Equinor (EQNR, Financial) has announced the formation of a new business area dedicated to power, marking a significant organizational shift aimed at enhancing its position in the energy market. This strategic move involves the integration of the company’s existing renewable assets with its flexible power offerings. The initiative also includes the appointment of Helge Haugane as the executive vice president of the new Power business area, effective September.
This development is part of Equinor's broader plan to boost its competitiveness and value creation in the power sector. The new Power business area will amalgamate the Renewables section with certain flexible power assets previously under the Marketing, Midstream, and Processing (MMP) division. While the gas and power trading functions will stay within MMP, adjustments in segment reporting are anticipated as the new structure takes shape.
Helge Haugane, who previously led the Gas & Power segment within MMP, will assume leadership of the Power business area. This restructuring is aimed at combining renewable energy initiatives with flexible power solutions to achieve robust growth and high returns in the power markets.
