Shell (RDS.A), EDF and Orsted notch up New Jersey wind farm offers – July 1, 2021
Two bids for offshore wind projects in New Jersey were recently awarded to a consortium led by Royal Dutch Shell plc. (RDS.A – Free Report) and the integrated energy company EDF with Orsted, which participates as a separate entity. The state said the eco-friendly efforts would benefit domestic manufacturing and create 7,000 jobs.
The award is one of the most significant accomplishments in American history, which will help bring the East Coast state closer to Governor Phil Murphy’s green goals. The statesman has a vision to generate 7,500 megawatts (MW) of offshore wind power by 2035 and urgently plans to create 50% renewable energy for his province by 2050.
The tender for the construction of the 1,510 megawatt (MW) Atlantic Shores wind farm was won by Shell and EDF of France while the construction proposal for the 1,148 MW Ocean Wind 2 project was won by Orsted from Denmark, the world’s largest developer of offshore wind farms. . The Atlantic Shores plant will be built 10.5 miles off the coastal towns of northern Atlantic City, while the Ocean Wind II project will be located nearly 14 miles from Cape May.
According to the regulator, the contracts will lead to more than 2,658 MW of electricity production, enough to power 1.15 million homes and eliminate five million short tons of carbon dioxide emissions each year. However, the huge amount of electricity has yet to pass government clearance and avoid potential hurdles like disputes from fishing groups and coastal communities. The two projects are not expected to be operational until at least 2027.
Meanwhile, last month, Shell partnered with Norwegian power companies Lyse and BKK to jointly bid on a tender to secure the Nordic country’s next offshore wind project, making it the latest big energy cap to do it.
The trio are working to apply for licenses to run projects in the region of Utsira Nord, which are more suited to floating wind technology, and SorligeNordsjo II, which borders Danish seas and creates a convenient connection with mainland Europe.
Shell is part of a global group of energy and petrochemical companies. It is involved in all phases of the petroleum industry, from exploration to final processing and delivery. The company is expected to release its second quarter results on July 29, 2021. Zacks’ current consensus estimate is set at $ 1.01 per share for the quarter to be released.
Zacks rank and choice of keys
Shell currently has a Zacks Rank # 3 (Hold). Some higher ranked players in the energy space are Whiting Petroleum Corporation (CMU – Free report), Matador Resource Company (MTDR – Free report) and Oasis Petrol Inc. (AEO – Free Report), each currently displaying a Rank 1 of Zacks (strong buy). You can see The full list of today’s Zacks # 1 Rank stocks here.
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