Equinor is to transfer its renewables segment into a new power business, in a move it says will strengthen competitiveness and value creation in the power market.
The Norwegian developer’s wind and solar operations will sit alongside gas-to-power plants and energy storage assets under the new structure.
Anders Opedal (pictured), chief executive of Equinor, said: “By combining our renewables portfolio with our flexible power offering, we strengthen our competitiveness and value creation in the power market.
“This reinforces our capability to deliver high returns and the continued disciplined growth in power production.”
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, Equinor said.
The new power business area (PWR) will combine renewables and flexible power assets from the business area marketing, midstream and processing (MMP).
The gas and power trading and market analysis organisation will remain part of MMP.
Adjustments in the segment reporting between PWR and MMP will be considered as part of the process to establish the new Power business area.
With three mega offshore wind projects underway in the UK, US and Poland and an increasing number of onshore renewables assets, Equinor’s power portfolio is growing.
Equinor has invested in energy storage through battery opportunities in the US, Poland and the UK.
Helge Haugane has been appointed executive vice president for the new PWR business area and will start in the role from September when the organisational changes take effect.
Haugane comes from the role as head of gas & power in the MMP business area.
He said: “I look forward to building on Equinor’s significant power position, both executing existing projects and further developing the portfolio.
“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.”