Equinor Launches New Power Unit Amid Growing Demand

Equinor is launching a new power business area that will integrate its renewables portfolio with gas-to-power plants and energy storage assets to enhance competitiveness in the electricity market. This organizational change is in response to rising power demand driven by electrification, AI expansion, and the green transition. CEO Anders Opedal emphasized that combining renewables with flexible power will ensure market reliability and stability, which is crucial given the growing importance of renewable energy. The new division will be headed by Helge Haugane, who will focus on expanding Equinor's power portfolio, which includes major offshore wind projects in the UK, US, and Poland. Despite recent financial challenges and a decision to reduce renewable investment, Equinor aims to create higher value through this integrated approach. The company will also maintain gas and power trading operations within its existing Marketing, Midstream, and Processing division.