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(Reuters) Lawmakers in Maine on Wednesday passed legislation that would set a 3-gigawatt target for offshore wind deployment off the state's scenic coastline by 2040, a level that could satisfy half of its 1.3 million residents' power needs. The bill would help the New England state meet Governor Janet Mills' proposed goal for a decarbonized... Continue Reading →
(Reuters) Spanish power company Iberdrola on Thursday raised its 2023 profit outlook for the second time after a strong performance in Europe and Britain drove a 21% increase in first-half net profit. The green energy giant is investing heavily in renewable capacity and network assets. It plans to invest 47 billion euros ($52 billion) between... Continue Reading →
(Reuters) Exxon Mobil Corp joined its rivals in reporting a 56% slump in second-quarter profit from a year ago, hurt by a drop in energy prices, in line with the midpoint of the company's earnings preview released earlier this month. Oil majors' profits fell sharply in the quarter from record levels a year earlier as oil and gas... Continue Reading →
(OE) Offshore installation firm DEME Offshore said Tuesday it had installed the approximately 3,000 ton offshore substation for the Vineyard Wind 1 project - the first commercial-scale offshore wind farm in the United States. "The installation of the offshore substation, a first in the US, took place after months of preparation with collaboration and dedication... Continue Reading →
(Reuters) - Oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for second-quarter profit, buoyed by higher production and disclosed a new oil discovery in the Gulf of Mexico. Crude prices have slipped from the multi-year highs hit last year following Russia's invasion of Ukraine but remain strong enough to encourage oil and... Continue Reading →
(Reuters) Venezuelan expects to sign licenses by year-end for developing the nation's vast natural gas reserves, oil minister Pedro Tellechea said on Friday, even amid U.S. sanctions. Most of the South American country's gas reserves remain undeveloped after decades of insufficient investment, contract changes and - in recent years - U.S. sanctions to oust President... Continue Reading →
(Reuters) - Chevron Corp's (CVX.N) second-quarter earnings topped Wall Street estimates, the company said on Sunday, and Chief Executive Michael Wirth also signaled the number two U.S. oil company remains open to more acquisitions and to increasing shareholder distributions this year. In a rare preview of its results that coincided with the announced retirement of its finance... Continue Reading →
(OW) The US Bureau of Ocean Energy Management (BOEM) has completed a draft environmental assessment (EA) of the potential issuance of a research lease to the State of Maine that would grant the State the exclusive right to submit plans for a twelve-turbine, 144 MW floating wind farm for BOEM’s approval. The federal agency is... Continue Reading →
US President Joe Biden will announce today the first-ever Gulf of Mexico offshore wind lease sale as part of his administration’s efforts to boost renewable energy, according to the White House. Today, the Department of the Interior (DOI) is issuing the final sale notice for the first-ever offshore wind lease sale in the Gulf of... Continue Reading →
(OW) Massachusetts’s electric distribution companies Eversource Energy, National Grid and Unitil have agreed to terminate their power purchase agreements (PPAs) for the Commonwealth Wind offshore wind farm at the request of the project developer, Iberdrola-owned Avangrid, which will pay USD 48 million in penalties for the termination that is yet to be approved by the... Continue Reading →
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