Latest news with #floatingwind
Globe and Mail
4 days ago
- Business
- Globe and Mail
Is Rise in Floating Wind Farm Tech Opening New Avenues for GE Vernova?
As the world undergoes a revolutionary energy transition process, a significant expansion in floating offshore wind farms is being witnessed recently. The installation of wind turbines further ashore will enable these farms to capture more wind and thereby generate more energy compared to fixed-bottom offshore farms. This presents strong growth opportunities for GE Vernova Inc. GEV, a pioneer in the wind energy industry, whose fleet of approximately 57,000 wind turbines is currently operational in more than 51 countries worldwide. The company's Haliade-X turbines, currently operational in several North Sea projects, are among the most powerful offshore wind turbines available today. In the latest development, these turbines are capable of generating up to 18 megawatts (MW) of energy. GEV's expertise in manufacturing world-class offshore wind turbines and the success of the Haliade-X in fixed-bottom projects suggest it is well-positioned to capitalize on the growing floating offshore wind sector. This expectation is further supported by GEV's active role in the industry, as demonstrated in 2024 when it completed scheduled maintenance for a major European floating wind farm. Moreover, in 2021, GEV's research team unveiled a proposal for a floating version of the Haliade-X. This further reflects GE Vernova's capabilities and initiatives to expand its reach in the emerging floating offshore wind market. Other Stocks Warranting a Look Investors looking out for other stocks that have also been investing in floating wind farms and associated technology may consider keeping Siemens Energy SMNEY and Vestas Wind Systems VWDRY in their watchlist. Notably, wind turbines of Siemens Gamesa, a unit of Siemens Energy, have powered Hywind Tampen, the world's largest floating offshore wind power plant, located in Norway. Its turbines have also been installed in Provence Grand Large, France's first floating offshore wind farm. On the other hand, Vestas, being a pioneer in floating wind technology, has installed turbines on floating foundations for over a decade, including projects off the coasts of Scotland and Portugal. In 2023, VWDRY signed a preferred supplier agreement to supply and install 33 units of its V236-15.0 MW turbine for a 495 MW floating offshore wind project in South Korea. The Zacks Rundown for GEV Shares of GE Vernova have surged a solid 185.2% in the past year, outperforming the industry 's 49.4% gain. From a valuation standpoint, GEV is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 53.75X, representing a roughly 153.5% premium compared to the industry average of 21.20X. The Zacks Consensus Estimate for GEV's 2025 and 2026 sales suggests a year-over-year improvement of 6.4% and 10%, respectively. The bottom-line estimate for 2025 has moved south over the past 60 days, while the same for 2026 has moved north. GEV currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vestas Wind Systems AS (VWDRY): Free Stock Analysis Report GE Vernova Inc. (GEV): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Reuters
19-06-2025
- Business
- Reuters
Equinor and Gwynt Glas win UK floating offshore wind leases
LONDON, June 19 (Reuters) - Equnior ( opens new tab and Gwynt Glas, a joint venture between EDF Renewables UK and ESB, have won seabed leases to build floating wind farms in the Celtic Sea off the coast of Wales and South West England, The Crown Estate said on Thursday. Britain is aiming to largely decarbonise its electricity sector by 2030 to reduce its reliance on fossil fuels and drive down cost and is seeking to increase offshore wind capacity to 43-50 gigawatts (GW) by the end of the decade, from around 16 GW at present. 'Floating offshore wind will be transformative for economic growth in Wales and the South West, unlocking thousands of jobs in places like Port Talbot and Bristol, bolstering our energy security and delivering industrial renewal,' Britain's Energy Secretary Ed Miliband said in the Crown Estate press release. The Crown Estate, which acts as manager of the seabed around England, Wales and Northern Ireland, said Equnior and Gwynt Glas had both won leases giving them the rights each to build 1.5 gigawatt (GW) floating wind projects in its latest seabed leasing round. The companies will pay 350 pounds ($468.55) per megawatt per year for the leases, the Crown Estate said, meaning both groups will pay 525,000 pounds per year for the sites excluding VAT. Floating wind projects can be installed in deeper waters than fixed-bottom foundations, harnessing stronger and more continuous wind to generate more power. The Crown Estate is an independently run, commercial business, whose profits go to the Treasury but its profits are also used as the benchmark for the level of public funding for the Royal Family. ($1 = 0.7470 pounds)
Reuters
19-05-2025
- Business
- Reuters
Norway opens floating offshore wind tender
OSLO, May 19 (Reuters) - Norway has launched the first part of its long-awaited inaugural floating wind tender, it said on Monday, offering subsidies to the winners despite the challenges faced by the global offshore wind industry. The industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting governments to halt or postpone tenders due to a lack of interest from bidders. In a first step, the process foresees bidders being awarded the rights to develop commercial projects of up to 500 megawatts (MW) in capacity at the Utsira Nord site off the country's south-west coast. The winners will then have two years to mature the projects before competing in an auction for subsidies in 2028-2029, to be provided as a direct grant. "Utsira Nord is an important first step in the development of commercial floating offshore wind development on the Norwegian continental shelf," Norway's Energy Minister Terje Aasland said in a statement. Norway has agreed to cap total subsidies at Utsira Nord at 35 billion Norwegian crowns ($3.37 billion), reflecting the technology's relative immaturity. "The model for allocating project areas and state support is adapted to floating offshore wind and will contribute to both technology development and cost reductions for subsequent projects," Aasland said. Norway is not part of the European Union but participates in the bloc's internal market, requiring it to comply with EU rules, including on state aid, a process that is managed by the EFTA surveillance authority (ESA). The latter approved Norway's proposal to tender acreage suitable for floating wind farms at Utsira Nord in April. Floating wind turbines are deemed particularly suitable for greater water depths where fixing the foundation into the seabed is not possible. Norway awarded a first bottom-fixed offshore wind farm licence in 2024 but will focus solely on floating wind farm development when it next announces new tenders. ($1 = 10.3723 Norwegian crowns)
