Equinor ASA’s (EQNR Quick QuoteEQNR - Free Report) Dogger Bank offshore wind farm in the U.K. North Sea commenced power production for the first time.

The project is being developed in U.K. waters, which are situated approximately 70 nautical miles off the coast of Yorkshire.

The 3.6-gigawatts (GW) Dogger Bank wind farm is an offshore wind farm, which is being developed in three phases, namely Dogger Bank A, Dogger Bank B and Dogger Bank C. It is a 50/50 joint venture partnership between the energy company SSE and Equinor.

Dogger Bank’s produced power is now being transmitted to the UK’s national grid through its high-voltage direct current (HVDC) transmission system. This represents the first-ever implementation of HVDC technology in a U.K. wind farm.

Dogger Bank will provide a substantial boost to U.K. energy security, affordability and leadership in tackling climate change. While it is still in the construction phase, this development will enhance energy security, generate employment opportunities, reduce electricity costs and contribute to the nation’s commitment to achieving a net-zero carbon future.

Once completed, Dogger Bank will feature a capacity of 277 massive offshore turbines, capable of generating sufficient clean energy to meet the power needs of six million homes per year. This will result in yearly carbon dioxide reductions, which are equivalent to removing 1.5 million cars from the road.

The huge scale of Dogger Bank underscores the central role of offshore wind energy in the United Kingdom’s clean energy landscape. It symbolizes a shift away from fossil fuels toward affordable, domestically-produced power.

This groundbreaking clean energy initiative represents a major leap forward for the United Kingdom’s offshore wind sector. It is set to generate thousands of employment opportunities and draw billions in private investments, thus solidifying the country’s position as a leader in the offshore wind industry.

Price Performance

Shares of Equinor have outperformed the industry in the past six months. The stock has gained 15% against the industry’s 0.6% decline.

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Zacks Rank & Stocks to Consider

Equinor currently carries a Zack Rank #5 (Strong Sell).

Investors interested in the energy sector may look at some better-ranked companies mentioned below. Each of the three companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Matador Resources Company (MTDR Quick QuoteMTDR - Free Report) is among the leading oil and gas explorers in the shale and unconventional resources in the United States. MTDR’s prime priorities include lowering debt, delivering free cashflows and maintaining or increasing dividends.

Matador Resources has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for MTDR’s 2023 and 2024 earnings per share is pegged at $6.40 and $8.64, respectively.

Pioneer Natural Resources Company  is an explorer and producer of oil, natural gas and natural gas liquid. The upstream energy player’s debt to capitalization has been persistently lower than the industry over the past few years, reflecting considerably lower debt exposure.

Pioneer has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for PXD’s 2023 and 2024 earnings per share is pinned at $21.42 and $25.27, respectively.

SM Energy Company (SM Quick QuoteSM - Free Report) is an independent oil and gas company that explores, exploits, develops, acquires and produces oil and gas in North America. SM's strong cash generation places it in a better financial position, allowing for investments in dividends, debt reduction and future growth.

SM Energy has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SM’s 2023 and 2024 earnings per share is pegged at $5.79 and $7.03, respectively.