Equinor cuts renewable energy workforce by 20 percent
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End to wind energy projects
Equinor has canceled offshore wind projects in France, Portugal, Spain and Vietnam in recent months. The company has also backed away from some of its ventures in Australia.
Equinor’s investments in the USA are the second largest market after Norway. However, globally, the offshore wind energy sector is experiencing difficult times due to inflationary pressures, high interest rates and supply chain disruptions. The US Energy Information Administration (EIA) announced the cancellation of 2,400 MW of wind energy projects planned off the US coast last year.
Besides Equinor, other energy giants are also reviewing renewable energy investments. Shell pulled out of the 2.4 GW SouthCoast wind project off Massachusetts and announced it would reduce its renewable energy roster.
Equinor said it will narrow its renewable energy portfolio and focus on three major projects: Dogger Bank in the UK, Baltyk 2 and 3 in Poland, and Empire Wind 1 off the coast of New York. 12-16 GW by 2030 Although it emphasizes that it maintains its renewable energy capacity target, it remains unclear whether this target will be achieved in the current economic environment.
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