BAKU, Azerbaijan, July 24. Equinor has announced a significant increase in its power generation for the second quarter and first half of 2024, compared to the same periods in 2023, Trend reports.
This growth was primarily driven by the addition of onshore power plants in Brazil and Poland, as well as the successful commencement of production at the Mendubim solar plants in Brazil. In total, onshore renewables generated 347 GWh in Q2 2024.
Despite delays in completing the Dogger Bank A wind farm, now expected in 2025, Equinor's offshore wind farms produced 287 GWh, with substantial contributions from Dudgeon, Sheringham Shoal, and Arkona.
The new onshore wind farms in Brazil and Poland bolstered revenues from third-party and other income sources in the second quarter and first half of 2024 compared to the same periods last year. Notably, net income from equity-accounted investments saw a significant rise, with stable returns from joint venture assets despite lower power prices balancing increased generation.
The uptick in net results was also fueled by reduced project development costs, following the capitalization of the Bałtyk offshore wind project in Poland in Q3 2023, and the divestment of the Beacon Wind project via an asset swap between Equinor and bp in Q1 2024.
However, higher operating activity and business development expenditures led to increased operating and administrative expenses for the first half of 2024. This rise was partially offset by favorable adjustments. Despite this, the net operating loss for the first half of 2024 grew compared to the same period in 2023, mainly due to a $147 million net loss from the asset swap with bp, which resulted in Equinor taking full ownership of the Empire Wind lease and bp acquiring the Beacon Wind lease and projects.
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