Latest news with #RevolutionWind
Straits Times
6 days ago
- Business
- Straits Times
Seatrium says net order book at $21.3 billion as of March, shares up 1%
Projects relating to renewables and green or cleaner solutions amounted to $7.1 billion of the net order book. PHOTO: SEATRIUM Seatrium says net order book at $21.3 billion as of March, shares up 1% SINGAPORE - Offshore and marine specialist Seatrium said its net order book stood at $21.3 billion as of March 31, in a business update that the company filed with the Singapore Exchange on May 29. This order book comprises 26 projects with deliveries that extend to 2031, it added. Projects relating to renewables and green or cleaner solutions amounted to $7.1 billion of the total. Seatrium's shares rose 1 per cent to $2.08 as at 9.03am on May 29, after its business update. In the filing, the company said it maintained its focus on operational excellence and cost optimisation amidst an uncertain operating environment, and continued to secure repeat order wins and breakthroughs in new markets. On the oil and gas front, Seatrium noted that there has been steady progress on existing projects. It delivered its fourth floating production storage and offloading (FPSO) project for waters off Guyana, and also has topsides fabrication and integration works underway for two other FPSOs bound for Guyana. FPSOs are a type of floating facility used in the offshore oil and gas industry, used in the processing, transport and storage of oil and gas. Seatrium added that commissioning works are also progressing well for the first of six newbuild FPSOs for multinational corporation Petrobras, set to depart for Brazil later this year. 'The group continues to see a stable order pipeline for oil and gas projects, driven by an increased focus on energy security and strong energy demand,' Seatrium said. It also signed an agreement with BP for a second floating production unit for the Gulf of Mexico, renamed the Gulf of America by US President Donald Trump. Besides oil and gas, Seatrium is also continuing its series-build strategy in renewables, it said. In the first quarter of the year, it hit several milestones in offshore wind projects, such as completing the strike steel for the second of three 2 gigawatt offshore converter platforms for TenneT - a European grid operator delivering energy to the Netherlands and large parts of Germany. Offshore commissioning works are also underway for the Revolution Wind offshore substations off Rhode Island, with a unit slated to complete by June this year, Seatrium said. 'Despite current uncertainties in the US offshore wind market, the group continues to see opportunities in other regions, including Europe and Asia Pacific,' it added. In January, Seatrium entered the Japanese offshore wind market, when it was awarded a contract to carry out the engineering, procurement and construction work of a 5,000-ton heavy lift vessel for Penta-Ocean Construction. Seatrium also completed 45 repairs and upgrades projects in the first quarter of the year. These included a series of six cruise ship retrofits, naval vessels and LNG carriers, as well as the world's first full-scale turnkey carbon capture and storage retrofit for an ethylene carrier by Norwegian shipping company Solvang ASA. 'Seatrium will continue to leverage its favoured customer contracts to secure fleet management for forward capacity planning, as well as higher-value projects,' it said. It recently secured a contract to convert a Floating Storage Regasification Unit from Norwegian company Hoegh Evi. The unit is a specialised vessel designed to store and regasify liquefied natural gas (LNG) at sea. Seatrium has completed 20 successful such conversions since 2007. In February, Seatrium reported that it returned to its first full-year profit since 2017. For the year to December 2024, it posted a net profit of $157 million, bouncing back from a net loss of $2 billion a year ago. Seatrium's shares rose nearly 1 per cent to $2.08 just after market opened at 9.03am, up from its previous close of $2.06. Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Wire
22-05-2025
- Politics
- Business Wire
Green Oceans and Allies Urge Interior Secretary Burgum to Halt All Offshore Wind Construction in New England Because of Flawed Permitting
LITTLE COMPTON, R.I.--(BUSINESS WIRE)--Green Oceans, joined by a coalition of environmental, fishing, tribal, and community organizations, called upon U.S. Interior Secretary Doug Burgum to halt all offshore wind construction in the New England coastal waters. Citing a recent Government Accountability Office report that confirms repeated oversight failures by BOEM, the coalition urged Secretary Burgum to declare a comprehensive moratorium and begin a thorough reevaluation of the projects, including proper tribal consultation and cumulative impact analysis. The organizations–– Green Oceans, ACK for Whales, Long Island Commercial Fishing Association, Protect Our Westport Waters, Save Greater Dowses Beach, Save Right Whales Coalition, and the Wampanoag Tribe of Gay Head/Aquinnah––collectively petitioned Secretary Burgum to rescind the approvals for the projects and begin a 'complete reevaluation' of their permits under applicable federal laws. They cited material deficiencies in environmental impact analyses and legal violations. The coalition cited serious fears about real and imminent threats to marine ecosystems, endangered North Atlantic right whales, Tribal Cultural Resources, national security, and the regional economy posed by Revolution Wind, Vineyard Wind, South Fork Wind, Sunrise Wind, SouthCoast Wind, and New England Wind. The projects' collective lease area occupies 1400 square miles of environmentally sensitive marine habitat; and if built out, would stretch from Long Island to Cape Cod. The letter, which identifies many and repeated material deficiencies in the government's approval process, the heavy burden to taxpayers, and the lack of material benefit emphasized the urgent need to act: Time is critical. Pile driving is resuming in waters currently occupied by nearly half of the remaining North Atlantic right whale population in the world. Without your immediate intervention, these projects will drive this highly endangered species closer to extinction, irreversibly damaging Tribal Cultural Resources, marine habitats, and biodiversity. As a nation, we have both a legal right and an ethical responsibility to protect these precious yet fragile resources. The letter also said the projects threaten: Critical habitat destruction impacting cod spawning grounds. Inadequate response to turbine blade failures and environmental cleanup. Severe adverse impacts on regional fisheries and economic displacement. Compromised national defense radar and marine safety capabilities. Misleading economic analyses that omit substantial regional job losses and increased electricity prices. "The future of our oceans and the countless species and communities depending on them rests on swift, decisive action," said Lisa Quattrocki Knight, President and co-founder of Green Oceans. "We respectfully call on Secretary Burgum to establish a lasting legacy of responsible ocean stewardship and lawful governance," she added. 'These projects could cost the US taxpayer over $60 billion in the next several years. They will raise the price of electricity. Higher electricity prices will displace manufacturing jobs. Fishing jobs have already been harmed. Most egregiously, these projects will not influence climate change,' said Dr. Knight. 'Every day that another pile is driven into the ecologically fragile seabed, more ocean is despoiled, more marine life is threatened, and the right whale moves closer to extinction. This is an urgent problem that needs an immediate remedy.' 'Once these turbines are built, we will have a recurring environmental catastrophe off our shores that will be difficult, if not impossible, to undo and afford. These predominantly foreign energy conglomerates that have been dependent upon federal dollars to construct them have also been unjustly relieved of the requirement to set aside funding for decommissioning. Instead, the taxpayers will be stuck with the bill. Better to stop the construction now before it's too late,' ACK for Whales President Val Oliver said. 'We are optimistic,' said Susanne Conley, Save Dowses Beach Executive Director. 'Secretary Burgum has expressed his skepticism of the offshore wind industry, writing on social media last month, 'The offshore wind industry has relied on tax subsidies for 30 years – not anymore.'' A copy of the letter can be found at
Yahoo
06-05-2025
- Business
- Yahoo
Neronha and 17 other AGs sue Trump administration for anti-wind directives
Paul Murphy, a senior director with Orsted, discusses the assembly of offshore wind turbine components for the Revolution Wind project at ProvPort in June 2024. A new federal lawsuit co-led by Rhode Island Attorney General Peter Neronha alleges the Trump administration's orders and actions have derailed the nascent wind industry. (Photo by Robert Zullo/ States Newsroom) Rhode Island's laws, along with its economy, energy prices and resilience against climate change, hinge upon offshore wind projects now at risk under President Donald Trump's administration, Rhode Island Attorney General Peter Neronha contends. Which is why Neronha joined with 17 other Democratic attorneys general in asking a federal judge to block the federal administration from its 'unlawful attempt' to halt the offshore wind sector. The 101-page federal lawsuit filed in U.S. District Court in Massachusetts on Monday marks the latest in a frenzy of legal challenges attacking Trump policies regarding education, immigration, research funding, public health, and grants and aid to state governments, among others. 'Mere hours after taking office, this President issued an executive order reaffirming his commitment to dismantling substantial clean energy progress in this country,' Neronha said in a statement Monday. 'The development and implementation of renewable energy resources, including wind energy, is a crucial part of stabilizing energy prices at a time when Rhode Islanders are struggling to pay skyrocketing energy bills. Further, the continued development of wind energy will help us meet our state's Act on Climate goals, provide quality jobs for Rhode Islanders, and help maintain a habitable planet for generations to come. We can't afford any setbacks when it comes to climate, and we will fight to make sure our progress isn't lost.' The complaint argues that Trump and federal agencies violated separation of powers protections under the Administrative Procedure Act in reversing 'longstanding federal policy' to promote offshore wind. It also contends the named defendants — including the U.S. departments of interior, agriculture, energy, treasury and commerce and their secretaries and the bureaus of land management and ocean energy management and their directors — violated federal environmental laws enshrining proper permitting and approval proceedings to protect clean air, endangered species and the ocean floor. Renewable energy, including wind-powered electricity, has enjoyed bipartisan support dating back to the early oughts under President George H. W. Bush's administration, which saw the industry grow by 400%. During Trump's first term in office, federal agencies charged with overseeing leasing and permitting for offshore wind projects held seven auctions for new offshore wind leases and granted multiple leases to project developers, the lawsuit states. Yet when Trump took office on Jan. 20, he issued a memo indefinitely pausing federal reviews and approvals for offshore wind projects. The 'amorphous redundant, extra-statutory, and multi-agency review' wreaked havoc on the nascent industry almost immediately, the lawsuit states. 'The Wind Directive has stopped most wind-energy development in its tracks, despite the fact that wind energy is a homegrown source of reliable, affordable energy that supports hundreds of thousands of jobs, creates billions of dollars in economic activity and tax payments, and supplies more than 10% of the country's electricity,' the complaint states. The 17 other attorneys general who joined the lawsuit with Neronha represent Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, New Mexico, Oregon, and Washington. They have asked a federal judge to declare Trump's Jan. 20 memo unlawful and stop the named federal agencies and cabinet directors from delaying or preventing wind energy development. Matthew Nies, a spokesperson for the U.S. Department of Justice, declined to comment on the lawsuit in an emailed response Tuesday. Offshore wind turbine blades being unloaded at the Port of Davisville in North Kingstown in 2023. (Courtesy Quonset Development Corporation) SouthCoast Wind review pushed back In Rhode Island, where construction on the 704-megawatt Revolution Wind project was already underway after securing all requisite federal and state approvals, advocates remained initially optimistic. Rhode Island Energy was also in the midst of negotiations to buy another 200 megawatts of 'nameplate capacity' wind electricity from a second project, SouthCoast Wind, at the time of Trump's Jan. 20 memo. The wind project to be built off the coast of Martha's Vineyard had already received seven out of 10 federal permits at the time. But suddenly, the expected completion date for its remaining federal reviews was extended, from March 27, 2025, to June 26, 2025, according to the lawsuit. Rhode Island Energy has since pushed back its contract signing date with SouthCoast Wind developers, with multiple parties citing uncertainty in federal policy as one reason for the longer-than-anticipated negotiations. The utility company, along with companies in Massachusetts, now expects to finalize the deals setting energy purchase prices by June 30. Headwinds slowing the offshore wind industry intensified last month, after the U.S. Department of Interior ordered developers of an already-permitted wind project off New York, Empire Wind, to halt construction. U.S. Interior Secretary Doug Burgum said in the April 16 directive that the project, approved under the Biden administration, was 'rushed' and its approval granted 'without sufficient analysis.' Meaghan Wims, a spokesperson for Revolution Wind, declined to comment on any correspondence from federal agencies to the project developer in an email on April 18. Wims did not immediately respond to follow-up inquiries for comment Tuesday. The project being built off the coast of Block Island is expected to be completed in 2026, according to its website. SouthCoast Wind in response to inquiries last month after the Empire Wind directive referred back to its federal online permitting dashboard. The dashboard shows an expected June 25 completion date for all remaining permits under review — the same as was listed prior to the Empire Wind stop-work order. A spokesperson for SouthCoast Wind also did not immediately respond to follow-up questions Tuesday. Wind-powered electricity set to grow Rhode Island's clean energy portfolio is critical to meet its climate change goals, codified under the 2021 Act on Climate Law and a 2022 law requiring the state achieve 100% renewable electricity by 2033. 'The Wind Directive also harms Rhode Island's ability to protect its residents, as part of a broader effort, from the growing impacts of climate change,' the complaint states. 'As outlined above, delaying or preventing development of new wind energy in the region prevents New England states, including Rhode Island, from bringing new energy resources online that are important to ensure a reliable grid and cleaner renewable energy, and to combat the price volatility related to continued reliance on fossil fuels in the region.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
05-05-2025
- Business
- Yahoo
CT joins 19-state effort against Trump opposition to offshore wind energy
Connecticut Attorney General William Tong joined 18 other attorneys general in a lawsuit filed Monday that seeks to prevent continuing efforts by the Trump administration to block the development of offshore wind energy. Trump has moved to shut down renewable energy, particularly offshore wind, as expensive and unreliable, while supporting expansion of fossil fuel development. On his first day in office, Trump signed an executive order temporarily halting offshore wind lease sales in federal waters and pausing the issuance of approvals, permits and loans for all wind projects. Since then he has blocked projects off New York and New Jersey. 'This is yet another lawless effort by Donald Trump to enrich the fossil fuel industry and illegally micromanage state business. Connecticut has the right to secure our energy future, and one that makes the most sense for our costs and climate,' Tong said Monday after the federal suit was filed in Boston. New England's power industry supports offshore energy development and opposes administration efforts to block it. 'Large-scale offshore wind development is hardwired into electric reliability planning for New England,' said Dan Dolan, president of the New England Power Generators Association. 'I am hopeful that the projects under construction and committed in the market will come online soon to deliver reliability benefits for the region.' 'Every energy source has its challenges, be they cost, emissions, land-use, scale, or technological,' he said. 'Without offshore wind, New England's energy choices narrow significantly over the next decade with difficult future choices as electricity demand continues to rise.' Late last year, Gov. Ned Lamont shocked neighboring states when he decided to step away from a three-state, offshore energy buy as too expensive. He said Connecticut would concentrate its decarbonization efforts, at least over the short term, in solar and energy storage projects. The decision left Connecticut with one offshore wind contract — an agreement to buy power, with Rhode Island, from Revolution Wind, which is under construction south of Block Island by Danish multinational Orsted. The project will provide 304 megawatts of energy to Connecticut and 400 megawatts to Rhode Island, enough energy to power more than 350,000 homes in both states. Orsted, a major player in offshore wind, was a substantial investor in the $300 million reconstruction of the state pier in New London, which was redesigned as a support hub for offshore construction. The attorneys general allege in their suit the Trump executive order hurts state efforts to secure reliable, diversified, and affordable sources of energy to meet their increasing demand for electricity and help reduce emissions of harmful air pollutants, meet clean energy goals, and address climate change. The administration's opposition to wind also threatens significant investment already made in wind industry infrastructure, supply chains, and workforce development — investments the state's claim are already in the billions of dollars. In filing this lawsuit, the attorneys general are asking the court to declare the president's directive illegal and prevent the administration from taking any action to delay or prevent wind energy development. Trump's hostility to offshore wind has exacerbated serious financial problems that predated his election by more than a year. Supply chain and interest rate problems caused delays, steep price hikes and led to project failures. The administration promises to discontinue lease sales, permitting and generous government subsidies has caused the outlook to deteriorate further.
Yahoo
03-05-2025
- Business
- Yahoo
Eversource Energy (ES) Q1 2025 Earnings Call Highlights: Strategic Investments and Steady ...
GAAP and Recurring Earnings: $1.50 per share for Q1 2025, compared to $1.49 per share in Q1 2024. Transmission Earnings: Increased by $0.04 per share due to higher revenues from system investments. Electric Distribution Earnings: Increased by $0.03 per share, benefiting from grid modernization and rate mechanisms. Natural Gas Segment Earnings: Improved by $0.06 per share due to higher revenues from infrastructure investments. Parent Losses: Increased by $0.12 per share, primarily due to higher interest expenses. Five-Year Capital Plan: $24.2 billion, a 10% increase over the previous plan. Transmission Infrastructure Investments: Nearly $7 billion over the next five years. Electric Distribution Investments: Over $10 billion planned, with 60% in Massachusetts. 2025 EPS Guidance: Reaffirmed at $4.67 to $4.82 per share. Long-term EPS Growth Rate: 5% to 7% through 2029. FFO to Debt Ratio: Expected to improve significantly over 2024 levels. Warning! GuruFocus has detected 11 Warning Signs with ES. Release Date: May 02, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Eversource Energy (NYSE:ES) reaffirmed its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029. The company projects an 8% rate base growth over the five-year forecast period, with additional opportunities beyond this period. Eversource Energy (NYSE:ES) is making significant progress on its AMI project in Massachusetts, which is expected to empower customers with data-driven energy usage decisions. The acquisition of the Mystic site in Everett presents a strategic opportunity for multiuse energy resource interconnection in New England. Eversource Energy (NYSE:ES) is actively collaborating with state leaders to address affordability and stabilize rates, including a 10% reduction in winter gas rates in Massachusetts. Higher utility earnings were offset by a decrease in parent and other earnings, impacting overall financial performance. The company faces challenges related to tariffs, which could potentially increase capital project costs by 3% to 6%. Eversource Energy (NYSE:ES) is dealing with regulatory uncertainties in Connecticut, including pending rate proceedings and the composition of PURA. The company has increased interest expenses and the absence of capitalized interest from its former offshore wind investment, affecting financial results. There is ongoing uncertainty regarding the timing and impact of performance-based ratemaking plans in New Hampshire and Connecticut. Q: Can you provide more details on the tariff exposure for the Revolution Wind project? A: Joseph Nolan, CEO, explained that all necessary equipment for the Revolution Wind project has been procured, with one monopile under construction expected in the fall. The substation stored in Canada is already in the U.S., so no tariff-related challenges are anticipated. Eversource has a robust warehouse operation to mitigate supply chain disruptions, minimizing tariff risks. Q: Is the Aquarion sale still on track for year-end completion, and what is the regulatory approval timeline? A: Joseph Nolan, CEO, confirmed that the Aquarion sale is expected to close in 2025, with regulatory approval anticipated by October. The transaction is straightforward, with the buyer already operating in the jurisdiction, so no issues are expected. Q: How would potential securitization of storm costs in Connecticut affect your equity needs? A: John Moreira, CFO, stated that securitization was not assumed in their financing strategy. However, if achieved, it would lead to a reassessment of their equity needs. Q: What are your thoughts on the forward composition of PURA in Connecticut and its impact on regulatory stability? A: Joseph Nolan, CEO, expressed indifference to whether PURA has three or five members but emphasized the desire for a stable regulatory climate. They are monitoring the situation and hope for a transparent regulatory environment. Q: Can you provide an update on the FFO to debt ratio and its impact on credit ratings? A: John Moreira, CFO, highlighted significant improvements in operating cash flows, driven by the recovery of previously under-recovered regulatory costs. This is expected to enhance the FFO to debt ratio by about 300 basis points, improving their credit profile. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
