Equinor Reportedly Scores Final Permit, Empire Wind 1 To Blast Off In 2026
Portfolio Pulse from Lekha Gupta
Equinor ASA (NYSE:EQNR) has received final approval from the New York State Public Service Commission to start building its Empire Wind 1 offshore wind farm, expected to contribute to New York's goal of 9,000 MW of offshore wind power by 2035. The project is scheduled to start producing power in 2026. Equinor recently entered a strategic partnership with Standard Lithium Ltd and reported Q1 FY24 revenue of $24.79 billion, beating consensus estimates.
May 17, 2024 | 10:18 am
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POSITIVE IMPACT
Equinor ASA has received final approval to start building the Empire Wind 1 offshore wind farm, expected to contribute significantly to New York's renewable energy goals. The project is set to start producing power in 2026. Equinor also reported strong Q1 FY24 revenue and entered a strategic partnership with Standard Lithium Ltd.
The final approval for the Empire Wind 1 project is a significant milestone for Equinor, aligning with New York's renewable energy goals and potentially boosting investor confidence. The strong Q1 FY24 revenue and strategic partnership with Standard Lithium Ltd further enhance the company's growth prospects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Equinor's stock via the Pacer Developed Markets International Cash Cows 100 ETF (ICOW), which includes high free cash flow companies.
The Pacer Developed Markets International Cash Cows 100 ETF (ICOW) includes Equinor, providing investors with exposure to a company that is making significant strides in renewable energy and has reported strong financial performance.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
Investors can gain exposure to Equinor's stock via the Macquarie ETF Trust Macquarie Energy Transition ETF (PWER), which focuses on energy transition companies.
The Macquarie Energy Transition ETF (PWER) provides a way for investors to gain exposure to Equinor's stock, which may benefit from the positive news about the Empire Wind 1 project and strong financial performance.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
NEUTRAL IMPACT
BP PLC had previously entered a swap deal with Equinor to fully own the Empire Wind lease and projects. This deal is part of BP's broader strategy to invest in renewable energy.
While BP's involvement in the swap deal with Equinor is part of its renewable energy strategy, the immediate impact on BP's stock is less direct compared to Equinor. The news is more relevant to Equinor's operational progress.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50