How strong is Equinor’s offshore wind of change? Report

Insight 27 April 2020

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Report summary

Equinor’s energy transition strategy is one the boldest of the oil and gas Majors. At the heart is Equinor’s plan to become an “offshore wind major”. In 2020, Equinor and SSE will sanction Dogger Bank A, the first phase of world’s largest offshore wind farm. Equinor is also scaling-up its floating wind capabilities with its Hywind technology. But just how strong are the winds of change? We put Equinor’s offshore wind business into context

Equinor’s renewables growth strategy
- Equinor has built a material offshore wind portfolio
- with plans to grow by at least another 30%
- Offshore wind could account for 20% of company capital spend to 2030
Dogger Bank leads the development pack
The impact of offshore wind on the overall business
Conclusions

Tables and charts

This report includes the following images and tables:

Equinor’s renewables growth strategy
Dogger Bank A net cash flow comparison
Dogger Bank A IRR sensitivity (leveraged)

Projected free cash flow from 12 GW wind portfolio vs current upstream business and 2019 dividend
Benchmark: annual cash flow sensitivity to US$1/bbl movement in Brent oil price
Equinor’s wind portfolio
Equinor net equity wind capacity by country
Equinor projected net equity wind capacity from current portfolio versus company targets
Projected offshore wind capital investment
Equinor total projected capex by segment (2020-2029)