Equinor bolts renewables on to new power business

In addition to renewables, the new division includes gas-to-power plants and energy storage assets to support intermittent wind and solar. “Through strong trading capabilities, the combined offering supports higher value creation,” said the company. The new power business area will combine the renewables business area and flexible power assets from the business area marketing, midstream and processing, allowing for what the company described as “a holistic approach to power and markets.”

Equinor chief executive Anders Opedal 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.”

Equinor noted although 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 has built a significant renewables business, with offshore and onshore wind and solar in operation and under development, but announced in February 2025 it is reducing investment in renewables in the next 24 months by 50%, to US$5Bn, and increasing its focus on oil and gas production. In March 2025, Equinor said the renewables part of the company reported a net loss of US$676M in 2024.

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, said the company, despite the sharp reduction in investment announced earlier this year.

Helge Haugane has been appointed executive vice president for the new power business area and will start in the role from September when the organisational changes take effect.