Latest news with #HelgeHaugane
Yahoo
18-04-2025
- Business
- Yahoo
Equinor suspends offshore construction activities for Empire Wind project
In accordance with a halt work order issued by the U.S. government, Empire Offshore Wind will safely halt the offshore construction in waters of the outer continental shelf for the Empire Wind project. On 16 April, Empire received notice from the Bureau of Ocean Energy Management, ordering Empire to halt all activities on the outer continental shelf until BOEM has completed its review. Empire is engaging with relevant authorities to clarify this matter and is considering its legal remedies, including appealing the order. The federal lease for Empire Wind was signed with the US Administration in 2017. Empire Wind 1 has validly secured all necessary federal and state permits and is currently under construction. The project is being developed under contract with New York State Energy Research and Development Authority to provide an important new source of electricity for the State of New York. The construction phase has put more than 1,500 people to work in the US. Empire wind 1 has the potential to power 500,000 New York homes. Empire is complying with the order affecting project activities for Empire Wind. Upon receipt of the order, immediate steps were taken by Empire and its contractors to initiate suspension of relevant marine activities, ensuring the safety of workers and the environment. Empire Wind has per 31 March a gross book value of around $2.5B, including South Brooklyn Marine Terminal. Equinor's (EQNR) ownership to Empire is held through the Equinor Wind US. Total amount drawn under the project finance term loan facility per 31 March was around $1.5B. Empire is in the process of ascertaining the impact on the project and project financing. Equinor US Holdings has provided guarantees for the equity commitment in the project financing. In a full stop scenario, the $1.5B will be repaid from the equity commitment to the project finance lenders and Empire Offshore Wind will be exposed to termination fees towards its suppliers. The halt work order will be disclosed as a subsequent event in the first quarter 2025 report. Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on EQNR: Disclaimer & DisclosureReport an Issue Equinor price target lowered to NOK 285 from NOK 310 at Morgan Stanley Equinor upgraded to Neutral from Underperform at Oddo BHF Equinor announces proposal of capital reduction from board Equinor establishes new power business, names Helge Haugane as EVP Equinor ASA (EQNR) Reveals Q2 Dividend: Here's the Essential Information
Yahoo
11-02-2025
- Business
- Yahoo
Equinor says EU may need 350 extra LNG cargoes to replenish reserves, Bloomberg News reports
(Reuters) - The European Union may need as many as 350 extra cargoes of liquefied natural gas (LNG) this year, Helge Haugane, the head of gas and power trading at Norway's Equinor, told Bloomberg News on Tuesday. In a worst-case scenario, European gas reserves could be only 30% full by the end of the winter, Haugane said, adding that attracting cargoes will be critical to refilling storage over the summer, which could be costly and require regulatory intervention. Equinor responded to a Reuters request for comment saying it did not have anything to add beyond what Bloomberg News reported. "Europe needs to attract 230 more LNG cargos than last year, which represents an around 20% increase," CEO Anders Opedal said last week. He also said this showed the potential competition for LNG between Europe and Asia over the summer. Equinor in 2022 overtook Russia's Gazprom as Europe's biggest supplier of natural gas when Moscow's invasion of Ukraine upended decades-long energy ties. Norway now meets around one-third of the continent's demand. Europe's higher demand for refilling storage is also reflected in high gas prices for the summer months, which are more expensive than contracts covering next winter. Sign in to access your portfolio
Reuters
11-02-2025
- Business
- Reuters
Equinor says EU may need 350 extra LNG cargoes to replenish reserves, Bloomberg News reports
Feb 11 (Reuters) - The European Union may need as many as 350 extra cargoes of liquefied natural gas (LNG) this year, Helge Haugane, the head of gas and power trading at Norway's Equinor ( opens new tab, told Bloomberg News on Tuesday. In a worst-case scenario, European gas reserves could be only 30% full by the end of the winter, Haugane said, adding that attracting cargoes will be critical to refilling storage over the summer, which could be costly and require regulatory intervention. Equinor responded to a Reuters request for comment saying it did not have anything to add beyond what Bloomberg News reported. "Europe needs to attract 230 more LNG cargos than last year, which represents an around 20% increase," CEO Anders Opedal said last week. He also said this showed the potential competition for LNG between Europe and Asia over the summer. Equinor in 2022 overtook Russia's Gazprom as Europe's biggest supplier of natural gas when Moscow's invasion of Ukraine upended decades-long energy ties. Norway now meets around one-third of the continent's demand. Europe's higher demand for refilling storage is also reflected in high gas prices for the summer months, which are more expensive than contracts covering next winter.
Bloomberg
11-02-2025
- Business
- Bloomberg
EU May Need 350 Extra LNG Cargoes to Replenish Reserves, Equinor Says
Europe may need to attract as many as 350 extra cargoes of liquefied natural gas this year to refill its quickly depleting storage facilities, according to one of the region's top suppliers of the fuel. In a worst-case scenario, European gas reserves could be only 30% full by the end of the winter, said Helge Haugane, senior vice president for gas and power at Equinor ASA, during an interview at E-World in Essen, Germany.
