Norwegian multinational energy company Equinor has formed a new power division which combines its renewables portfolio with its power offering.
Under the rejig, the company’s gas and power trading and market analysis organisation will remain part of a business area it calls Marketing, Midstream and Processing (MMP).
Investment has been approved for the partner-operated Net Zero Teesside facility in the UK, which is billed as the world’s first gas-fired power station with carbon capture.
Called NZT Power, it is a joint venture between bp and Equinor. It could generate up to 860 megawatts of flexible, dispatchable low-carbon power.
Source: Net Zero Teesside
A related project, the Northern Endurance Partnership, is a joint venture between Equinor, bp, and TotalEnergies, and is the CO2 transportation and storage provider for the UK’s East Coast Cluster. Construction is due to start mid-2025.
Helge Haugane, currently Head of Gas & Power in the MMP business area, is appointed Executive Vice-President for the new power business area, branded PWR, and will start in the role from September when the organisational changes take effect.
In February, Equinor announced it is reducing its renewables installed capacity target to 10-12 gigawatts (GW) by 2030 but maintaining CO2 storage targets of 30-50 million tonnes per year by 2035.
