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Bullboard - Stock Discussion Forum Suncor Energy Inc T.SU

Alternate Symbol(s):  SU

Energy Oil & Gas Integrated
Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks... see more

TSX:SU - Post Discussion

Suncor Energy Inc > Orsted cancels two New Jersey offshore wind projects
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Post by lifeisgood1010 on Nov 01, 2023 1:31pm

Orsted cancels two New Jersey offshore wind projects

  • Danish wind power developer Orsted announced a $4 billion write-down for the first nine months of the year and said it was canceling two off-shore wind projects that were planned off the coast of New Jersey.
  • Its Ocean Wind 1 project would have been New Jersey's first offshore wind farm and would have generated enough electricity to power half a million homes starting in 2025. The second, similarly sized project would have followed a few years later.
  • Orsted CEO Mads Nipper said "significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates," were to blame for the project cancelations.
Comment by lifeisgood1010 on Nov 01, 2023 1:48pm
Forgot to mention that the stock is down 26% today. The chart says it all.
Comment by integrity11 on Nov 01, 2023 2:14pm
Yes good news, natural gas power plants will efficiently  replace this wind power.
Suncor Energy Inc