BAKU, Azerbaijan, April 10. Equinor has announced the creation of a new Power business area (PWR), which will combine its renewables portfolio with flexible power assets, Trend reports.
Helge Haugane has been appointed executive vice president of the new business area, effective from September.
The new structure aims to strengthen Equinor’s position in the power market by integrating offshore and onshore wind, solar, gas-to-power, and energy storage assets. The move responds to growing power demand driven by electrification, AI, and data center expansion.
PWR will merge the current Renewables (REN) business with flexible power assets from Marketing, Midstream and Processing (MMP). Gas and power trading will remain part of MMP. Segment reporting adjustments will be considered as part of the transition.
Equinor’s power portfolio includes major offshore wind projects in the UK, US, and Poland, and investments in energy storage in the US, UK, and Poland. Its flexible power assets include the Triton Power gas-to-power plant and the planned Net Zero Teesside gas-fired power station with carbon capture in the UK.
Haugane currently leads Gas & Power in MMP and will assume leadership of the new PWR business area as the organisational changes take effect.