Equinor In Spotlight After US Allows Construction To Begin At $5B Empire Wind Project — Retail’s Bullish

Equinor garnered retail attention on Monday after President Donald Trump’s administration lifted a month-old order that had halted work at the giant Empire Wind Project on the coast of New York.

“Following dialogue with regulators and federal, state, and city officials, the stop work order has been lifted and construction activities will resume,” the company said in a statement.

The U.S. Department of the Interior imposed the stop order on April 16 after suggesting that Joe Biden’s administration had rushed through the approval process for the $5 billion project, which, once operational, would provide energy to more than 500,000 New York homes.

Trump has been critical of offshore wind projects, citing their environmental impact. In January, he signed an order directing a review of all the offshore wind projects and halted leasing of federal land for such projects.

The Republican President’s policies sharply contrast with those of his predecessor, Biden, who had singled out wind energy as one of the key tentpoles of the country’s drive toward net-zero. 

Yet the industry has suffered several setbacks due to supply chain problems and equipment failures.

Construction at the giant offshore project, located 15 to 30 miles south of Long Island, began last year.

“Empire aims to be able to execute planned activities in the offshore installation window in 2025 and reach its planned commercial operation date in 2027,” the company said in a statement.

Retail sentiment on Stocktwits was in the ‘bullish’ (64/100) territory, while retail chatter was ‘high.’

“Should be a nice green day here tomorrow,” one retail trader said.

Equinor stock has fallen 3.7% year to date (YTD).

Also See: U.S. Steel Sparks Retail Buzz On Report Of $14B Investment By Nippon Steel: Retail’s Divided

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