Equinor’s renewable energy division reported a net loss of $676 million for 2024, slightly improved from a net loss of $757 million in 2023. The division’s total revenues for the year reached $317 million, a significant increase from $17 million in the previous year.
The company reaffirmed its commitment to offshore wind, stating that its long-term view on the sector “remains firm.” This commitment was reinforced through its acquisition of a 10% stake in Ørsted, gaining exposure to a premium portfolio of offshore wind projects and assets in operation.
For 2024, Equinor’s power generation increased to 2.80 TWh, up from 1.86 TWh in 2023. Offshore wind farms contributed 1.56 TWh, with the majority of production coming from the Dudgeon, Sheringham Shoal, and Arkona wind farms. Onshore renewables provided an additional 1.38 TWh, driven by the Serra da Babilonia 1 Wind Complex in Brazil.
The company also saw a significant boost in its onshore production, which represented its highest total power generation numbers in history. This increase was attributed to the addition of onshore power plants in Brazil and Poland, as well as the commencement of production at the partner-operated Mendubim Complex of solar plants in Brazil.
Looking ahead, Equinor expects commercial production at the Dogger Bank A wind farm to begin in the second half of 2025.
Equinor’s 2025 Energy Transition Plan emphasizes its continued focus on offshore wind, with the company aiming for 10-12 GW of installed renewable energy capacity by 2030, along with a transport and storage capacity of 30-50 million tonnes of CO2 by 2035.
As the company noted, “We continue to see offshore wind as a significant and value-adding part of the future energy system, but the speed at which we can grow our offshore wind business will depend on access to value-creating projects and necessary framework conditions.”
