Equinor to Resume New York Offshore Wind Project
It was recently revealed that Equinor ASA (NYSE:EQNR) is set to resume construction on the Empire Wind project off the coast of New York. Let's shed some light on the development.
It was announced on May 19 that the Trump administration has lifted its month-old stop-order, allowing construction to resume on Equinor ASA (NYSE:EQNR)'s Empire Wind project off the coast of New York. The $5 billion project was halted by Interior Secretary Doug Burgum in April, who claimed that the Biden administration had rushed the project's approval without sufficient environmental analysis.
The latest news comes as a significant relief for Equinor ASA (NYSE:EQNR), as the company was already suggesting that it might have to terminate the project altogether after failing to meet with Burgum. The Norwegian company also claimed that the delayed construction was costing it $50 million a week.
The Empire Wind project, already 30% complete, is scheduled to reach commercial operation in 2027. Once online, the project is expected to power half a million homes in New York. Anders Opedal, president and chief executive of Equinor ASA (NYSE:EQNR), stated:
'We appreciate the fact that construction can now resume on Empire Wind, a project which underscores our commitment to deliver energy while supporting local economies and creating jobs. I would like to thank President [Donald] Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the US."
Though the Trump administration has declared an 'energy emergency', its policies are heavily leaning towards fossil fuels and away from renewables. Wind energy, in particular, has been a frequent target of President Trump, who has often argued that wind turbines are eyesores and hurt wildlife. However, this latest development comes as a major sigh of relief for the country's offshore wind energy industry.
With decades of ocean engineering and project management expertise, Equinor ASA (NYSE:EQNR) is uniquely positioned to take a leading role in the global offshore wind energy sector. The company's total renewables portfolio has the potential to produce 35-60 TWh in 2030, with two-thirds of it coming from offshore wind. However, the Norwegian energy major announced earlier this year that it plans to nearly halve its investments in renewables and low-carbon solutions to around $5 billion in total after project financing for 2025-2027, in an effort to boost returns for shareholders and adapt to an uneven energy transition.
While we acknowledge the potential of EQNR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EQNR and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds.
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