Equinor’s renewables business has reported a net operating loss of $220m in the first quarter of this year compared with a loss of $166m in Q1 2023.
Net operating loss included the effect of a $147m net loss following the asset swap transaction between Equinor and BP, under which Equinor took full ownership of the Empire Wind lease and projects and BP took full ownership of the Beacon Wind lease and projects.
This resulted in an overall lower result for the first quarter of 2024 compared to the same period in 2023
The positive result from assets in operation remains at the same level as in the first quarter last year, while the increase in power generation in Q1 of this year was offset by lower price, stated Equinor.
The increase in net results was driven by lower project development costs in the first quarter of 2024 compared to last year.
In the first quarter of 2024, offshore wind farms generated 468GWh, with the majority coming from Dudgeon, Sheringham Shoal and Arkona.
Onshore renewables contributed a further 271GWh.
The increase in generation compared to the same quarter of 2023 (661GWh) was driven by the addition of onshore power plants in Poland and Brazil, and the successful production start of the partner operated Mendubim solar plants, also in Brazil.
The addition of onshore wind farms in operation in Brazil and Poland increased the positive contribution to revenues third party, other revenue and other income in the first quarter of 2024 compared to the prior year.
Net income/(loss) from equity accounted investments increased compared to the same quarter in the prior year.
Baltyk, the offshore wind project in Poland, reached the maturation stage for capitalisation of costs from the third quarter of 2023 and the Beacon Wind project was divested following the asset swap transaction between Equinor and bp in the first quarter of 2024.