosystem Fund. Additionally, the project has committed to supporting businesses owned by minorities, women and service-disabled veterans, particularly in onshore development at SBMT.
The signing of the PSA marks a milestone for Equinor and New York, driving the state closer to its renewable energy targets and paving the way for a greener, more sustainable future.
Zacks Rank & Key Picks
Equinor currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. (MPC - Free Report) , SM Energy Company (SM - Free Report) and Sunoco LP (SUN - Free Report) . While Archrock and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, Sunoco carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.07. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $5.15 and $4.48, respectively. The partnership has witnessed upward earnings estimate revisions for 2025 in the past seven days.