Equinor (EQNR) Bids for US Wind Projects: What Should You Know?

Zacks Equity Research
·2-min read

Equinor ASA EQNR announced the submission of bids for two wind power projects, located offshore U.S. East Coast.

The projects, for which bids have been submitted in New York's second offshore wind auction, are Empire Wind Phase 2 and Beacon Wind. The projects will probably have the combined capacity to provide electricity to more than one million homes in the United States.

However, the total investment that is needed for the projects has not been disclosed yet. Notably, British energy giant BP plc BP will have a 50% non-operating interest in the project. It is to be noted that the bids reflect Equinor’s aim to capitalize on the growing offshore wind industry in the United States.

It also shows that Equinor is now focusing strongly on renewable energy, as providing energy has now become a challenge since the world is gradually moving away from fossil fuel to clean energy. The company foresees production capacity of 4 to 6 gigawatt (GW) from renewable projects by 2026. Moreover, by 2035, the company plans to boost the capacity of renewable projects to 12 to 16 GW.

Headquartered in Stavanger, Norway, Equinor currently sports a Zacks Rank #1 (Strong Buy). Two other prospective players in the energy space include Cabot Oil Gas Corporation COG and EOG Resources, Inc. EOG, each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Cabot Oil Gas has seen upward earnings estimate revisions for 2020 in the past 30 days.

EOG Resources has seen upward estimate revisions for its 2020 bottom line in the past 60 days.

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Cabot Oil Gas Corporation (COG) : Free Stock Analysis Report
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Equinor ASA (EQNR) : Free Stock Analysis Report
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