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Statkraft Plans $6.6 Billion Investment in Wind and Hydropower

Norwegian company Statkraft, Europe’s largest generator of renewable energy, plans a record investment of up to $6.6 billion (6 billion euros) in Norway’s wind and hydropower generation.

Up to $3.3 billion (3 billion euros) will go to upgrades and transformations of Norwegian hydroelectric power plants, and another up to $2.2 billion (2 billion euros) is earmarked for rehabilitation of dams and modernization of older power plants, Statkraft said on Monday.  

Around $1.1 billion (1 billion euros) is allocated to the renewal of existing and the construction of new onshore wind farms.

Statkraft’s investment program will help achieve more than double the current wind power production, which will rise to 2,500 gigawatt-hours (GWh), as well as 1,500-2,500 megawatts (MW) of increased hydroelectric power plant capacity, more than over 20% increase in installed capacity.

“The increased power needs of the future in Norway will mainly be covered by new wind power, but hydropower will still be the backbone of the Norwegian energy system with its unique features,” the company said.

Norway has an almost entirely renewables-based electricity system, with renewable resources accounting for 98% of generation, including hydropower with a share of 92%.

Hydropower plants accounted for 88% of Norwegian production capacity in 2023, while wind power plants made up 11% of power generating capacity.

“Today, Statkraft is presenting the largest investment program of its kind in hydro- and wind power in Norway for decades,” Christian Rynning-Tønnesen, chief executive of Statkraft, said on Monday.

“This will be a major contribution to the energy system in Norway and to the green transition. It will also have positive effects on the Nordic and European energy markets,” Rynning-Tønnesen added.

“We have fantastic wind resources in Norway. Onshore wind is the technology that can provide us with new power in the fastest and cheapest way before 2030,” said Birgitte Ringstad Vartdal, Statkraft’s Executive Vice President for the Nordic region.   

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By Charles Kennedy for Oilprice.com

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