Equinor Unveils New Power Business Area and Appoints Helge Haugane as EVP to Propel Sustainable Growth and Reliability in Global Energy Markets

Equinor Unveils New Power Business Area and Appoints Helge Haugane as EVP to Propel Sustainable Growth and Reliability in Global Energy Markets

(IN BRIEF) Equinor has established a new Power business area by integrating its renewable energy assets with flexible power solutions from its MMP division. This strategic initiative is aimed at addressing the growing global demand for electricity fueled by increased electrification, artificial intelligence, and data center operations. The restructuring enhances Equinor’s market competitiveness by combining its extensive offshore and onshore wind, solar projects, gas-to-power plants, and energy storage investments into one cohesive portfolio. Helge Haugane, formerly Head of Gas & Power in MMP, has been appointed the new Executive Vice President for this area, effective in September, while CEO Anders Opedal emphasized the move’s importance for delivering reliable, low-carbon energy and driving sustainable, profitable growth. Major projects, including offshore wind developments in the UK, US, and Poland, and the pioneering Net Zero Teesside gas-fired power station with carbon capture, underscore the company’s commitment to innovation and the energy transition.

(PRESS RELEASE) STAVANGER, 10-Apr-2025 — /EuropaWire/ — Equinor is set to launch a new Power business area, a strategic realignment designed to seamlessly merge its broad Renewables portfolio with flexible power assets previously housed under Marketing, Midstream and Processing (MMP). This initiative comes as a direct response to the growing electricity demand driven by the electrification of society, the expansion of artificial intelligence, and increased data center operations. Over the past two decades, Equinor has built a robust renewables business with extensive offshore and onshore wind and solar projects, while also investing in gas-to-power plants and energy storage assets to counter the variability of renewable energy. With enhanced trading capabilities, the combined portfolio is expected to support higher value creation and ensure reliable power generation in an increasingly dynamic market.

Under this new organizational structure, the existing Renewables (REN) division will be integrated with select flexible power assets from MMP into the newly formed Power (PWR) business area, providing a holistic approach to energy supply and market efficiency. Meanwhile, the gas and power trading operations will remain within the MMP division, with adjustments in segment reporting to be evaluated during the transition.

As part of this transformation, Equinor has appointed Helge Haugane as the new Executive Vice President for the Power business area, effective in September. Previously serving as Head of Gas & Power in MMP, Haugane expressed his enthusiasm: “I look forward to building on Equinor’s significant power capabilities by executing our current projects and exploring new opportunities across various technologies, markets, and ownership structures. This integration is pivotal for further profitable growth in an ever-changing power landscape.”

Chief Executive Officer Anders Opedal added, “By combining our expansive renewables portfolio with flexible power offerings, we enhance our competitiveness in the power market and reinforce our ability to deliver exceptional returns. This strategic move positions us for sustainable growth and underscores our commitment to providing reliable, low-carbon energy solutions.”

Equinor’s expanding power portfolio is highlighted by major offshore wind projects currently underway in the UK, US, and Poland, alongside a growing number of onshore renewables assets. Investments in energy storage across the US, Poland, and the UK, as well as flexible power generation via the Triton Power joint venture with SSE Thermal, further complement the portfolio. Notably, the recent partner-operated Net Zero Teesside project in the UK, poised to be the world’s first gas-fired power station with carbon capture, marks a significant milestone in broadening the company’s power assets and accelerating the energy transition.

This comprehensive restructuring is set to fortify Equinor’s position in the power markets, ensuring the company meets rising global demand for reliable and sustainable energy while continuing to drive innovation and profitable growth.

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SOURCE: Equinor