Equinor's renewables segment recorded a net operating loss of $166 million for the third quarter of 2024, showing an improvement from a $412 million loss in the same period in 2023. The third-quarter results included a $50 million impairment on an offshore wind lease project in California. In comparison, the same period in 2023 was impacted by a $300 million impairment on Equinor's offshore wind projects on the US northeast coast.
The net operating loss for the first nine months of 2024 also factored in a $147 million loss related to an asset swap with bp in the first quarter. As part of the transaction, Equinor assumed full ownership of the Empire Wind lease, while bp gained full control of the Beacon Wind lease.
In the third quarter of 2024, $60 million was allocated for onshore renewables and $301 million for offshore wind, primarily for the South Brooklyn Marine Terminal (SBMT) and Empire Wind projects in the US, as well as investments in the UK.
Equinor's renewable power generation grew significantly in 2024, with production reaching 677 GWh in the third quarter—an 82% increase compared to the same quarter in 2023. This growth was driven by new onshore power plants in Brazil and Poland, as well as the start of production at the Mendubim solar plants in Brazil. Offshore wind farms like Dudgeon, Sheringham Shoal, and Arkona also contributed positively. However, progress at the Dogger Bank A project has been slower than anticipated, leading to an adjusted 2024 renewable power production growth forecast of around 50%.
Equinor's net income from equity-accounted investments increased significantly in the third quarter and the first nine months of 2024, reflecting continued investment in renewables and the development of low-carbon value chains.
