Equinor Cuts Renewable Energy Target Due to Industry Headwinds
02.05.2025 By Tank Terminals - NEWS

February 05, 2025 [Reuters]- Norway’s Equinor is reducing its ambitions for developing renewable energy capacity by 2030, it said on Wednesday, the latest move by a European energy company to cut green targets as the market for renewables sours.

 

Equinor follows peers BP and Shell, which have trimmed plans to expand in renewable energy, especially offshore wind, where they previously hoped to benefit from their experience of operating oil and gas production at sea.

The offshore wind industry has struggled with interest rate rises, cost inflation, supply bottlenecks, changing regulatory regimes and unattractive margins, testing investors’ patience.

“For renewables, the ambition for installed capacity is reduced to 10-12 gigawatt by 2030,” Equinor said in a strategy update on Wednesday. This is down from a target of 12-16 gigawatts (GW) by 2030 Equinor set in 2021.

The company was doing it to adapt to market conditions and to further strengthen value creation for shareholders, it said.

The new target included Equinor’s 10% stake in Danish offshore developer Orsted, the world’s largest, as well as its 16.2% ownership in solar company Scatec, Equinor said.

In addition, Equinor is scrapping a previous 2030 target to allocate 50% of gross capital expenditures to renewables and low carbon solutions, it said.

Separately, Equinor on Wednesday posted slightly higher-than-expected profits for the final quarter of 2024, while raising its oil and gas output forecast.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

The Hydrogen Stream: HyIron Starts Green Hydrogen Production in Namibia
03.25.2025 - NEWS
March 25, 2025 [PV Magazine]- HyIron said it has produced the first green hydrogen molecules at ... Read More
UK's Ithaca Energy to Acquire Japex's North Sea Business for $193 Million
03.25.2025 - NEWS
March 25, 2025 [Reuters]- Ithaca Energy said on Tuesday it would acquire Japan Petroleum Explorat... Read More
Aramco Acquires Half of Blue Hydrogen Industrial Gases Company
03.25.2025 - NEWS
March 25, 2025 [Rigzone]- Saudi Arabian Oil Co. (Aramco) said Monday it had completed the purchas... Read More
US Jet Fuel Imports Surge as Nigeria's Dangote Refinery Pushes Barrels West
03.25.2025 - NEWS
March 25, 2025 [Reuters]- U.S. jet fuel imports are set to hit a two-year high in March after Nig... Read More