Equinor's renewables loss remains largely unchanged in Q2

Sheringham Shoal wind farm. Image by: Equinor.

The renewables segment of Norwegian oil and gas group Equinor ASA (OSE:EQNR) kept its net operating loss in the second quarter of 2024 almost unchanged from a year back but registered a 42% rise in revenues.

The company’s net operating loss from renewables activities came at USD 90 million (EUR 83.1m), compared to USD 91 million in the second trimester of 2023. In its quarterly financial report released on Wednesday, it explained that the slight improvement resulted from reduced project development costs but noted that their level still surpassed earnings derived from operational assets. Meanwhile, operating and administrative expenses kept going upwards due to higher operating activity at ongoing development projects and increased business development expenditures.

At USD 12 million, renewable revenues improved thanks to the commissioning of new onshore wind parks in Brazil and Poland for third-party customers.

Amounts in USD million	Q2 2024	Q2 2023
Revenues third party, other revenue and other income	12	8
Total revenues and other income	49	4
Total operating expenses	(140)	(95)
Net operating profit (loss)	(90)	(91)
Adjusted operating profit (loss)	(90)	(84)
Power generation (GWh) Equinor share	655	345

Equinor’s renewable energy output in the three months jumped by 90% in annual terms, with more than half of the total volumes coming from onshore power plants.

At group level, the Norwegian company closed the second quarter with an adjusted net profit of USD 2.42 billion, down from USD 2.71 billion a year before. Its operating income climbed by 9% to USD 7.66 billion.

(USD 1.0 = EUR 0.923)

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