TotalEnergies On Contract Winning Spree: 20-Year NJ Wind Contract Propel US Energy Vision
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) and Corio Generation won a 20-year contract from New Jersey to supply 1.34 GW of renewable electricity. The Attentive Energy Two project, a joint venture between TotalEnergies (70%) and Corio (30%), will power over 650,000 homes and is expected to be commissioned in 2031. The project guarantees profitability with a set OREC revenue price and a 30% IRA tax credit. TotalEnergies also recently acquired Kyon Energy and partnered with European Energy for Nordic offshore wind projects. TTE shares rose 1.53% to close at $64.24.
January 25, 2024 | 10:34 am
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POSITIVE IMPACT
TotalEnergies SE won a significant 20-year contract to supply renewable energy in New Jersey and acquired Kyon Energy, indicating strong growth in its renewable energy sector and positive investor sentiment.
The contract win and acquisition by TotalEnergies are likely to be viewed positively by investors, as they demonstrate the company's commitment to expanding its renewable energy portfolio and its strategic positioning in the US energy market. The guaranteed revenue and tax credit for the NJ project enhance the financial stability of the venture, which could lead to increased investor confidence and a potential rise in stock price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90