Statkraft to invest in Norwegian hydro and wind power
London, 08 January 2024, (Oilandgaspress): – Statkraft is presenting the largest investment program of its kind in hydro- and wind power in Norway for decades. 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,
“The future power system in Norway and Europe will need both more power and increased flexibility. Phasing in more intermittent power such as wind and solar through increased capacity and flexibility in hydropower is key to succeed with the transition to a net zero future,” says Christian Rynning-Tønnesen, CEO of Statkraft..
The investment program will include:
1.8 – 3 billion euros in upgrades and transformations of Norwegian hydroelectric power plants.
1.2 – 2 billion euros in rehabilitation of dams and modernization of older power plants.
Around 1 billion euros in renewal of existing and construction of new onshore wind farms.
2,500 GWh or more wind power production (more than double the current production).
1,500-2,500 MW increased effect in hydroelectric power plants (over 20% increase in installed effect).
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.
Statkraft plans for major upgrades of hydropower plants in the coming years.
These include Mauranger, Aura, Alta and Svean plants in Western, Central and Northern part of Norway.
In addition, Statkraft will invest up to two billion euro in the period 2024-2030 in the rehabilitation of dams and modernization of older power plants to ensure continued cost-effective and regulated power production. The investments will make the facilities even more robust against extreme weather, handling of damage floods, and terrorist threats.
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