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Researched by Industrial Info Resources (Sugar Land, Texas)--Engineering, design and consulting giant Stantec Incorporated (NYSE:STN) (Edmonton, Alberta) enjoyed positive results in 2023, when strong market demand, especially in its U.S.-based businesses, delivered double-digit net revenue growth for the year. Executives pointed to the company's organic growth across all its business units, led by its work in water-security, construction, and energy & resources. Industrial Info is tracking more than US$95 billion worth of active and planned projects featuring Stantec's services worldwide, more than 60% of which is attributed to projects in the Power and Oil & Gas industries.
Click on the image at right for a breakdown of active and planned projects involving Stantec, by industry.
The most widely anticipated project featuring Stantec's services is a massive liquefied natural gas (LNG) production complex in Kitimat, British Columbia. LNG Canada, a consortium led by Shell plc (NYSE:SHEL) (London, England), started construction on the facility in late 2019, with completion estimated at about one year from now. Two trains will have a combined production capacity of 1.8 billion cubic feet per day of LNG; two more proposed trains, which could begin construction before the end of 2024, could double capacity.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Project and Plant databases can read detailed reports on trains 1 and 2, which are under construction, and the proposed trains 3 and 4, as well as a detailed plant profile. For more information on LNG Canada, see November 14, 2023, article - EIA: North American LNG Exports to Double Through 2027, and February 19, 2024, article - TC Energy Readies for 2024 Inland-to-Coast Pipeline Milestones.
On the power-generation side, Stantec is at work on SaskPower's (Regina, Saskatchewan) US$700 million Great Plains Power Station in Moose Jaw, Saskatchewan, which is scheduled to finish construction in the fourth quarter. The 350-megawatt (MW), natural gas-fired, combined-cycle (NGCC) facility is located about 100 miles east of SaskPower's Chinook Power Station in Swift Current, Saskatchewan, an NGCC plant that finished construction at the end of 2019. Subscribers can learn more from Industrial Info's detailed project report.
Stantec executives remained upbeat about Canada's market for renewable energy, despite Alberta's recent decision to ban renewable projects on prime agricultural land. The move followed Alberta's decision last year to temporarily halt approvals of major new projects; the halt on approvals was lifted last week, and Alberta's government said the new policies likely will not be finalized until the end of 2024.
"You are seeing some slowdown in some of the offshore wind projects and some stress in some of the equipment suppliers," said Gord Johnston, the chief executive officer of Stantec, in the conference call. "Also, you're seeing in Western Canada--in Alberta, in particular--a pause on new renewables. But we're continuing to monitor all those things. We're not seeing any particular long-term systemic issues. We still are projecting good organic growth for the year in that sector."
Stantec's renewables business might enjoy more luck in the U.S. in the near term, where it is one of the consultants on Orsted A/S's (Fredericia) US$2 billion South Fork Offshore Windfarm, east of Long Island. The 130-MW facility already has started delivering energy, and more than 50% of its turbines have been installed. For more information, see January 22, 2024, article - Orsted Achieves 50% Turbine Installation at U.S. Offshore Windfarm, Signs PPA for Texas Solar Project, and February 8, 2024, article - Siemens Energy Aims to Cure Ailing Wind-Turbine Business in 2024; subscribers can learn more from a detailed project report.
Stantec also is serving as a consultant on Ranger Power's (Chicago, Illinois) US$105 million Western Mustang Solar Plant in Spring Valley, Wisconsin, which is set to finish construction in the coming weeks. It is expected to generate 74 MW from 250,000 photovoltaic (PV) panels provided by JinkoSolar (NYSE:JKS) (Shanghai, China). Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) will take over operations when it is completed. Subscribers can learn more from a detailed project report.
One of Stantec's most visible customers is Amazon.com Incorporated (NASDAQ:AMZN) (Seattle, Washington), which hired Stantec Architecture and Engineering LLC to assist with the construction of its US$290 million fulfillment center in Johnston, Rhode Island. The 4 million-square-foot, six-story building started construction at the end of 2021 and is set to finish in the coming months. Subscribers can learn more from a detailed project report.
Stantec's 2023 net revenue increased 13.7% from 2022 to C$5.1 billion (US$3.76 billion), while net income increased 34.1% to $331.2 million (US$243.92 million).
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects involving Stantec.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a breakdown of active and planned projects involving Stantec, by industry.The most widely anticipated project featuring Stantec's services is a massive liquefied natural gas (LNG) production complex in Kitimat, British Columbia. LNG Canada, a consortium led by Shell plc (NYSE:SHEL) (London, England), started construction on the facility in late 2019, with completion estimated at about one year from now. Two trains will have a combined production capacity of 1.8 billion cubic feet per day of LNG; two more proposed trains, which could begin construction before the end of 2024, could double capacity.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Project and Plant databases can read detailed reports on trains 1 and 2, which are under construction, and the proposed trains 3 and 4, as well as a detailed plant profile. For more information on LNG Canada, see November 14, 2023, article - EIA: North American LNG Exports to Double Through 2027, and February 19, 2024, article - TC Energy Readies for 2024 Inland-to-Coast Pipeline Milestones.
On the power-generation side, Stantec is at work on SaskPower's (Regina, Saskatchewan) US$700 million Great Plains Power Station in Moose Jaw, Saskatchewan, which is scheduled to finish construction in the fourth quarter. The 350-megawatt (MW), natural gas-fired, combined-cycle (NGCC) facility is located about 100 miles east of SaskPower's Chinook Power Station in Swift Current, Saskatchewan, an NGCC plant that finished construction at the end of 2019. Subscribers can learn more from Industrial Info's detailed project report.
Stantec executives remained upbeat about Canada's market for renewable energy, despite Alberta's recent decision to ban renewable projects on prime agricultural land. The move followed Alberta's decision last year to temporarily halt approvals of major new projects; the halt on approvals was lifted last week, and Alberta's government said the new policies likely will not be finalized until the end of 2024.
"You are seeing some slowdown in some of the offshore wind projects and some stress in some of the equipment suppliers," said Gord Johnston, the chief executive officer of Stantec, in the conference call. "Also, you're seeing in Western Canada--in Alberta, in particular--a pause on new renewables. But we're continuing to monitor all those things. We're not seeing any particular long-term systemic issues. We still are projecting good organic growth for the year in that sector."
Stantec's renewables business might enjoy more luck in the U.S. in the near term, where it is one of the consultants on Orsted A/S's (Fredericia) US$2 billion South Fork Offshore Windfarm, east of Long Island. The 130-MW facility already has started delivering energy, and more than 50% of its turbines have been installed. For more information, see January 22, 2024, article - Orsted Achieves 50% Turbine Installation at U.S. Offshore Windfarm, Signs PPA for Texas Solar Project, and February 8, 2024, article - Siemens Energy Aims to Cure Ailing Wind-Turbine Business in 2024; subscribers can learn more from a detailed project report.
Stantec also is serving as a consultant on Ranger Power's (Chicago, Illinois) US$105 million Western Mustang Solar Plant in Spring Valley, Wisconsin, which is set to finish construction in the coming weeks. It is expected to generate 74 MW from 250,000 photovoltaic (PV) panels provided by JinkoSolar (NYSE:JKS) (Shanghai, China). Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) will take over operations when it is completed. Subscribers can learn more from a detailed project report.
One of Stantec's most visible customers is Amazon.com Incorporated (NASDAQ:AMZN) (Seattle, Washington), which hired Stantec Architecture and Engineering LLC to assist with the construction of its US$290 million fulfillment center in Johnston, Rhode Island. The 4 million-square-foot, six-story building started construction at the end of 2021 and is set to finish in the coming months. Subscribers can learn more from a detailed project report.
Stantec's 2023 net revenue increased 13.7% from 2022 to C$5.1 billion (US$3.76 billion), while net income increased 34.1% to $331.2 million (US$243.92 million).
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects involving Stantec.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
