- Equinor launches a new ‘Power’ division combining renewables and flexible gas assets to boost earnings and market agility.
- Helge Haugane will lead the unit starting in September, overseeing offshore wind, battery storage, and carbon capture projects.
- Restructuring supports Equinor’s net-zero goals and positions the company for rising electricity demand from data centres and electrification.
Equinor ASA has launched a new business division called “Power” (PWR) to merge its renewable energy and flexible power generation assets. The company aims to boost earnings and respond quickly to rising global electricity demand.
Equinor merged its Renewables (REN) unit with parts of the Marketing, Midstream and Processing (MMP) division, focusing on flexible generation assets.
CEO Anders Opedal said the company needs a more efficient structure to stay competitive in growing electricity markets. “This structure helps us manage energy better and seize more market opportunities,” Opedal stated.
The new PWR division now handles many projects, including offshore wind farms in the UK, US, and Poland and a growing number of onshore renewable projects. Equinor continues to increase its investments in battery storage systems across these regions.
The company also transferred several flexible generation assets to the PWR unit. Among them is Triton Power, a gas-fired plant Equinor co-owns with SSE Thermal.
The division will also manage the Net Zero Teesside project in the UK. This plant will use carbon capture technology, and Equinor plans to make it the first gas power station in the world to achieve near-zero emissions.
The Power division will deliver projects that support grid reliability and back up renewable supply. Equinor intends to use flexible gas assets to fill power gaps when wind or solar output falls.
Helge Haugane, Head of Gas & Power in MMP, will lead the new division. He will take charge in September and oversee all project delivery and expansion.
Equinor will keep its gas and power trading and market analysis teams within the MMP division. However, the company may change its financial reporting structure between MMP and PWR to reflect the reorganisation.
Rising electricity demand continues to reshape global energy markets. Data centre growth, industrial electrification, and digitalisation push companies to rethink their operations.
Equinor designed the PWR division to respond faster to market shifts. Combining renewables and flexible assets allows the company to match supply with demand more effectively.
The new unit supports Equinor’s net-zero ambitions. By combining renewables, gas, storage, and carbon capture, the company aims to deliver reliable and low-carbon energy.
Equinor joins other global energy firms in streamlining business units for better returns and faster project execution. The company believes this integration will unlock long-term value.
With the launch of PWR, Equinor brings critical energy technologies under one umbrella. The company wants the division to drive growth and strengthen its role in the global energy transition.