By Dominic Chopping
Equinor is creating a new business to cater to growing demand for power from the electrification of society and industry as well as the expansion of artificial intelligence and data centers.
The Norwegian energy major will merge its renewable energy assets with its gas power plants and energy storage resources, which together will strengthen competitiveness and offer better conditions for higher value creation.
"While the demand for electricity from renewable power will continue to grow, flexible power will ensure reliability and stability in the power offering to the market," the company said.
Equinor has built a sizable renewables business over the last two decades, with offshore and onshore wind as well as solar. It has three large offshore wind projects underway in the U.K., U.S. and Poland and an increasing number of onshore renewable assets.
It has also added gas power plants and energy storage assets to provide flexible power and support intermittent wind and solar.
The company has invested in battery storage projects in the U.S., Poland and the U.K., and has the U.K. Triton Power gas-to-power plant, which it owns with SSE Thermal. In addition, it is a partner in the U.K. Net Zero Teesside project, which will provide gas-fired power with carbon capture.
The new power business will combine the current renewables business with the flexible power assets from the marketing, midstream and processing business. The gas and power trading and market analysis unit will remain part of marketing, midstream and processing.
Helge Haugane, head of gas & power in Equinor's marketing, midstream and processing business, has been appointed head of the new power business and will start in the role from September when the organizational changes take effect.
"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 said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 10, 2025 03:58 ET (07:58 GMT)
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