All posts from Zacks
Zacks in Our Research. Your Success.,

Dominion Joins DONG Energy for 12 MW Offshore Wind Projects

Dominion Energy D announced that it has entered into a strategic partnership with DONG Energy of Denmark to develop 12 megawatts (MW) offshore wind projects in Virginia. DONG Energy has expertise in this area and will be entrusted with developing two 6 MW wind turbines offshore Virginia.

Dominion Energy will be the sole owner of Coastal Virginia Offshore Wind project, which is expected to begin operation by 2020 end, subject to weather patterns and protected species migration patterns.  

Options for More Renewables

The two wind turbines will be built nearly 27 miles off the coast of Virginia Beach on a 2,135-acre site leased by the Virginia Department of Mines, Minerals and Energy. This project will be the second of its kind in the U.S.

If successful, the new venture will open up options for more wind projects across offshore Virginia. Also, Dominion might use its 112,800-acre site leased from the Bureau of Ocean Energy Management (BOEM) for further development of wind energy. The full development of this region could result in generation of 2,000 MW of renewable power.

Renewable Goals of Dominion

Dominion Energy is committed to developing renewable energy. At present, the company has 1,900 MW of clean energy in nine states throughout the U.S., which is either under development or in operation.

Apart from adding wind projects, the company is also adding solar projects in its generation portfolio. Since 2013, Dominion Energy has added more than 1,300 MW of solar energy in the nine states it operates in.

Price Movement

Shares of Dominion Energy has returned 0.4% in the last six months compared with the Utility –Electric Power industry’s gain of 3.4%.

Even though the company’s return is lower than the industry, the expansion of its electric transmission, natural gas facilities and midstream assets are strong positives.

Zacks Rank & Other Stocks to Consider

Dominion Energy currently holds a Zacks Rank #2 (Buy). Other top-ranked stocks in the same space are NextEra Energy NEE, NRG Energy NRG and NorthWestern Corporation NWE, each holding a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

NextEra Energy delivered an average positive earnings surprise of 4.28% in the last four quarters. Its 2017 earnings estimates moved up by 4 cents to $6.67 over the last 60 days.

NRG Energy delivered an average positive earnings surprise of 193.74% in the last four quarters. Its 2017 earnings estimates moved up by 5 cents to 67 cents over the last 60 days.

NorthWestern Corporation's average positive earnings surprise for the last four quarters is 9.98%. Its 2017 earnings estimates moved up by a penny to $3.41 over the last 60 days.

More Stock News: 8 Companies Verge on Apple-Like Run

Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.

A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
Dominion Energy Inc. (D): Free Stock Analysis Report
NRG Energy, Inc. (NRG): Free Stock Analysis Report
NorthWestern Corporation (NWE): Free Stock Analysis Report
To read this article on click here.
Zacks Investment Research