BAKU, Azerbaijan, October 27. Equinor reported impressive achievements in its renewable energy endeavors during the third quarter of 2023, Trend reports.
The offshore wind farms, primarily Dudgeon, Sheringham Shoal, and Arkona, generated a total of 244 gigawatt-hours (GWh), marking a significant increase in production compared to the same period in 2022. Onshore renewables also made a substantial contribution, adding 108 GWh to the company's renewable energy portfolio. This notable growth was primarily driven by the introduction of new onshore power plants in Poland and higher average wind speeds.
Despite the promising performance in the renewable energy sector, Equinor experienced a decline in total revenues during the third quarter and the first nine months of 2023 in comparison to the same periods in the previous year. This drop can be attributed to lower net income from equity accounted investments, which was influenced by reduced prices, increased maintenance costs, one-off effects, and higher expenditures associated with early-phase projects.
However, the decline in total revenues during the third quarter was partially offset by higher revenues from third-party sources. This boost was a result of the commencement of production at solar plants in Poland.
Looking at the overall financial picture for the first nine months, Equinor's total revenue and other income registered a decrease. This decrease was primarily due to divestment gains realized from the Dogger Bank C wind farm project in the amount of USD 87 million during the first quarter of 2022.
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