The UK has shortlisted an 860MW gas power plant with carbon capture for government support.
Equinor and bp are working together on the project, which could power up to 1.3 million homes.
The government has earmarked eight projects that could receive state support – varying from hydrogen to low carbon.
Net Zero Teesside Power is the joint venture between the two energy giants.
The government has stressed that the list of eight projects is not final and could be subject to expansion if other facilities are deemed fit for support.
Equinor stated its desire for the carbon capture gas structure to be operational by 2027.