Norwegian group Equinor ASA has announced the creation of a new division named “Power” (PWR), which will consolidate its renewable and flexible power generation assets. The move aims to increase profitability amid surging electricity demand driven by digitalisation, data centre expansion and industrial electrification.
The announcement was made by Anders Opedal, Chief Executive Officer of Equinor, who stated that the restructuring will allow for a more integrated management of energy resources and enhanced competitiveness in electricity markets. The new PWR unit will merge the activities of the Renewables (REN) segment and part of the assets from the Marketing, Midstream and Processing (MMP) division, specifically those linked to flexible power production.
A strategy focused on supply stability
Equinor’s integrated offer will now include large-scale offshore wind projects in the United Kingdom, the United States and Poland, alongside a growing base of onshore renewable assets. Simultaneously, the company is expanding its footprint in energy storage, with investments in battery systems across the UK, US and Poland.
Flexible assets also include Triton Power, a gas-fired plant co-owned with SSE Thermal. The Net Zero Teesside project in the UK, set to become the world’s first gas-fired power station with carbon capture technology, represents a major step in expanding the group’s flexible energy portfolio.
New leadership to steer the transformation
Helge Haugane, currently Head of Gas & Power within the MMP division, will lead the new PWR division starting in September. He will oversee the execution of ongoing projects and the further development of Equinor’s portfolio, applying a cross-cutting approach to technologies and markets.
Gas and power trading functions, as well as market analysis, will remain part of the MMP division, although adjustments in financial reporting between PWR and MMP are under consideration as part of the reorganisation.
