Equinor’s renewables business has recorded an $83m loss in adjusted earnings in its first quarter 2023 results, compared with a loss in adjusted earnings of $10m in the same period in 2022.
Net operating loss for the quarter was $89m compared with an operating income of $77m in Q1 2022.
In Q1 2023, the decrease in net operating income and adjusted earnings compared to the same period last year was driven by increased business development costs due to higher activity levels in the US, the UK and Asia, Equinor stated.
In the first quarter of 2022, net operating income included divestment gains of $87m from the Dogger Bank C wind farm project.
The acquisition of BeGreen which closed in the first quarter of 2023 and investment related to projects in the US significantly contributed to the additions to PP&E, intangibles and equity accounted investments for the first quarter of 2023 compared to last year, said Equinor.
Power generation, in Equinor’s renewables unit, which comes mainly from offshore wind assets, remained stable in Q1 2023 compared to the same quarter last year.