Latest news with #offshorewind
Yahoo
a day ago
- Business
- Yahoo
Governor of Louisiana to Join Equinor, Edison Chouest Offshore for Christening of U.S.-Built Service Operations Vessel ECO Liberty
NEW ORLEANS, June 27, 2025--(BUSINESS WIRE)--Equinor, the developer of Empire Wind 1, will join Louisiana Governor Jeff Landry, First Lady Sharon Landry, and host Edison Chouest Offshore for a christening ceremony for the ECO Liberty on Saturday, June 28, at 11 am at the Port of New Orleans. The American-made Service Operations Vessel (SOV) was built by more than 500 Louisianans and showcases the Gulf Coast's growing manufacturing role in supporting U.S. offshore wind projects. The ECO Liberty is made of American steel and includes components from several Gulf Coast states. The 262-foot hybrid-powered vessel will soon depart for New York, where it will be homeported at the newly redeveloped South Brooklyn Marine Terminal. The ECO Liberty will be deployed to support ongoing marine construction in the lease area and eventually serve as the residence for Empire Wind workers offshore. WHAT: Christening Ceremony for the ECO Liberty WHO: Governor Jeff Landry Louisiana First Lady Sharon Landry, Vessel Godmother Representatives from Edison Chouest Offshore and Equinor WHEN: Saturday, June 28, at 11 am WHERE: Port of New Orleans, 1350 Port of New Orleans Pl, New Orleans, LA 70130 View source version on Contacts Media is invited to attend the christening event and should RSVP to:David SchoetzSenior Communications Manager, Equinor Renewables Americas475-216-1942, dscho@ Sam SpieglemanStrategic Communications Assistant, PRG303-880-6328,
Globe and Mail
2 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 (
E&E News
3 days ago
- Business
- E&E News
Offshore wind stalls as Trump's hostility deepens
President Donald Trump was at a bill signing last week when he veered onto one of his favorite topics: wind energy. 'The windmills are killing our country by the way,' the president said before signing bills to block California's gas car phase-out. Wind turbines are 'garbage,' he said, as well as 'bullshit,' 'horrible' and 'very expensive to paint.' 'We're not going to approve windmills unless something happens that's an emergency,' Trump said. 'I guess it could happen, but we're not doing any of them.' Advertisement That near-total opposition to wind has been particularly catastrophic to the offshore industry, squelching investments and halting ongoing projects in their tracks at a time when Northeast states are desperate for more power. POLITICO's E&E News found that about a dozen East Coast wind projects planned during the Biden administration are now in purgatory, potentially collapsing a portfolio that could power hundreds of thousands of homes. More projects could falter if Republicans follow through with their plans in Congress to gut clean energy tax credits, industry advocates say. 'We've seen a chilling effect across the industry from the administration's stance on offshore wind, and subsequent damaging executive orders,' said Katharine Kollins, president of the Southeastern Wind Coalition. On his first day in office, Trump withdrew all federal waters from offshore wind leasing and ordered a review of all wind leasing and permitting. His executive order directs agencies to not 'issue new or renewed approvals, rights of way, permits, leases, or loans for onshore or offshore wind projects pending the completion of a comprehensive assessment and review.' The White House did not answer questions from E&E News about the status of that review. But analysts do not expect it to be completed. 'It was not written with the purpose of being transparent and encouraging,' said Jonathan Elkind, a senior research scholar at Columbia University's Center on Global Energy Policy. 'Anybody in the industry must assume that barring some wholesale change of heart, perhaps driven by new policy perspectives … from the Trump administration and from the president, it's really hard to imagine how there's going to be a lot of progress.' Interior Secretary Doug Bergum's decision earlier this year to stop — and then restart — oil giant Equinor's Empire 1 offshore wind project only further reinforced the Trump administration's deep antipathy for wind turbines. The project off New York was already permitted and under construction when Bergum issued a stop work order, claiming the project's approval had been rushed. The fallout from the administration's opposition to wind has been swift. This month, the lone wind project being constructed off the coast of New Jersey pulled the plug on its state power contract following a revoked air permit from EPA. Earlier this year, the Bureau of Ocean Energy Management, the Interior agency that manages wind leasing in federal waters, paused the environmental review process for a wind farm in the New York Bight that had been announced in the final days of the Biden administration. It doesn't just affect offshore wind, either. In a court filing last month, the Alliance for Clean Energy New York wrote that federal agencies across the country 'ceased issuing approvals for wind projects nationwide.' 'The outcome that I fear is one in which there are unexplained and unexplainable delays, and there's just not any transparency at all,' Elkind said. BOEM and Interior did not answer questions about how agencies are interpreting the executive order halting offshore wind approvals. Sidelined projects There are around 30 offshore wind projects that have leases in the outer continental shelf, according to BOEM data. Those range in status from early-stage lease acquisitions to a few that are operating commercially. Several that were in planning stages have been canceled recently. 'We're seeing announcements that companies are sidelining projects with the expectation that no progress will be made during the administration,' said Stephen Maldonado, a research analyst at the firm Wood Mackenzie. For example, Shell had invested in offshore wind projects before earlier this year pulling out of Atlantic Shores, the now-canceled New Jersey project. The oil major told E&E News that the company 'will not lead new offshore wind developments.' 'We remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions, if there is a compelling investment case,' a spokesperson, Natalie Gunnell, said in an email. Five offshore wind farms are under construction now — including Empire Wind — and are expected by analysts to be completed roughly on schedule. That will add 5.7 gigawatts of power to East Coast power grids, with the last project set to finish construction in 2027. But a dozen other projects — including ones off of New England, New Jersey, Delaware and North Carolina — have not yet progressed to the construction stage. All are unlikely to make much progress over the next four years, prompting analysts to slash their predictions for the amount of offshore wind power the U.S. will build over the next decade. BloombergNEF, the market research firm, slashed its forecast of new offshore wind power to come online by 2035 by 56 percent as a result of the Trump administration's policies, according to an April report. That's because any projects that have yet to reach a 'final investment decision' — lingo for securing the money to begin construction — are expected to completely stall out during Trump's term. That will delay or cancel $114 billion in investments in some 22 gigawatts of projects. That outlook is digging a massive hole in state and federal climate targets that had been counting on offshore wind to help power the densely populated Eastern Seaboard, the BloombergNEF report found. States that have set goals for offshore wind still rely on BOEM to permit projects that are in federal waters. There will be just 6.1 gigawatts of offshore wind power by 2030, BloombergNEF predicted, which is only 20 percent of former President Joe Biden's goal of 30 gigawatts. Eleven states have offshore wind targets, and none of them are on track to come even close to hitting them, according to a review of active projects by the firm. Supply chain troubles Even before Trump took office, the industry faced headwinds, including supply chain constraints and rising interest rates. After peaking in late 2020, wind energy investments have largely trended downwards ever since, according to data from the Clean Investment Monitor. Siemens Gamesa, a major turbine manufacturer, canceled its plan to build blades in Virginia back in 2023. Vestas, another manufacturer that planned to construct a New Jersey assembly plant for nacelles, the piece of a turbine that generates power from its movement, may never build it without sufficient demand. Other manufacturing proposals in New York have also been shelved. (Vestas did not respond to a request for comment.) The lack of domestic suppliers means projects in the U.S. pipeline will continue to rely on Europe for parts, which leaves them extremely vulnerable to Trump's tariffs. Power generation costs could also increase by nearly a quarter for wind farms if Republicans terminate the investment tax credits in the Inflation Reduction Act, according to the BloombergNEF report. The House-passed GOP megabill would roll back the credits, requiring clean energy projects to begin construction within 60 days of the bill's passage to still qualify. The bill also requires such projects to be placed in service by 2028 to get the credits. It's unclear whether those cuts will survive the Senate. The current Senate proposal scrapped the 60-day timeline but would begin to phase out the credits for wind in 2026. 'The prospect of tariffs and a roll back of federal tax credits have created an environment where key steps in building an offshore wind farm — like signing financing deals and supplier agreements — are now impossible,' said Harrison Sholler, an offshore wind analyst who authored the BloombergNEF report. That environment has quieted new investments and made offshore wind developers keep their heads down. 'The market right now is frozen,' Jennifer Granholm, who served as Energy secretary under Biden, said at this month's POLITICO Energy Summit, referring to energy investors generally. 'Nobody is doing anything until they get the rules of the road.' For some clean energy advocates, the administration's opposition to offshore wind is perplexing: coastal wind farms provide thousands of domestic jobs and could boost efforts to rekindle U.S. manufacturing. 'Given the ideal alignment between offshore wind's priorities and those of the administration: onshoring large manufacturing and shipbuilding, energy independence and dominance, and economic development, the industry has every reason to believe that offshore wind can be successful during the Trump administration,' said Kollins of the Southeastern Wind Coalition. Hillary Bright, the leader of offshore wind advocacy group Turn Forward, said in a statement that the administration 'should take full advantage of America's many energy resources and the unique ability of offshore wind to help meet surging demand, support economic competitiveness, and further American energy.' Elizabeth Wilson, an environmental studies professor at Dartmouth College who researches offshore wind, said there is one possible silver lining to the wind industry's slowdown: extra time for developers and regulators to understand how to get projects built. 'I don't like this pause, but from a learning perspective of, 'How do we operationally make these things work,' it might not be a bad thing,' she said, adding that ultimately, shifting to technologies like wind are necessary for energy markets in a world faced with climate change. 'None of our infrastructures are ready for the world we're moving into,' she said. 'We have to do something differently.' This story also appears in Climatewire.
CTV News
3 days ago
- Business
- CTV News
Donald Trump's disdain for wind energy could create windfall for Nova Scotia: experts
The West Pubnico Point Wind Farm is seen in Lower West Pubnico, N.S. on August 9, 2021. THE CANADIAN PRESS/Andrew Vaughan HALIFAX — U.S. President Donald Trump's opposition to renewable energy could create a 'golden opportunity' for Nova Scotia's fledgling offshore wind energy industry, a leading international consulting firm says. Aegir Insights, based in Denmark, recently presented a webinar that examined Premier Tim Houston's 10-year plan to license enough offshore turbines to produce 40 gigawatts of electricity. Even though the province requires only 2.4 GW, Houston's Wind West plan calls for selling excess power to the rest of Canada and, potentially, the United States. Experts say such a project would require construction of about 4,000 offshore turbines that would generate as much electricity as China's offshore turbines produced last year. Scott Urquhart, co-founder and CEO of Aegir Insights, said Wind West has grabbed the attention of the global offshore wind industry. 'The vision is to get Nova Scotia on the radar of big international investors,' Urquhart said Tuesday in an interview from Copenhagen. 'If the big players saw only a one gigawatt ambition, they won't show up.' During last week's webinar, which attracted about 100 project developers, investors and government officials, Urquhart described Wind West as 'grand and ambitious,' but said it is underpinned by 'rational market fundamentals and economics.' Founded in 2020, Aegir Insights describes itself as an intelligence provider that offers analytics and models for those investing in the offshore wind sector. Its database of projects spans 60 markets. Though he is based in Copenhagen, Urquhart has taken a keen interest in Wind West, having grown up in Cape Breton. He told the webinar that the offshore wind industry has been hurt by rising costs and supply chain issues in recent years, but he said the industry appears poised for a recovery as interest rates fall and supply chain competition heats up. Signe Sorensen, Aegir's regional lead in the Americas, said these encouraging trends have been overshadowed in the United States by Trump's decision to place a hold on offshore projects that have already received permits. 'Even as the global sector looks to be on the road to recovery, the U.S. is on a completely different path,' Sorensen told the webinar. 'And that matters a lot to Canada. One state's challenge could be another state's opportunity.' In January, Trump announced he would halt leasing for wind projects while fast-tracking plans for more oil and gas production. That move has led to layoffs and stalled construction of wind turbines, which account for 10 per cent of U.S. electricity production — the largest source of renewable energy. Earlier this month, Trump doubled down on his opposition to wind power. 'The windmills are killing our country,' he said on June 12. 'The fields are littered with them — junk .... It's the greatest scam in history, the most expensive energy you can buy.' Sorensen said the New England states and New York have been leading development of the offshore wind sector in the U.S., but Trump's opposition could stall the industry for the next four years. 'They need to find renewable sources to supply this energy,' Sorensen said. 'That's where large-scale Canadian wind could come into the picture, specifically Wind West .... There's a golden opportunity in this for Canada.' Urquhart agreed. 'On the U.S. side, you just had a hole blown in the offshore wind sector and you have a whole bunch of supply chain people and developers who are standing around saying, 'Oh, no,'' he said in an interview. 'Now is the time to put your visionary ideas out. If you were to wait on something like this, you'll miss a window of opportunity.' During his online presentation, Urquhart showed a colour-coded 'heat map' highlighting areas off Nova Scotia's coast where offshore wind development would be feasible. 'There are huge areas that could do tens-of-gigawatts of offshore wind,' he said, pointing to the sprawling, shallow banks around Sable Island and a long stretch closer to Nova Scotia's southern shoreline. 'There are several highly prospective locations.' As well, Sorensen pointed to charts showing the New England states and New York are willing to pay top dollar for offshore wind energy. 'Nova Scotia could be competitive, pricewise,' she said. This report by The Canadian Press was first published June 25, 2025. Michael MacDonald, The Canadian Press
Globe and Mail
3 days ago
- Business
- Globe and Mail
Trump's disdain for wind energy could create windfall for Nova Scotia, experts say
U.S. President Donald Trump's opposition to renewable energy could create a 'golden opportunity' for Nova Scotia's fledgling offshore wind energy industry, a leading international consulting firm says. Aegir Insights, based in Denmark, recently presented a webinar that examined Premier Tim Houston's 10-year plan to license enough offshore turbines to produce 40 gigawatts of electricity. Even though the province requires only 2.4 GW, Houston's Wind West plan calls for selling excess power to the rest of Canada and, potentially, the United States. Experts say such a project would require construction of about 4,000 offshore turbines that would generate as much electricity as China's offshore turbines produced last year. Scott Urquhart, co-founder and CEO of Aegir Insights, said Wind West has grabbed the attention of the global offshore wind industry. 'The vision is to get Nova Scotia on the radar of big international investors,' Urquhart said Tuesday in an interview from Copenhagen. 'If the big players saw only a one gigawatt ambition, they won't show up.' During last week's webinar, which attracted about 100 project developers, investors and government officials, Urquhart described Wind West as 'grand and ambitious,' but said it is underpinned by 'rational market fundamentals and economics.' Is offshore wind Nova Scotia's greatest opportunity since the Age of Sail? Matthew McClearn Founded in 2020, Aegir Insights describes itself as an intelligence provider that offers analytics and models for those investing in the offshore wind sector. Its database of projects spans 60 markets. Though he is based in Copenhagen, Urquhart has taken a keen interest in Wind West, having grown up in Cape Breton. He told the webinar that the offshore wind industry has been hurt by rising costs and supply chain issues in recent years, but he said the industry appears poised for a recovery as interest rates fall and supply chain competition heats up. Signe Sorensen, Aegir's regional lead in the Americas, said these encouraging trends have been overshadowed in the United States by Trump's decision to place a hold on offshore projects that have already received permits. 'Even as the global sector looks to be on the road to recovery, the U.S. is on a completely different path,' Sorensen told the webinar. 'And that matters a lot to Canada. One state's challenge could be another state's opportunity.' In January, Trump announced he would halt leasing for wind projects while fast-tracking plans for more oil and gas production. That move has led to layoffs and stalled construction of wind turbines, which account for 10 per cent of U.S. electricity production — the largest source of renewable energy. Renewable energy touted as force for sovereignty in Canada's north Earlier this month, Trump doubled down on his opposition to wind power. 'The windmills are killing our country,' he said on June 12. 'The fields are littered with them — junk .... It's the greatest scam in history, the most expensive energy you can buy.' Sorensen said the New England states and New York have been leading development of the offshore wind sector in the U.S., but Trump's opposition could stall the industry for the next four years. 'They need to find renewable sources to supply this energy,' Sorensen said. 'That's where large-scale Canadian wind could come into the picture, specifically Wind West .... There's a golden opportunity in this for Canada.' Urquhart agreed. 'On the U.S. side, you just had a hole blown in the offshore wind sector and you have a whole bunch of supply chain people and developers who are standing around saying, 'Oh, no,'' he said in an interview. 'Now is the time to put your visionary ideas out. If you were to wait on something like this, you'll miss a window of opportunity.' During his online presentation, Urquhart showed a colour-coded 'heat map' highlighting areas off Nova Scotia's coast where offshore wind development would be feasible. 'There are huge areas that could do tens-of-gigawatts of offshore wind,' he said, pointing to the sprawling, shallow banks around Sable Island and a long stretch closer to Nova Scotia's southern shoreline. 'There are several highly prospective locations.' As well, Sorensen pointed to charts showing the New England states and New York are willing to pay top dollar for offshore wind energy. 'Nova Scotia could be competitive, pricewise,' she said.
