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☆ This wind stock tanked after Trump's win. Analysts now say buy the dip, giving it major upside
▼ + stars: | 2024-11-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of Vestas Wind Systems tanked on the news that Donald Trump had won the 2024 presidential election. However, analysts at a number of investment banks have suggested that investors overreacted to fears of a downturn for the sector. And he's not alone — the consensus price target of all analysts covering the stock points to an upside of more than 50%. Vestas shares are also traded in the U.S. with the ticker VWDRY . In addition to the political headwinds, Vestas Wind Systems has also had to contend with the rising cost of materials and labor over the past few quarters.

Persons: Donald Trump, Trump, Donald Trump's, Jacob Pedersen, Pedersen, Joe Biden's, Vestas, Henrik Andersen, John Kim, Gael, Bray, That's Organizations: Vestas, Nasdaq, Deutsche, Gael de, Systems, Deutsche Bank Locations: USA, Danish, U.S, Nasdaq Copenhagen, United States

☆ South Fork Wind offers a glimpse at what's possible as offshore wind power projects struggle to gain traction
▼ + stars: | 2024-10-13 | by ( Pippa Stevens | ) www.cnbc.com time to read: +9 min

Soren Lassen, head of offshore wind research at Wood Mackenzie, said the U.S. offshore wind industry is going through a needed readjustment, and that while the long-term outlook remains intact, progress has been pushed out. South Fork Wind offers tangible evidence that wind projects can work. The company developed the five-turbine Block Island Wind Farm, which is northwest of South Fork Wind, in 2016. The Bureau of Ocean Energy Management first awarded the leases for South Fork Wind in 2013, which where acquired by Deepwater Wind. In September, Skyborn Renewables, a Global Infrastructure Partners portfolio company, acquired Eversource's 50% stake in both South Fork Wind and Revolution Wind.

Persons: Pippa Stevens, Soren Lassen, Wood Mackenzie, –, Orsted, David Hardy, Equinor, Jones, Biden, Avangrid, Wood Mackenzie's Lassen, Lassen Organizations: CNBC GREENPORT, U.S, Wind, CNBC, of Ocean Energy Management, Deepwater, Eversource Energy, Skyborn, Global Infrastructure Partners, CNBC Offshore, Power Authority, Ørsted, New, BP, Dominion Energy, South Brooklyn Marine, Fork, The U.S . Department of, Interior, Maryland –, GE Vernova, American Clean Locations: –, Montauk , New York, U.S, Greenport , New York, East Hampton, East Hampton , New York, Wainscott, Denmark, New York, Atlantic City , New Jersey, New Jersey, Brownsville , Texas, Virginia, Port of Virginia, Connecticut's, of New London, South Carolina , Texas, Rhode Island and Connecticut, The, Maryland, Martha's Vineyard, Nantucket , Massachusetts, Nantucket

☆ Texas judge in X's lawsuit against advertisers recuses himself after report he owned Tesla stock
▼ + stars: | 2024-08-13 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +1 min

The judge overseeing X's lawsuit against advertisers has recused himself following a news report that showed he owned shares of Tesla . In a recusal notice dated Aug. 13, U.S. District Judge Reed O'Connor in Texas backed out of X's case against the World Federation of Advertisers, which was filed last week. X, formerly known as Twitter, is owned by Elon Musk, who is also the CEO and largest shareholder in Tesla. On Monday, NPR reported that O'Connor had owned shares of Tesla in 2022, the date of his last available disclosure, posing a potential conflict of interest. In X's lawsuit, the company accused a number of advertisers of engaging in antitrust behavior when they stopped ad campaigns on the site.

Persons: District Judge Reed O'Connor, Elon Musk, O'Connor, weren't, Ed Kinkeade, Sen, John Cornyn Organizations: Tesla, District, World Federation, Elon, NPR, Companies, Unilever, Mars, CVS Healthcare, Orsted, WFA, Global Alliance, Responsible Media, X, Media Matters, America Locations: U.S, Texas, Tesla, Europe, North Texas, China

☆ Elon Musk's X has lost tons of advertisers. The platform's solution is to sue them.
▼ + stars: | 2024-08-06 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +1 min

X is suing a group of advertisers, alleging they violated antitrust law. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk's X is suing a group of advertisers, alleging that they violated antitrust laws by ganging up on the social media company in an advertising boycott.

Persons: Linda Yaccarino, —, Elon, ganging Organizations: Service, Global Alliance, Responsible Media, World Federation, CVS Health, Unilever, Business

☆ Elon Musk's X sues advertisers over alleged 'massive advertiser boycott' after Twitter takeover
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +1 min

Elon Musk's social media platform X has sued a group of advertisers, alleging that a "massive advertiser boycott" deprived the company of billions of dollars in revenue and violated antitrust laws. The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted. Musk posted about the lawsuit on X on Tuesday, saying "now it is war" after two years of being nice and "getting nothing but empty words." X CEO Linda Yaccarino said in a video announcement that the lawsuit stemmed in part from evidence uncovered by the U.S. House Judiciary Committee which she said showed a "group of companies organized a systematic illegal boycott" against X. The Republican-led committee had a hearing last month looking at whether current laws are "sufficient to deter anticompetitive collusion in online advertising."

Persons: Elon, Musk, Linda Yaccarino Organizations: Twitter, World Federation, Unilever, Mars, CVS Health, Global Alliance, Responsible Media, U.S . House, Republican Locations: Texas

☆ X, Owned by Elon Musk, Brings Antitrust Suit Accusing Advertisers of a Boycott
▼ + stars: | 2024-08-06 | by ( Kate Conger | ) www.nytimes.com time to read: +1 min

X filed a lawsuit on Tuesday against the Global Alliance for Responsible Media, a coalition of major advertisers, claiming that it had violated antitrust laws by coordinating with brands to dissuade them from spending money on the social media platform. “The illegal behavior of these organizations and their executives cost X billions of dollars,” wrote Linda Yaccarino, X’s chief executive, in an open letter to advertisers. “People are hurt when the marketplace of ideas is undermined and some viewpoints are not funded over others as part of an illegal boycott.”With the lawsuit, X effectively declared war on advertisers, which provide the bulk of the social media company’s revenue. Since Mr. Musk acquired the company and promised to usher in a new era of unfettered free speech, many advertisers have limited their spending on X, concerned by reports of rising hate speech and misinformation there. By pursuing legal action against GARM, Mr. Musk continued to break with the leaders of other social media companies, who have forged close relationships with advertisers and been responsive to their concerns about offensive online content.

Persons: X, “, Elon, ”, Linda Yaccarino, Musk Organizations: Global Alliance, Responsible Media, CVS, Unilever, Mars, “, ”, GARM Locations: Texas, Danish, Elon Musk’s

☆ Denmark's Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects
▼ + stars: | 2024-05-23 | by ( Pippa Stevens | ) www.cnbc.com time to read: +2 min

Aerial view of Eleven Mile Solar in Coolidge, Az. Put simply, large financial institutions provide part of the financing for a renewable energy project, in exchange for the project's tax credits. Smaller developers don't always have the means to enter into these partnerships, and the appetite from large financial institutions to take stakes in renewable energy projects is limited. That's "[s]till far short of what is needed in the post-IRA clean energy investment landscape," the investment bank Evercore ISI noted. Aerial view of Eleven Mile Solar in Coolidge, Az.

Persons: Az, Van Applegate, Orsted, Biden, —, Applegate Organizations: JPMorgan, U.S, Orsted's, IRA, American Council, Renewable Energy Locations: Coolidge, U.S, Coolidge , Arizona, Mineral , Texas, Nextracker

Banks jumped 0.8%, while oil and gas stocks retreated 1%. European stocks opened mixed on Thursday as global markets react to the U.S. Federal Reserve's latest monetary policy decision and a slew of corporate earnings. Federal Reserve Chair Jerome Powell said it was unlikely that the central bank's next move will be a rate hike. Asia-Pacific markets were mostly higher overnight as traders reacted to the Fed's stance, while U.S. stock futures advanced as investors looked ahead to more corporate earnings due Thursday. Dutch bank ING was 5% higher in early deals after announcing a 2.5 billion euro ($2.7 billion) share buyback.

Persons: Banks, Jerome Powell, It's, Vestas, Hugo Boss Organizations: U.S, U.S . Federal, Dow, region's, Novo Nordisk, Shell, ING, AXA, ArcelorMittal Locations: London, U.S ., Asia, Pacific, Europe

And perhaps best of all, money — from selling the electricity generated by the wind turbines studding the flat green fields stretching out to the North Sea. A slice of the cash goes to the villagers themselves, with the local buy-in making this windy farming enclave near the border with Denmark a showcase for ways to push ahead with renewable energy projects. The S&P Global Clean Energy Index of shares in companies with clean energy-related businesses has fallen 26% over the past year, even as broader market indexes have surged to records. In sub-Saharan Africa, where half the population lacks access to electricity, renewable projects face even steeper challenges with financing. In Nigeria, where blackouts are an everyday event for about half of the country’s 213 million people, some 14 solar projects have stalled because the finances don’t add up.

Persons: ”, Astrid Nissen, moos, “, Mackenzie, it's, Nissen, Christian Andresen, Andresen, Orsted, Vattenfall, David Shepheard, Edu Okeke, Taiwo Organizations: U.S . Federal Reserve, European Central Bank, University College London, Solar, Energie Andresen GmbH, Energy, logjams, World Bank Locations: SPRAKEBUELL, Germany, Denmark, village's, Spain, Italy, Africa, Flensburg, Sprakebuell's, German, Danish, New Jersey, Swedish, North American, Saharan Africa, Nigeria, Katsina, Abuja

America's first commercial-scale offshore wind farm is officially open, a long-awaited moment that helps pave the way for a succession of large wind farms. The Biden administration has approved six commercial-scale offshore wind energy projects, and auctioned lease areas for offshore wind for the first time off the Pacific and Gulf of Mexico coasts. Ørsted CEO Mads Nipper called the opening a major milestone that proves large offshore wind farms can be built, both in the United States and in other countries with little or no offshore wind energy currently. The first U.S. offshore wind farm was supposed to be a project off the coast of Massachusetts known as Cape Wind. The nation's second large offshore wind farm, Vineyard Wind, is expected to open later this year off the coast of Massachusetts, too.

Persons: Ørsted, Kathy Hochul, Deb Haaland, Biden, Hochul, “, ” Hochul, Eversource, Mads Nipper, Equinor, David Hardy, Ørsted . Ørsted, It’s, it’s, Haaland Organizations: Montauk Point , New York . New York Gov, . New York, Fork, Associated Press, Ørsted ., DONG Energy, Danish Oil, Gas, Industry, Copenhagen Infrastructure Partners Locations: Montauk Point , New York ., Gulf of Mexico, . New, York, Rhode Island, Long, United States, New York, Norwegian, Denmark, Germany, U.S, Massachusetts, Avangrid, Copenhagen, AP.org

☆ Renewables giant Orsted exits several offshore wind markets, pauses dividend after turbulent year
▼ + stars: | 2024-02-07 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the UK coast. Danish renewables giant Orsted on Wednesday announced plans to cut jobs, pause its dividend payouts to shareholders and exit several offshore wind markets after a tumultuous year of rising costs. Orsted, the world's largest offshore wind developer, said it planned to take steps "to become a leaner and more efficient" organization following a year marked by "substantial challenges." Nipper said the company's financial results had been "adversely affected" by impairments on U.S. offshore projects taken in the third quarter of 2023. Orsted canceled two major offshore wind farm projects in the U.S. late last year, citing high inflation, rising interest rates and supply chain bottlenecks.

Persons: Ørsted, Mads Nipper, Nipper, Orsted Organizations: Burbo Bank, Wednesday, Orsted Locations: Liverpool Bay, England, Danish, Norway, Spain, Portugal, London, Copenhagen, U.S

Political Cartoons View All 253 ImagesThe action brings the state's total of preliminarily approved offshore wind projects to three — the same level it was at before Danish wind developer Orsted scrapped its two wind farms proposed for the state's southern coast in October. (Phil) Murphy are back on our front foot in terms of offshore wind,” he said. “New Jersey’s selection of an American-led project is a tremendous step forward for the growth of the domestic offshore wind industry,” the companies said in a statement. “Today’s NJBPU award brings the reality of offshore wind off the Jersey Shore one step closer, and it will build a future where wind can power our state’s economy and help us to transition off fossil fuels,” said Doug O'Malley, director of Environment New Jersey. The state plans to solicit another round of wind farm proposals in the first half of this year.

Persons: Christine Guhl, Sadovy, Damian Bednarz, ”, Tim Sullivan, Phil, Murphy, Today’s, Doug O'Malley, Anjuli Ramos, William Sproule, “, ___, Wayne Parry Organizations: CITY, of Public Utilities, New, New Jersey Economic Development Authority, Gov, Jersey Shore, Environment, Jersey, New Jersey Sierra Club, Eastern Atlantic States Regional, of Carpenters Locations: N.J, New Jersey, Seaside, , New Jersey, Atlantic Shores, Chicago, New York, Long, “, American, Environment New Jersey, Jersey Shore, New

☆ Bank of America upgrades global wind stock after a brutal 2023, hiking price target
▼ + stars: | 2024-01-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America has upgraded wind energy giant Ørsted from "neutral" to "buy" citing an improved risk-reward profile for the battered stock. However, Bank of America analysts expect Orsted's fortunes to improve in 2024 and have raised their price target from $15.06 per share to $22.80, representing nearly 20% upside from current levels. The upgrade and price target boost come after the stock has already staged a more-than-50% recovery from its November lows. Its remaining U.S. exposure consists primarily of the Sunrise Wind project off Long Island, which still needs state contract approval, according to the bank. Even if Sunrise Wind falls through, the analysts believe the downside to Ørsted shares would be manageable.

Persons: Ørsted, Peter Bisztyga Organizations: of America, Bank of America, Street Locations: Denmark, U.S, Britain, Long

☆ Crown Princess Mary Elizabeth: Why Denmark will give the world the first Australian-born Queen
▼ + stars: | 2024-01-02 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +8 min

Brisbane, Australia CNN —The fairy tale rise of an Australian sales executive to the upper ranks of European royalty is set to be completed Sunday when Crown Princess Mary Elizabeth of Denmark becomes the country’s Queen Consort. Margrethe’s eldest son, Crown Prince Frederik, will become King, while his wife, Crown Princess Mary, will become the first Australian to become Queen, a development that has delighted her supporters back home. Crown Prince Frederik of Denmark and Australian born Crown Princess Mary Elizabeth Donaldson married in May 2004. I will hand over the throne to my son Crown Prince Frederik,” Margrethe said. Danish Crown Princess Mary photographed during the Copenhagen Fashion Week Autumn/Winter 18 on January 30, 2018 in Copenhagen, Denmark.

Persons: Crown Princess Mary Elizabeth of, Consort, Queen Margrethe II, It’s, hasn’t, King Eric III, Margrethe’s, Crown Prince Frederik, Crown Princess Mary, it’s, King, Mary, Prince Frederik of Denmark, Princess Mary Elizabeth Donaldson, Bjarke, Jeremy Rockliff, Princess Mary, ”, King Frederik, ” Rockliff, Prince Christian, “, –, Queen of, Prince Frederik, ” Margrethe, ” Kristian Ring, Hansen Holt, Juliet Rieden, Margrethe, Queen Elizabeth II, Queen Margrethe, Reiden, Prince Joachim, Princess Marie, didn’t, Rieden, Frederik, she’d, Christian Vierig, She’s, she’s, Prince Frederik’s, Genoveva Casanova, Casanova, ‘, Britain’s King Charles III, ” Reiden Organizations: Australia CNN, Crown, Royal House, Getty Images Tasmanian, CNN, Ukraine, ABC, Australian, Monarchs, Copenhagen Cathedral, Mary Foundation, Lecturas, Royal, of State, CNN’s Royal Locations: Brisbane, Australia, Crown Princess Mary Elizabeth of Denmark, Tasmania, Denmark, Sydney, Danish, Copenhagen, Hobart, AFP, Gaza, Queen of Denmark, Scottish, British, Houston , Texas, Europe, Mexican, Spanish, Christiansborg Palace, Mary

☆ Governments take action to keep offshore wind projects on track
▼ + stars: | 2023-12-05 | by ( Susanna Twidale | ) www.reuters.com time to read: +6 min

[1/2] Scroby Sands offshore wind farm can be seen off of the coast at Great Yarmouth, Britain, October 24, 2018. Investors told Reuters governments have since shown willingness to pay higher prices, helping to restore confidence in the future of the industry. Britain's last auction in September failed to attract any offshore wind projects, with developers saying the guaranteed price on offer was too low. Britain's Octopus launched a dedicated fund with Japan's Tokyo Gas (9531.T) to invest 3 billion pounds ($3.7 billion) in offshore wind projects by 2030. Soeren Lassen, head of offshore wind Research at WoodMac said more than 50 GW of offshore wind tenders globally are planned for 2024.

Persons: Chris Radburn, ”, Jonathan Cole, Corio's Cole, Keith Anderson, Anderson, Marc Hedin, Nathalie Gerl, Germany's RWE, Soeren Lassen, WoodMac, Susanna Twidale, Nichola Groom, Scott DiSavino, Simon Webb, Jane Merriman Organizations: REUTERS, Governments, Investors, Corio Generation, Power, New York, Energy, New York State Energy Research, Development Authority, Aurora Energy Research, Research, Ireland, Aurora, Gas, Thomson Locations: Great Yarmouth, Britain, U.S, New York State, China

A general view of a wind turbine at Westmill Wind Farm & Solar Park, which is owned by the community and supports local renewable energy, at Watchfield, near Swindon, Britain, September 24, 2021. "More than 110 countries have joined already," European Commission President Ursula von der Leyen told the COP28 summit on Thursday of the renewables pledge. A draft of the renewable energy pledge, seen by Reuters, called for "the phase down of unabated coal power" and ending the financing of new coal-fired power plants. Africa receives just 2% of global investments in renewable energy. Somalia has the highest onshore wind power potential of any African country, yet one of the lowest electrification rates in the continent, according to the International Energy Agency.

Persons: Andrew Boyers, Ursula von der Leyen, Najib Ahmed, Kate Abnett, Richard Valdmanis, William Mallard Organizations: REUTERS, Rights, European Union, United Arab, BP, Reuters, International Energy Agency, ___, Thomson Locations: Watchfield, Swindon, Britain, United States, United Arab Emirates, China, India, South Africa, Vietnam, Australia, Japan, Canada, Chile, Barbados, COP28, Africa, Somalia

☆ Why No One Wants to Pay for the Green Transition
▼ + stars: | 2023-11-30 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

Orsted, a Danish developer of wind farms, pulled out of two projects off New Jersey and took a $4 billion charge. Photo: Wayne Parry/Associated PressIn the past few years, Washington and Wall Street started fantasizing that the transition to net-zero carbon emissions could be an economic bonanza. When Wall Street heard green energy, it saw profits. As Ford Motor launched an electric Mustang and pickup truck, its market value topped $100 billion for the first time. With electric vehicle demand falling short of expectations, manufacturers are dialing back production and buying back stock instead.

Persons: Wayne Parry, Biden Organizations: Associated Press, Wall, Ford Motor Locations: Danish, New Jersey, Washington

REUTERS/David Swanson/File photo Acquire Licensing RightsNov 24 (Reuters) - Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles. A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Clean energy experts interviewed by Reuters say the mounting setbacks will make the United States' ambitious targets to decarbonize by mid-century even harder to reach. Solar energy facilities account for two thirds of those delays due in part to U.S. import restrictions. "These are the normal ups and downs of clean energy development and deployment," Reicher said.

Persons: David Swanson, Joe Biden’s, Biden, John Hensley, Wood Mackenzie, “, Ali Zaidi, Prakash Sharma, that's, Vic Abate, it's, Robert Walther, Walther, Dan Reicher, Reicher, Nichola Groom, Richard Valdmanis, Alistair Bell Organizations: REUTERS, Soaring, Ford, Reuters, American Clean Power Association, United Nations, White, Dominion Energy Inc, TEN, GE, Biden, Treasury Department, Trump, Stanford University, Thomson Locations: Palm Springs , California, U.S, Washington, Nations, Egypt, Dubai, United States, Paris, Virginia, Gulf of Mexico

☆ Big Oil has a place in ESG funds, says Deutsche Bank CIO
▼ + stars: | 2023-11-21 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

Fossil fuel stocks have boomed (.dMIWO0OG00PUS) since Russia's invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as Orsted (ORSTED.CO) and First Solar (FSLR.O) have also fallen sharply this year as higher interest rates and inflationary pressures squeeze profitability. European oil and gas companies including BP (BP.L) and Shell (SHEL.L) have increased renewable energy investment, although they are expanding production of dirtier energy too. Sustainability-minded investors, Müller said, needed more disclosures from firms about their plans for shifting to lower-carbon models, and regulatory clarity on labelling transition-focused funds. Morningstar estimates that 45% of funds have exposure to traditional energy, totalling 7 billion euros ($7.6 billion).

Persons: Markus Müller, Müller, Tommy Reggiori Wilkes, Susan Fenton Organizations: Deutsche Bank's Private Bank, Reuters, BP, Shell, ISR, Morningstar, Investors, Deutsche, Investment Office, Thomson Locations: Ukraine, France, Europe

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ Britain solves half of its wind power problem
▼ + stars: | 2023-11-16 | by ( George Hay | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Nov 16 (Reuters Breakingviews) - Maybe UK wind isn’t a busted flush after all. Britain needs 50 gigawatts (GW) of offshore wind by 2030, against 14 GW completed now and around 13 GW in development. It will also increase by 52% for floating offshore wind projects, from 116 pounds per MWh to 176 pounds per MWh. In AR6, offshore wind will also be given a separate funding pot in recognition of the high number of projects ready to participate. The UK aims to deliver 50 gigawatts (GW) of offshore wind by 2030, including up to 5 GW of floating offshore wind.

Persons: Andrew Boyers, Sweden’s Vattenfall, Jefferies, Denmark’s, LCPDelta, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Jefferies, Grantham Research, Thomson Locations: Watchfield, Swindon, Britain, British

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 16 (Reuters) - New York State will issue a new offshore wind solicitation on Nov. 30 with bids due in January 2024, the state government said, in a move that should support the troubled industry. This would allow the companies to re-offer their planned projects at higher prices and exit their old contracts. Those measures included the expedited solicitation for offshore wind and other renewable projects announced on Thursday. The offshore wind projects that the companies are developing are Orsted's 924-megawatt (MW) Sunrise, and the joint venture between Equinor and BP's 816-MW Empire Wind 1, 1,260-MW Empire Wind 2 and 1,230-MW Beacon Wind. In a positive sign for the companies, the New York State Energy Research and Development Authority (NYSERDA) on Oct. 24 awarded three offshore wind contracts at much higher prices than the earlier projects bid by Orsted, BP and Equinor.

Persons: Kathy Hochul, Brendan McDermid, New York Governor Hochul, Scott DiSavino, Jonathan Oatis, Nick Zieminski, Richard Chang Organizations: New, REUTERS, BP, New York Public Service Commission, New York Governor, New York State Energy Research, Development Authority, Orsted, Equinor, Thomson Locations: New York City, U.S, New York, Equinor

☆ Alstom takes the direct route to lower credibility
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Nov 15 (Reuters Breakingviews) - Alstom’s (ALSO.PA) problems are piling up. Alstom’s headaches, which include an inventory build-up, project delays and an order slowdown, haven’t materially changed. But to retain its investment grade credit rating the group needs to slash net debt that has jumped 50% to 3.4 billion euros since March. But as Denmark’s Orsted (ORSTED.CO) has found, the only thing investors dislike more than operational upheaval is a message that constantly changes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Lafarge, George Hay, taints, Lisa Jucca, Oliver Taslic Organizations: Alstom, REUTERS, Reuters, Caisse, X, Thomson Locations: Saint, Ouen, Paris, France

☆ Fierce e-commerce war leaves Sea in stormy waters
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

In August, CEO Forrest Li declared that Sea (SE.N) would ramp up spending to fight off intense competition. Perhaps that’s because Sea had just reset its strategy over the past year. It had retreated from overseas markets, slashed marketing costs and shed thousands of jobs to claw its way to profitability. Li on Tuesday stressed that the company would prioritise investments to increase its market share, encouraged by its cash pile of about $8 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Forrest Li, Li, taints, Cameron, Francesco Guerrera, Thomas Shum Organizations: Reuters, Alibaba, HK, X, Thomson Locations: SINGAPORE, New York, Singapore

☆ Target’s aim is better at the bottom than the top
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 15 (Reuters Breakingviews) - Target (TGT.N) is improving what it can control to try to compensate for price-sensitive consumers. That’s despite a 4% decline in sales, as customers pulled back on buying apparel, electronics and home accessories. It’s the best the $60 billion retailer can do, and shareholders are rightly rewarding it. The key to its success this quarter is inventory, which fell 14% from the same period last year. For a long time, too much stuff sat in Target’s back room.

Persons: Brian Cornell, Jennifer Saba, taints, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S . Commerce Department, Cornell, X, Alstom, Thomson Locations: U.S, Target’s

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