Apr 11, 2025
Equinor plans to incorporate renewable energy and flexible power resources into a new business.
Norwegian energy company Equinor ASA will merge its renewable energy and flexible power operations into a new business aimed at boosting its competitiveness and generating greater value in the power market.
This new division will encompass Equinor’s renewable energy initiatives in onshore and offshore wind and solar technologies, along with its gas-to-power plants and energy storage assets. “This reinforces our capability to deliver high returns and the continued disciplined growth in power production,” said CEO Anders Opedal in a press release on Thursday.
The restructuring will take effect in September. The new power business area (PWR) will consolidate all renewables and flexible power assets from the Marketing, Midstream, and Processing (MMP) sector. Gas and power trading, along with market analysis, will remain under MMP.
Helge Haugane will lead PWR as executive vice president starting in September. He is currently the head of gas and power in the MMP sector.
“By integrating our power business, we can look across technologies, markets, and ownership structures. This will be important for further profitable growth in the rapidly changing world of power,” Haugane stated.
Equinor recently scaled back its renewable deployment goals and currently has approximately 7 GW of renewable energy installed or in development, which includes 2.4 GW of installed capacity. Its renewables segment is underperforming, with a projected net operating loss of USD 676 million (EUR 612.8m) for 2024.
This new division will encompass Equinor’s renewable energy initiatives in onshore and offshore wind and solar technologies, along with its gas-to-power plants and energy storage assets. “This reinforces our capability to deliver high returns and the continued disciplined growth in power production,” said CEO Anders Opedal in a press release on Thursday.
The restructuring will take effect in September. The new power business area (PWR) will consolidate all renewables and flexible power assets from the Marketing, Midstream, and Processing (MMP) sector. Gas and power trading, along with market analysis, will remain under MMP.
Helge Haugane will lead PWR as executive vice president starting in September. He is currently the head of gas and power in the MMP sector.
“By integrating our power business, we can look across technologies, markets, and ownership structures. This will be important for further profitable growth in the rapidly changing world of power,” Haugane stated.
Equinor recently scaled back its renewable deployment goals and currently has approximately 7 GW of renewable energy installed or in development, which includes 2.4 GW of installed capacity. Its renewables segment is underperforming, with a projected net operating loss of USD 676 million (EUR 612.8m) for 2024.