BAKU, Azerbaijan, February 9. In the fourth quarter of 2023, Equinor's offshore wind farms generated 453 GWh, with the majority of this production coming from Dudgeon, Sheringham Shoal, and Arkona, Trend reports.
Onshore renewables contributed an additional 208 GWh to the company's energy output. This notable increase in production was primarily fueled by the ramp-up of new onshore power plants in Poland and Brazil, marking a significant improvement compared to both the fourth quarter and the full year of 2022.
Total revenues and other income from European offshore wind assets operating within Equinor's equity accounted investment portfolio witnessed a positive revenue contribution increase of 24% in the fourth quarter. However, this increase was offset by higher expenditures associated with early-phase projects. As a result of the decision to reset the Empire Wind 2 project in the US, criteria for capitalization were no longer met, leading to ongoing costs related to this project being expensed starting from the fourth quarter of 2023. This decision contributed to the overall decline in net results from equity accounted investments compared to the fourth quarter of 2022. Furthermore, a lower pricing environment in 2023 compared to the prior year also contributed to the full-year decline.
Additionally, revenue from the newly acquired onshore wind farm in Brazil positively impacted total revenues and other income in the fourth quarter. However, when combined with the lower results from equity accounted investments in both the fourth quarter and full year of 2023, total revenues and other income decreased relative to the same periods in 2022. The favorable effects of divestments early in 2022 also significantly impacted the full-year decline.
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