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Equinor's (EQNR) Arkona Wind Farm Transmits First Electricity
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Equinor ASA’s (EQNR - Free Report) joint venture (“JV”) project Arkona offshore wind farm has transmitted power for the first time into the German electricity grid.
German utility E.ON, the other JV partner, operates the 385-megawatt project. Post completion, the project is estimated to provide power to about 400,000 German households. With the first of the 60 turbines currently operating, more wind turbines will be brought online soon.
The offshore substation and installation of all 60 foundations were completed ahead of schedule. The Arkona project, located in the German part of the Baltic Sea, is in the final stage of construction. The wiring to link the turbines to the offshore substation was also fitted ahead of the plan.
Currently, the wind turbines comprising towers, nacelles and blades are located offshore. Of the total, 44 wind turbines have been set up. Per the plan, all the turbines will be installed by 2018 and start transmitting renewable energy into the grid.
Located 35 kilometers northeast of the island of Rügen, the Arkona project will involve an investment of 1.2 billion eur. Compared with conventionally generated electricity, the project will save about 1.2 million tons of CO2 annually.
Since 2012, Arkona represents Equinor’s fourth wind farm commissioned in Europe. Installation of 60 turbines of the six-megawatt class by Siemens Gamesa Renewable Energy is yet to be completed.
Other offshore wind farm projects where Equinor has a position are the Baltyk II and III in the Polish part of the Baltic sea. In the U.K., the company operates the Sheringham Shoal, Dudgeon and Hywind Scotland offshore wind farms.
These projects are in sync with the company’s strategy to balance oil and gas portfolio with prospective renewable energy sources. The company has developed a substantial offshore wind portfolio with a capacity to provide more than 1 million European homes with renewable energy.
Price Performance
In the past year, Equinor’s shares have rallied 35.7% compared with the industry’s 21.1% increase.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Headquartered in Houston, TX, W&T Offshore is a leading oil and natural gas explorer. The company delivered an average positive earnings surprise of 27.5% in the trailing four quarters.
CNX Resources is an independent oil and gas exploration and production company. The company delivered a positive earnings surprise of 250.0% in the preceding quarter.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
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Equinor's (EQNR) Arkona Wind Farm Transmits First Electricity
Equinor ASA’s (EQNR - Free Report) joint venture (“JV”) project Arkona offshore wind farm has transmitted power for the first time into the German electricity grid.
German utility E.ON, the other JV partner, operates the 385-megawatt project. Post completion, the project is estimated to provide power to about 400,000 German households. With the first of the 60 turbines currently operating, more wind turbines will be brought online soon.
The offshore substation and installation of all 60 foundations were completed ahead of schedule. The Arkona project, located in the German part of the Baltic Sea, is in the final stage of construction. The wiring to link the turbines to the offshore substation was also fitted ahead of the plan.
Currently, the wind turbines comprising towers, nacelles and blades are located offshore. Of the total, 44 wind turbines have been set up. Per the plan, all the turbines will be installed by 2018 and start transmitting renewable energy into the grid.
Located 35 kilometers northeast of the island of Rügen, the Arkona project will involve an investment of 1.2 billion eur. Compared with conventionally generated electricity, the project will save about 1.2 million tons of CO2 annually.
Since 2012, Arkona represents Equinor’s fourth wind farm commissioned in Europe. Installation of 60 turbines of the six-megawatt class by Siemens Gamesa Renewable Energy is yet to be completed.
Other offshore wind farm projects where Equinor has a position are the Baltyk II and III in the Polish part of the Baltic sea. In the U.K., the company operates the Sheringham Shoal, Dudgeon and Hywind Scotland offshore wind farms.
These projects are in sync with the company’s strategy to balance oil and gas portfolio with prospective renewable energy sources. The company has developed a substantial offshore wind portfolio with a capacity to provide more than 1 million European homes with renewable energy.
Price Performance
In the past year, Equinor’s shares have rallied 35.7% compared with the industry’s 21.1% increase.
Zacks Rank & Stocks to Consider
Equinor currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras SA, W&T Offshore, Inc (WTI - Free Report) and CNX Resources Corporation (CNX - Free Report) . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Headquartered in Houston, TX, W&T Offshore is a leading oil and natural gas explorer. The company delivered an average positive earnings surprise of 27.5% in the trailing four quarters.
CNX Resources is an independent oil and gas exploration and production company. The company delivered a positive earnings surprise of 250.0% in the preceding quarter.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>