Shell's (SHEL) Dutch Wind Farm Generates its First Green Energy
Shell plc’s (SHEL) Dutch offshore wind farm, a consortium led by Shell and Mitsubishi subsidiary Eneco, produced its first electricity.
The Hollandse Kust Noord offshore wind farm delivered its first megawatt-hours of green energy to the Dutch mainland via the electricity grid, operated by state-owned TenneT. According to Eneco, the production capacity of the wind park will keep increasing in the coming months, resulting in an annual generation of 3.3 terawatt-hours.
Shell intends to utilize the project's power to generate green hydrogen at a 200-MW facility, which is currently being built in Rotterdam.
Hollandse Kust Noord, located 18.5 kilometers (11.5 miles) off the Dutch coast, is expected to have a 759 megawatt (MW) capacity on completion by the end of this year. The wind park will include 69 wind turbines, each with a capacity of 11 MW.
In order to pursue its goal of achieving 21 GW of offshore wind power by 2030, the Netherlands intends to add around 1 GW of capacity per year in the North Sea.
Zacks Rank & Key Picks
Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation EPM, YPF Sociedad Anonima YPF and RGC Resources Inc. RGCO. While both Evolution Petroleum and YPF Sociedad Anonima sport a Zacks Rank #1 (Strong Buy), RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
YPF Sociedad Anonima is an international energy company, based on the integrated business of hydrocarbons. With its headquarters in Latin America, the company has high standards of efficiency, profitability and responsibility. YPF enjoys a dominant position in Argentina's exploration, production, refining and marketing sectors, as well as a growing presence in petrochemicals.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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