Enbridge Inc. ENB acknowledges the France government for choosing EDF Renewables, a fully-owned subsidiary of the French utility EDF Group, and Maple Power, a joint venture between the company and the Canada Pension Plan Investment Board (CPP Investments), to build the future Centre Manche 1 Normandy offshore wind farm with an expected installed capacity of 1 GW.
After the launch of the fourth offshore wind tender in January 2021, the French Ministry of Energy Transition selected Eoliennes en Mer Manche Normandie, the project business owned by the EDF Renewables and Maple Power consortium, to design, build, operate and decommission the project.
More than half of Normandy's electricity needs or 1.5 million people's annual power demand will be met by the proposed Normandy wind farm. The project will be located more than 32 km off the north coast and is likely to be completed around 2030. Construction related to the same is expected to begin later this decade, following the finalization of plans and permits.
With the Normandy offshore wind farm, Enbridge, EDF Renewables and its partners will complete their sixth offshore wind project in France. The country's first offshore wind farm, off the coast of Saint-Nazaire, began its operations in late 2022. The 600 MW Dunkirk offshore wind farm in France is being developed by Enbridge and EDF Renewables. EDF, Enbridge and CPP Investments also intend to take part in the forthcoming Brittany and Mediterranean floating offshore wind tendering processes for a projected total installed capacity of 750 MW.
According to Matthew Akman, executive vice president at Enbridge, this choice reinforces Enbridge's evident growth in offshore wind and contributes to the France government's national strategy for carbon neutrality by 2050.
Zacks Rank & Key Picks
Currently, Enbridge carries a Zack Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR, each sporting a Zacks Rank #1, and Murphy USA Inc. MUSA, carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed an upward revision in earnings estimates for 2024.
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