Equinor’s power production from renewable energy sources reached 694GWh in the final quarter of 2024, up 34% from the same quarter last year.
This increase was mainly driven by onshore production from Rio Energy in Brazil and Wento in Poland, along with production from Hywind Tampen (pictured).
In the UK, the world’s largest offshore windfarm, Dogger Bank, delivered first power in the fourth quarter and is currently ramping up production.
In the UK, operations recently started at Blandford Road battery asset, the company’s first commercial power storage asset.
Danske Commodities will provide market access and optimisation, providing further value creation in a power market with a high share of intermittent renewable power.
Furthermore, Equinor has announced its intention to take full ownership of the Empire Wind projects in the US through a swap transaction with BP, where BP takes full ownership to the Beacon Wind projects.
Anders Opedal, president and chief executive of Equinor, said: “Equinor is well positioned to deliver profitable growth. We expect to grow our cash flow and sustain competitive returns.
“We are extending the outlook for stable contribution from oil and gas to 2035.
“By 2030 we expect material and rapidly growing cash flow from our renewables and low carbon business.
“We will provide a broader energy offering with lower emissions.
“We aim to grow renewables and decarbonised energy to more than 80TWh by 2035 and have increased our ambition for carbon storage.”