|Bid||162.05 x N/A|
|Ask||162.15 x N/A|
|Day's Range||161.40 - 162.75|
|52 Week Range||160.20 - 234.60|
|Beta (3Y Monthly)||1.16|
|PE Ratio (TTM)||67.85|
|Earnings Date||Jul 25, 2019|
|Forward Dividend & Yield||8.47 (5.25%)|
|1y Target Est||27.19|
(Bloomberg) -- New York has signed the biggest-ever deals for offshore wind power in U.S. history, a key part of the state’s plan to get all of its power from emissions-free sources by 2040.On Thursday, Governor Andrew Cuomo awarded contracts for two projects off Long Island that will total 1,700 megawatts in capacity. Equinor ASA and a joint venture between Denmark’s Orsted A/S and Massachusetts-based Eversource Energy were chosen to build the farms, which will supply enough power to light up a million homes.Cuomo is counting on the wind projects to achieve the most aggressive clean energy goal in the U.S., and signed the state’s 100% renewable energy target into law right after announcing the wind contracts. New York’s ultimate plan is to get enough turbines erected off its shores to generate 9,000 megawatts by 2035.“The actions we take today will be the most consequential of my administration,” Cuomo said Thursday at a press conference, where he was joined on stage by former U.S. Vice President Al Gore. “They literally will determine the future, or the lack thereof.”The contracted wind farms will be completed by 2024, he said. Based on cost estimates from BloombergNEF, the projects may be valued at more than $5 billion.The Orsted-Eversource joint venture, Sunrise Wind, will provide 880 megawatts from a site about 30 miles (48 kilometers) east of Montauk Point -- adjacent to the South Fork Wind Farm and Revolution Wind projects the two companies are also jointly developing. Equinor will generate 816 megawatts from its Empire Wind project, about 20 miles south of Long Island, east of the Rockaways.Shares of Springfield, Massachusetts-based Eversource gained 1.3% to a record $78.40 at the close in New York.Construction will begin in the early 2020s pending permits, said Thomas Brostrom, chief executive officer of Orsted Americas. “We have to go flying out of the gates to have service by 2024,” he said. Siemens Gamesa Renewable Energy SA is set to supply the turbines for the Orsted-Eversource project, the company said in a statement.The contracts -- requiring utilities to buy power from the wind projects -- have proven crucial to the financing and development of offshore wind power in the U.S. Analysts have projected that the business could grow into a $70 billion industry along the East Coast, where states from New York to Massachusetts to New Jersey are holding auctions.New York’s contracts were so sought-after that project developers spent months wooing officials in the state with promises of jobs, training programs and port upgrades leading up to the auction results.Erecting wind mills in the ocean remains one of the most expensive ways to generate electricity. But costs are falling, and states see the technology as key in bringing clean energy to densely populated coastal areas. The U.S. government has leased more than a dozen sites to develop projects in the Atlantic from North Carolina to Massachusetts. New York’s request for bids drew offers from four developers who have building sites off Massachusetts, Rhode Island, New York and New Jersey.In June, New Jersey awarded a contract to Denmark-based Orsted to supply 1,100 megawatts of offshore wind at an initial cost of $98.10 a megawatt-hour. That’s roughly triple the average wholesale power cost in the region.Excluding subsidies, the cost of offshore wind power have plunged 64% since 2012 to a global average of $89 a megawatt-hour last year, according to BloombergNEF. That’s still more than double the $35 a megawatt-hour that New York City has paid on average for wholesale power over the past five years, according to data compiled by Genscape.\--With assistance from Christopher Martin.To contact the reporters on this story: Will Wade in New York at firstname.lastname@example.org;Millicent Dent in New York at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Will WadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Cuomo made the announcement at a New York City news conference just before signing into law a landmark climate bill to reduce the state's greenhouse gas emissions to zero by 2050. Offshore wind is expected to play a key role in reducing the state's emissions, and the state has a goal of procuring 9,000 megawatts (MW) by 2035.
New York on Thursday awarded two major offshore wind contracts to Norway's Equinor and a joint venture between Denmark's Orsted and U.S. utility Eversource, a key milestone in Governor Andrew Cuomo's ambitious plan to slash the state's greenhouse gas emissions. The two contracts add up to 1700 MW of capacity, or enough to power 1 million homes, Cuomo said at a press conference in New York City.
The shares purchased by DNB on behalf of Equinor (OSE: EQNR, NYSE: EQNR) on 15 July 2019 for use in the group's Share Saving Plan have on 18 July 2019 been distributed to the.
Production on the Trestakk oil and gas field on Haltenbanken in the Norwegian sea has started, operator Equinor said on Tuesday, adding that the project had come in under budget. Equinor said that, on field start-up, the final costs are expected to be 5 billion Norwegian crowns ($585 million) compared to the 5.5 billion crowns estimated when the project was approved by the authorities in 2017. The field has estimated recoverable resources of 76 million barrels of oil, the company added.
On behalf of Equinor (OSE: EQNR, NYSE: EQNR), DNB has on the 15th of July 2019 purchased 592,725 shares for use in the group's Share saving plan. The shares have been.
Eldar Saetre, chief executive of Norwegian energy group Equinor, says he is preparing for a time when oil and gas companies face tougher penalties for hydrocarbon extraction. Lucky for Equinor, oilfields in Norway are some of the lowest carbon intensity in the world.
Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield. Equinor agreed to sell about 54.5 million Lundin shares at a price of 266.4 crowns ($28.22), representing a discount of about 9.6% to Lundin's close on Friday. It will retain a 4.9% stake in Lundin.
Equinor ASA (OSE: EQNR, NYSE EQNR) has agreed with Lundin Petroleum AB to divest a 16 percent shareholding in Lundin Petroleum for a direct interest of 2.6 percent in the Johan Sverdrup field and a cash consideration of around USD 650 million. “Since 2016 we have more than doubled the value of our investment in Lundin. This transaction gives us the opportunity to capitalize on this value creation, and at the same time increase our direct ownership in the Johan Sverdrup field,” says Eldar Sætre, President and CEO of Equinor.
The size of Equinor ASA (OB:EQNR), a øre577b large-cap, often attracts investors seeking a reliable investment in the...
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Norway proposes to open two new areas in the North Sea with the potential to hold installed capacity of up to 3.5 gigawatts (GW) of offshore wind
The shares purchased by DNB on behalf of Equinor (OSE: EQNR, NYSE: EQNR) on 14 June 2019 for use in the group's Share Saving Plan have on 18 June 2019 been distributed to the.
Norway’s Equinor and partners Ineos E&P and Faroe Petroleum will evaluate how to further develop an oil and gas discovery made in exploration well 6507/3-13 (Snadd Outer Outer/Black Vulture), 14 km southwest of Norne field in the northern part of the Norwegian Sea and 200 km west of Sandnessjoen in production license 159B.
Equinor Energy will plug exploration well 7335/3-1 in PL 859, which was drilled 8 km southeast of the 7435/12-1 (Korpfjell) natural gas discovery in the Barents Sea, and 435 km north of Vardo. The well was dry. The well was drilled to a vertical depth of 4,268 m subsea drilled by Seadrill’s West Hercules semisubmersible drilling rig in 239 m of water.
Equinor's exploration well drilled near its Korpfjell gas find in the Norwegian Arctic has proved to be dry, Norway's Petroleum Directorate said on Monday, in an area near the Russian offshore border the company had hoped would be oil rich. This is another disappointment for Norway which hoped that the Barents Sea could become its new oil and gas province, helping to sustain its key industry, whose production is set to fall from mature fields in the North Sea. The area in the southeastern Barents Sea was opened for seismic acquisition and exploration after Norway and Russia's border agreement came into force in 2011.
In a meeting in the corporate assembly of Equinor ASA (OSE:EQNR, NYSE:EQNR) on 4 June 2019, Finn Bjørn Ruyter was elected as a new member to Equinor’s board of directors..
Norway's oil and gas output will be cut by about 440,000 barrels of oil equivalents per day if workers go on strike from June 4, industry association Norwegian Oil and Gas said on Monday. Altogether nine ...
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
Tanzania expects a consortium of international oil companies to start building a long-delayed liquefied natural gas (LNG) project in 2022, its energy minister said on Tuesday. Construction of an LNG export terminal near huge offshore natural gas discoveries in deep water south of the East African country has been held up for years by regulatory delays. The government said in March it planned to conclude talks in September with a group of foreign oil and gas companies led by Norway’s Equinor on developing the LNG terminal.