Equinor Challenges Government Order Against Empire Wind Construction

Equinor ASA EQNR, a Norwegian integrated energy company, has launched a civil lawsuit seeking legal action against an order from the U.S. Department of the Interior to stop the construction of its Empire Wind offshore wind project. The company has filed the suit in the U.S. District Court for the District of Columbia. Equinor intends to seek a preliminary injunction in the case, which is a temporary order that would permit the company to continue with the construction of the offshore wind project while the litigation process continues.Recently, the Trump administration has suspended the construction of several large-scale offshore wind projects on the U.S. East Coast, severely affecting offshore wind developers. Per Reuters, the Department of the Interior cited national security concerns as the reason for this decision. This decision marks a major setback for offshore wind developers in the United States, who have faced significant challenges and disruptions to large-scale, billion-dollar projects under the Trump administration.Equinor has stated that the Empire Wind project is in a critical stage of execution. Therefore, a preliminary injunction is necessary to continue the project as per the schedule. The project is reportedly more than 60% complete, and pausing it at this stage could be highly disruptive, leading to material financial impact. The company has highlighted that the injunction is necessary to keep the project on track and limit the financial consequences if the suspension order remains in place.Equinor’s Empire Wind project constitutes a large investment in the U.S. energy infrastructure and is being developed with the New York State Energy Research and Development Authority (“NYSERDA”). The suspension order is a major blow to the developers of these projects and the offshore wind industry as well. Such disruptions have mounting consequences for project developers, including delays and cost overruns that could materially hurt project returns.EQNR’s Zacks Rank and Key PicksEQNR currently has a Zacks Rank #5 (Strong Sell).Some top-ranked stocks from the energy sector are Subsea7 S.A. SUBCY, Oceaneering International OII and FuelCell Energy FCEL. While Subsea7 currently sports a Zacks Rank #1 (Strong Buy), Oceaneering and FuelCell carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.#1 Semiconductor Stock to Buy (Not NVDA)The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.See This Stock Now for Free >>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 Oceaneering International, Inc. (OII): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks