Norwegian state-owned hydropower and renewable energy producer Statkraft has unveiled a significant investment program, outlining plans to allocate up to €6 billion for enhancements to its hydro and wind facilities, as well as the establishment of new wind farms.
As per the Norwegian Ministry of Petroleum and Energy, hydropower constitutes a substantial majority, around 88%, of Norway’s total energy production, while wind power from 65 wind farms contributes roughly 11%. According to Statkraft, Norway’s future increased power needs will be mainly covered by new wind power, with hydropower remaining “the backbone” of the energy system.
The investment program outlines allocations of €1.8 to €3 billion for upgrades and transformations of hydroelectric power plants, €1.2 to €2 billion for the rehabilitation of dams and the modernization of older power plants, and approximately €1 billion for the renewal of existing and construction of new onshore wind farms. These initiatives are projected to more than double wind power production and lead to a 20% increase in hydropower.
Statkraft has specified that the upgrades to hydropower plants will be implemented in the coming years. Additionally, the company is currently evaluating four potential wind power projects in Finnmark, Northern Norway, and exploring numerous other wind power projects across the country.