Equinor Q3 profit drops 13%, lagging forecast
Equinor reported a sharper-than-expected 13% decline in third-quarter profit on Thursday, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth. Equinor's poll of 25 analysts found that the adjusted earnings for the period July-September fell from $7.93 to $6.89. This is below the $7.08 billion estimated by Equinor. The organic capital expenditure for 2024 has been revised down to between $12 billion and 13 billion dollars, from the previous forecast of 13.5 billion. The company stated that the oil and gas production would remain unchanged from last year in 2024.
SSE UK delays completion of Dogger Bank A Wind Project to H2 2019.
SSE, the UK's largest power company and network operator, maintained its annual forecasts on Thursday. The completion date of the Dogger Bank A off-shore wind project was pushed to the second half 2025 instead of the first. SSE stated that the delay in taking full operation of the offshore wind farm will not have a material impact on project returns. The project will have a capacity of around 1.2 gigawatts and be able to power 2 million homes. The Perth-based UK company predicted first-half adjusted earnings of more than 45p per share…
GE Vernova claims that offshore wind turbine blade failures have nothing to do with each other
GE Vernova said on Friday that recent turbine blade failures in two offshore wind farms located in the United States of America and the United Kingdom were unrelated. The company is still dealing with the fallout of three separate blade accidents that occurred in just four months. The latest incident occurred on August 22 at Dogger Bank, off the coasts of Yorkshire and the North Sea. This was just over a week after a blade broke off at Vineyard Wind off the coasts of Massachusetts. According to a Dogger Bank website statement, the August incident happened when the blade of the turbine was left in an unmoving position during a high-wind storm.
Costs rise, Equinor cancels offshore wind projects in Spain and Portugal
A Norwegian energy company Equinor, which had previously announced its exit from Vietnam, has cancelled offshore wind projects in Spain, Portugal and may withdraw from other countries in order to reduce spending, according to an executive on Wednesday. Paal Eitrheim is Equinor's director of renewables. The local media reported the departure from Spain and Portugal for the first time on Tuesday. Equinor, a state-owned company, must prioritize capital investment more than ever before, given the rising costs of the offshore wind industry, due to inflation rates, supply-chain delays and high interest rates.
GE Vernova turbine blades fail at UK offshore wind farm
GE Vernova shares dropped nearly 7% Friday after a failure of a blade at an offshore windfarm in the UK. This is the latest incident involving equipment from the power services firm. According to a project statement, the incident occurred at the Dogger Bank A Project, which is located over 130 km off of the northeast coast England. GE Vernova stated that no injuries had been reported and it was currently investigating the blade failure without providing any details. In May, the company experienced a similar incident that was blamed on faulty installation.
Innogy Picks Most Powerful Wind Turbine for Its Largest Offshore Wind Project
Offshore wind developer Innogy has chosen giant 14 megawatt (MW) offshore wind turbines for its flagship 1.4 gigawatt (GW) Sofia Offshore Wind Farm, located 195 kilometers from the UK coast on Dogger Bank in the shallow area of the central North Sea.Subject to a final investment decision - expected in 1Q 2021 - Innogy will order 100 units of the recently launched new Siemens Gamesa SG 14-222 DD offshore wind turbines, for the Sofia OWF, which will be its largest offshore wind project.The announcement takes the total conditional order backlog for the new offshore wind turbine to 4.3 GW…
Fugro in Record Cable Route Survey at Sofia Wind Farm Site
Dutch geotechnical services firm Fugro has said that its Fugro Pioneer vessel has left the Port of Sunderland in the UK earlier this month to begin a 6-month offshore site investigation and survey campaign for innogy's Sofia offshore wind farm.The 1.4 gigawatt (GW) Sofia Offshore Wind Farm, sited on the shallow central area of the North Sea known as Dogger Bank, is the largest project in innogy SE’s current development portfolio."Fugro will provide geophysical and geotechnical services over the project’s 220 km export cable corridor…
Eneco Buys Power from GE Haliade-X 12
Dutch energy company Eneco is set to purchase all the electricity generated by GE Renewable Energy's 12MW Haliade-X offshore wind turbine prototype.The announcement was made during a ceremony to inaugurate the prototype that was recently installed at the port of Maasvlakte-Rotterdam in the Netherlands.The prototype set a new world record this past weekend by being the first wind turbine ever to generate 262 MWh of clean energy in 24 hours, enough energy to power 30,000 households in the region.Over the next five-year period…
K2 Advices Creyke Beck A & B OWFs
Renewable energy consultancy K2 Management announced it is working as Lender’s Technical Advisor (LTA) on the Doggerbank Creyke Beck A and B Wind Farms, two of the three projects which make up the Doggerbank development.In September, all three wind farms were selected in the Contracts for Difference (CfD) allocation round 3 by the UK Government.The projects will have a combined capacity of up to 3.6 GW, making Doggerbank the largest wind farm in the world. The next project milestone is financial investment decision (FID)…
GE's Haliade-X Produces First Power
GE Renewable Energy has generated first power from its 12MW Haliade-X prototype - the world's largest and most powerful wind turbine - located at Maasvlakte, the Port of Rotterdam.According to GE, local teams will now proceed with the testing phase, during which different types of measurements will be performed to obtain a Type Certificate for the Haliade-X in 2020.John Lavelle, CEO of Offshore Wind at GE Renewable Energy, said “This first kWh is a critical achievement for our whole team, bringing to fruition our vision and all the hard work put in place.
ABB to Connect World’s Largest OWF
Swiss technology company ABB ABB has won a big contract to connect the world’s largest offshore wind farm (OWF) to Britain’s electricity grid.ABB has been selected by energy companies SSE Renewables of the UK and Equinor of Norway to supply its high-voltage direct current (HVDC) converter systems to connect wind farms in the Dogger Bank region of the North Sea to the UK transmission network.In the first ever use of the HVDC technology in the UK’s offshore wind market, ABB will supply technology with one of the smallest environmental footprints…
Equinor Q3 Profit Drops, Hit by Lower Prices
Norway's state-backed energy company Equinor third-quarter profit fell by more than expected on account of the significant decline in the volume and price of natural gas sold to Europe.Adjusted earnings before interest and tax were down 46 per cent year-on-year to $2.59bn, from $4.8bn, missing consensus forecasts of $2.69bn.“We maintain strong cost and capital discipline, but our results are impacted by lower commodity prices in the quarter. In addition, we have decided to use our flexibility to defer gas production to periods with higher expected prices.
Equinor to be ‘Offshore Wind Major’
The multi-billion capital investment by Equinor at its new Dogger Bank Offshore Wind Farm will see it rival its major oil and gas projects, according to Rystad Energy."The offshore wind project Dogger Bank in the UK North Sea will not only be Equinor’s largest project through 2026, it will also rank as the sixth largest offshore development project in the world during this period," said the energy research firm.UK authorities announced on Friday that Equinor and joint venture partner SSE have been chosen to develop the world’s largest offshore wind farm…
Equinor, SSE Win Contract for Largest Offshore Wind Project
Equinor and Britain's SSE have won a tender to build three wind farms off Britain, which the Norwegian firm said together will form the world's largest such development.Like other European oil firms, Equinor is developing its renewables business and is focused on offshore wind given its experience as an offshore oil platform operator."The successful bids for the world’s largest offshore wind development represent a game-changer for our offshore wind business and support the development of Equinor as a broad energy company…
Equinor Q1 Beats Forecast
Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November.Earnings before interest and tax (EBIT), adjusted for one-off items, fell to $4.2 billion in the first quarter from $4.4 billion during the same period of 2018, higher than a forecast of $3.9 billion in a Reuters poll of analysts.The company, which has a smaller refining business than rivals, fared slightly better than BP, Exxon Mobil , and Chevron which saw sharp declines in profits partly due to lower refining margins.Equin
UKCS Still Worth Investment Despite Brexit -Equinor
Norwegian oil and gas firm Equinor will remain committed to the mature British continental shelf regardless of the country's plans to leave the European Union, a senior executive told Reuters.British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on the Brexit deal, thrusting U.K.'s divorce from the EU into chaos, with possible options including a disorderly Brexit with no deal."We are putting more investments into the U.K. despite Brexit, the perception of North Sea as being very mature and dying and oil price gyrations…
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement, which outlines a shift from fossil fuels this century.Equinor, formerly Statoil, is betting on offshore wind, leveraging its expertise in operating offshore platforms and its ability to scale up small projects into industrial ones.Last year Equinor opened the first floating offshore wind farm…
Statoil Eyes Britain's 2019 Renewable Subsidy Auction for Dogger Bank
Statoil is working with its partner SSE to develop the Dogger Bank offshore wind project so it can take part in Britain's renewable energy subsidy auction in 2019, the company said on Friday.The planned 4.8 gigawatt (GW) Dogger Bank project, which has approval from the British authorities, is set to become the world's largest offshore wind park and could deliver more than five percent of Britain's electricity needs, Statoil Executive Vice President Irene Rummelhoff said in London.Britain has replaced direct subsidies with a contracts-for-difference (CfD) system.
Energy Island: Europeans Mull North Sea Hub
A plan set in motion by three European transmission system operators (TSO) aims to develop mammoth offshore wind farm infrastructure in the North Sea supported by at least one manmade island. First unveiled in June 2016, plans for the North Sea Wind Power Hub project will now press ahead to develop a large offshore renewable European electricity system following the signing of a trilateral agreement by TenneT TSO B.V. (Netherlands), Energinet.dk (Denmark) and TenneT TSO GmbH (Germany) in Brussels on March 23, 2017. Central…
Dogger Bank Ownership Structure Announced
The ownership arrangements for the four consented Dogger Bank offshore wind projects have been agreed and signed by the three Forewind shareholders, innogy, SSE and Statoil. Offshore wind consortium Forewind was awarded consents for 4.8 gigawatt (GW) of offshore wind development at Dogger Bank in the North Sea in 2015. The consents comprised four individual 1.2GW projects. SSE and Statoil together will each own 50 percent of the three projects: Dogger Bank Creyke Beck A, Dogger Bank Creyke Beck B and Dogger Bank Teesside A. The remaining project, Dogger Bank Teesside B will be owned 100 percent by innogy.
