Wedoany.com Report-Feb 6, Equinor is scaling back its early-phase development activities in renewables.

The Norwegian developer has outlined a plan to trim its work in green energy, including cutting end-decade ambitions to 10-12GW, down from 12-16GW.

The company said in a capital markets update it has terminated development activities in southern Europe, exited Vietnam and paused work off California.

However, it is progressing development of UK extensions and the Empire Wind 1 projects in the US.

It will also look for 20% cost reductions in renewables as part of group-wide $2bn in cost savings proposed, according to slides to be presented today.

The move come in response to adjusting market conditions, it said.

Equinor said it will be disciplined in a “heated” offshore wind market by farming down where appropriate and “remaining disciplined” in auctions.

It will focus on achieving “strike price improvements” and pointed out an exposure to “producing assets” via its stake in Orsted.