Steffen Evjen

Steffen Evjen asked about the specific milestones required for the Investment Tax Credit (ITC) payment for Empire Wind to come in, and sought clarification on whether the $1 billion dividend mentioned for Adura represents Equinor's share or the total dividend to both shareholders.

Answer

CFO Torgrim Reitan explained that ITC can be recognized upon starting production, scaling with turbine startup, with full recognition assumed in 2027. He noted a time lag between recognition and cash flow, with $2 billion impact assumed in 2027 out of a total $2.5 billion. President and CEO Anders Opedal clarified that the $1 billion dividend from Adura refers to Equinor's share.

Steffen Evjen asked about the required milestones for the Investment Tax Credit (ITC) payment for Empire Wind, specifically regarding first power and other fulfillments. He also sought clarification on whether the $1 billion in Adura dividends referred to Equinor's share or the total for both shareholders.

Answer

CFO Torgrim Reitan explained that the ITC can be recognized when production starts, scaling with the various turbines, with all assumed to be recognized in 2027 (with potential upside in 2026). He noted that the $2 billion impact in 2027 is part of a total $2.5 billion ITC. CEO Anders Opedal confirmed that the $1 billion in Adura dividends refers to Equinor's share.

Steffen Evjen from DNB ASA asked for clarification on the specific milestone required to receive the U.S. tax credit for Empire Wind, inquiring if it is first power or commercial operation date (COD) for the project.

Answer

Torgrim Reitan, CFO, confirmed that the milestone for receiving the U.S. tax credit is production start, specifically first power, which is planned for 2027.

Steffen Evjen asked for clarification on the specific milestone required to receive the U.S. tax credit for Empire Wind, inquiring if it is first power or commercial operation date (COD).

Answer

CFO Torgrim Reitan confirmed that the criteria for receiving the U.S. tax credit for Empire Wind is 'production start,' which is ultimately 'first power,' planned for 2027.