Equinor acquires East Point Energy LLC
Equinor has signed an agreement to buy a 100% stake in the US based battery storage developer East Point Energy LLC. The acquisition supports Equinor’s ambition to be a leading company in the energy transition and provides a platform for broadening our energy offerings in the US.
The privately owned East Point Energy is headquartered in Charlottesville, Virginia and has a 4.1 GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast. Additional growth potential beyond the current pipeline has been identified.
“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,” says Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.
Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power. Battery storage is key to enabling further penetration of renewables, can contribute to stabilizing power markets and improve the security of supply. The acquisition will provide us with attractive investment opportunities, and the projects will contribute to lifting the return on our renewable portfolio while at the same time lowering the portfolio risk.
Equinor sees a strong opportunity to create a profitable business by deploying battery storage assets in selected power markets. This is based on the flexible nature of the assets and Equinor’s advanced trading capabilities through the wholly-owned energy trading house Danske Commodities.
Information Source: Read More
ENERGY | ELECTRIC POWER | NATURAL GAS | AUTOMOTIVE | CLIMATE | RENEWABLE | WIND | TRANSITION | LPG | OIL & GAS | SOLAR | ELECTRIC VEHICLES| BIOMASS | SUSTAINABILITY | OIL PRICE |COMMODITIES | ELECTRIC POWER | NUCLEAR | LNG | REFINED PRODUCTS | SHIPPING|