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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Norway's Equinor clinches New York offshore wind contract

01/13/2021 | 03:49pm EST
FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

OSLO (Reuters) - Norwegian energy major Equinor clinched a contract to supply offshore wind energy to New York state from two projects it is developing off Long Island, state and company officials said on Wednesday.

The agreement represented the largest single procurement of renewable energy by a U.S. state so far, according to a statement from New York Governor Andrew Cuomo's office.

As part of the deal, Equinor will invest an undisclosed sum to help upgrade two ports, the Port of Albany and South Brooklyn Marine Terminal, to support the expected boom in the nascent U.S. industry.

The United States lags Europe in development of offshore wind energy, with just one small wind farm off Rhode Island. Permits for the first major project, Vineyard Wind, has suffered a string of setbacks, but several Northeastern states have set targets to procure large amounts of offshore wind over the next 15 years.

Equinor's two projects, Empire Wind 2 and Beacon Wind 1, will provide 2,490 megawatts of power to New York state under the contract announced on Wednesday, enough to power about 1.3 million homes.

New York has a goal of sourcing 9,000 megawatts of offshore wind by 2035 as part of Cuomo's plan to address climate change.

Equinor has a prior commitment to provide 816 MW of power to New York from another offshore wind project, Empire Wind 1.

In September, Equinor said BP would be a 50% partner in the two projects. That deal is expected to close early this year.

In a statement, Equinor Chief Executive Anders Opedal called the successful bids "a game-changer for our offshore wind business in the U.S."

European oil firms such as Equinor and BP are under pressure from activists, banks, investors and some governments to shift away from fossil fuels, and analysts say offshore wind farms are probably the quickest way for them to do so.

(Reporting by Terje Solsvik in Oslo and Nichola Groom in Los Angeles; editing by Nerijus Adomaitis and Grant McCool)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA -1.57% 163 Real-time Quote.12.45%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.7.68%
NORWEGIAN ENERGY COMPANY ASA -3.06% 142.5 Real-time Quote.0.71%
WTI -1.77% 52.063 Delayed Quote.9.87%
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Financials (USD)
Sales 2020 45 370 M - -
Net income 2020 -2 495 M - -
Net Debt 2020 18 888 M - -
P/E ratio 2020 -25,7x
Yield 2020 2,49%
Capitalization 62 440 M 62 432 M -
EV / Sales 2020 1,79x
EV / Sales 2021 1,35x
Nbr of Employees 21 412
Free-Float 31,9%
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Technical analysis trends EQUINOR ASA
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 19,30 $
Last Close Price 19,19 $
Spread / Highest target 42,2%
Spread / Average Target 0,57%
Spread / Lowest Target -43,0%
EPS Revisions
Managers and Directors
NameTitle
Anders Opedal President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer
Svein Skeie Chief Financial Officer
Bjørn Tore Godal Independent Non-Executive Director
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