BAKU, Azerbaijan, Apr.30
By Leman Zeynalova – Trend:
Equinor’s power generation was 450 GWh in the first quarter of 2021, compared to 558 GWh in the first quarter of 2020, Trend reports with reference to the company.
The decrease was due to wind being below seasonal average in the first quarter of 2021 compared to wind being above seasonal average in the first quarter of 2020. The availability has been high in the first quarter of 2021.
For the Equinor operated windfarms the twelve-month period ending 31 March average production-based availability was 96.6 percent. The Empire Wind 2 and Beacon Wind 1 projects in the US were awarded offtake contracts early January 2021. The execution of the procurement award is subject to the successful negotiation of a purchase and sale agreement, which the partnership expects to finalize together with the New York State Energy Research and Development Authority (NYSERDA). Equinor closed the divestments of offshore wind interests in the UK to Eni and in the US to bp in the first quarter of 2021.
Net operating income was $1,341 million in the first quarter of 2021 compared to $11 million in the first quarter of 2020. The increase was due to gain on the divestments completed in the first quarter of 2021 amounted to around $1.4 billion. Net operating income was negatively impacted by lower net income from equity accounted investments than in the first quarter of 2020. Net income from equity accounted investments in operation was affected by lower production, while net loss from other equity accounted investments presented higher costs compared to the first quarter of 2020 due to the progressing of projects. Adjusted operating and administrative expenses increased mainly due to high project activity in the US, the UK and in Asia. Adjusted depreciation, amortization and net impairment losses remained at the same level as in the first quarter of 2020.
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