General Electric Company (NYSE:GE), BP p.l.c. (NYSE:BP) – GE-BOND Consortium Secures Contract To Build Electrical Systems For New York Project

  • GE-BOND consortium between General Electric Co (NYSE: GE) GE Renewable Energy’s Grid Solutions and New York-based BOND Civil & Utility Construction has secured an EPC contract from Empire Offshore Wind to supply a digital onshore substation for Empire Wind 1 offshore wind farm project in New York. Financial terms were not disclosed.
  • Empire Offshore Wind is a joint venture between Equinor ASA (NYSE: EQNR) and BP plc (NYSE: BP).
  • Once operational, the Empire Wind 1 project will generate enough power to meet the electricity needs of 500,000 New York homes.
  • The GE-BOND consortium will be responsible for delivering the onshore substation and interconnection cable in Brooklyn, New York City, and designing and supplying the high-voltage electrical systems for the offshore substation.
  • Development of the onshore and offshore substations will start in 2022, with construction expected to begin during the second half of 2023.
  • Price Action: GE shares are trading lower by 0.08% at $94.75, BP lower by 0.25% at $29.73, and EQNR lower by 0.34% at $36.29 on the last check Tuesday.

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