Equinor ASA EQNR, a Norwegian integrated energy firm, has received approval from the New York State Public Service Commission (“NYPSC”) to move forward with the construction and operation of transmission facilities for the Empire Wind 1 offshore wind farm. At the beginning of 2025, Equinor received a financing package of over $3 billion for this offshore wind project located off the coast of New York state.
The Empire Wind 1 offshore wind project’s transmission line extends approximately 17.5 miles from the boundary of New York State waters to an interconnection in Brooklyn. At this phase, the project's construction activities will include work at Con Edison’s Gowanus substation property. The construction activities cover the installation of duct banks alongside the installation of cables in these duct banks. Furthermore, restoration of the site and associated decommissioning work will also be carried out in this phase.
The offshore wind farm is located approximately 25-48 kilometers toward the southeast of Long Island. The wind farm consists of 54 Vestas turbines, each with a capacity of 15 megawatts (MW). The project’s total capacity is 816 MW. It is expected to generate renewable energy capable of supplying over 388,000 households in New York.
The construction of the wind farm is expected to conclude by 2026, with commercial operations to begin by the end of 2027. The offshore wind project was previously owned jointly by Equinor and BP. However, due to an agreement in January 2024, the companies decided to reform their ownership structure in these projects. Per the terms of the agreement, EQNR has assumed full ownership of Empire Wind 1 and 2 while BP has taken over the Beacon Wind project.
The approval from NYPSC bolsters Equinor’s presence in the offshore wind sector in the United States and solidifies its position as a leader in the growing market for clean energy solutions.
EQNR’s Zacks Rank and Other Key Picks
EQNR currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energy sector are SM Energy SM, Sunoco LP SUN and Archrock Inc. AROC. SM Energy currently sports a Zacks Rank #1 (Strong Buy), while Sunoco and Archrock carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The increased production, combined with the favorable oil price environment, is expected to positively contribute to its bottom line.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores and distributors. Its current distribution yield is greater than that of the industry's composite stocks, providing unitholders with consistent returns.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
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