Equinor has reported widening losses from its renewables unit in the third quarter of the year compared to the same quarter of 2021.
The company recored a net operating loss of US$56m for the quarter, more than the US$27m seen in the third quarter of 2021.
The company blamed higher business development costs and slightly lower production for the results.
Net income from equity accounted investments increased to US$9m in the third quarter of 2022 compared to US$6m in the same period last year, driven by increased results from producing assets.
In addition, net operating income in the first nine months of 2022 decreased significantly compared to last year due to lower divestment gains of US$87m in 2022 compared to US$1.385bn last year.
The increase in additions to PP&E, intangibles and equity accounted investments in the third quarter of 2022 is mainly related to the acquisition of East Point Energy.
In the third quarter of 2022, Equinor generated 294GWh of power, 3% down from the 304GWh in the same period of last year. The company said the decrease was mainly due to lower wind and higher maintenance activity.
Quarter on quarter, electricity output also dipped, down from 325GWh in the second quarter of 2022.
However, electricity output increased in the first nine months of this year compared to the same period of last year, 1131GWh compared to 1036GWh.
This increase was mainly due to start-up of production from Guanizuil IIA solar plant in the third quarter of 2021.
“In the third quarter 2022 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 in Asia, partially offset by increased net results from equity accounted investments,” the company’s report noted.