📊 Q3 Earnings are here! Plan ahead with key data on upcoming stock reports - all in 1 placeSee list

Equinor (EQNR) to Develop 2 Low-Carbon Power Stations in UK

Published 04/08/2021, 10:47 PM
Updated 07/09/2023, 06:31 AM
NVDA
-
SSE
-
NG
-
SAM
-
EQNR
-
EVRG
-
CVA
-

Equinor ASA (NYSE:EQNR) EQNR recently announced that it will develop two power stations in the Humber region of the United Kingdom in association with British utility SSE (LON:SSE) Thermal. Both the power stations will be first of a kind and focus on low carbon emissions. The move will boost the decarbonization process in one of the most carbon-intensive industrial clusters in Humber, U.K.

The project is expected to generate thousands of skilled jobs. The power stations will be fitted with the carbon capture and storage (CCS) technology, which will support U.K.’s target of accelerating the decarbonization process and aid in net-zero transition. The final investment decisions for the project are dependent on local policy frameworks. The new stations will likely replace carbon-intensive power generation on the grid.

The Keadby Hydrogen power station is expected to have a peak demand of 1,800 megawatt (MW) of hydrogen. Importantly, hydrogen is expected to replace and reduce the usage of hydrocarbons for power generation. During combustion, the station — a completely hydrogen-fired one — will produce no emissions. The company expects the station to start operations before 2030. It plans to supply low-carbon hydrogen at the site from the H2H Saltend project.

It will develop the Keadby 3 power station with the CCS technology, which will store carbon dioxide under the Southern North Sea. The station, which may start operations by 2027, will be powered by natural gas. Notably, it is expected to achieve 15% of the 10MT per annum carbon capture target by 2030.

Equinor’s partnership with SSE is expected to be further strengthened with this move. The companies have partnered on projects like Aldbrough Gas Storage facility and the massive Dogger Bank offshore wind farm.

Price Performance

Shares of the company have gained 45.3%, outperforming the industry’s 32.7% growth in the past year.

Zacks Rank & Other Stocks to Consider

The company currently sports a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include CrossAmericaPartners LP CAPL, Covanta Holding (NYSE:CVA) Corporation CVA and Evergy (NYSE:EVRG), Inc. EVRG, each having a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CrossAmerica’s bottom line for first-quarter 2021 is expected to surge 166.7% year over year.

Covanta Holding’s bottom line for 2021 is expected to surge 109.5% year over year.

Evergy’s bottom line for first-quarter 2021 is expected to rise 12.2% year over year.

Zacks 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 SherazMian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer (NYSE:SAM) Company which shot up +143.0% in a little more than 9 months and Nvidia (NASDAQ:NVDA) which boomed +175.9% in one year.

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

Covanta Holding Corporation (CVA): Get Free Report

CrossAmerica Partners LP (CAPL): Free Stock Analysis Report

Evergy Inc. (EVRG): Get Free Report

Equinor ASA (EQNR): Get Free Report

To read this article on Zacks.com click here.

Zacks Investment Research

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.