Equinor establishes new power business, names Helge Haugane as EVP

Equinor (EQNR) is establishing a new business area and has appointed Helge Haugane as new executive vice president from September. The company has added gas-to -power plants and energy storage assets to support intermittent wind and solar. Through strong trading capabilities, the combined offering supports higher value creation. To strengthen competitiveness and position for further valuable growth in the power markets, Equinor integrates these portfolios in a new business area. “By combining our renewables portfolio with our flexible power offering, we strengthen our competitiveness and value creation in the power market. This reinforces our capability to deliver high returns and the continued disciplined growth in power production,” says Anders Opedal, chief executive officer in Equinor. The new Power business area will combine the current business area Renewables and flexible power assets from the business area Marketing, Midstream and Processing. The gas and power trading and market analysis organization will remain part of Marketing, Midstream and Processing. Adjustments in the segment reporting between PWR and MMP will be considered as part of the process to establish the new Power business area. Helge Haugane is appointed executive vice president for the new PWR business area and will start in the role from September when the organizational changes take effect. Haugane comes from the role as head of Gas & Power in the MMP business area.