Statkraft sharpens approach for added whisper

Statkraft will prioritise whisper of its core enterprise and optimise its portfolio by design of selective divestments.

WEBWIRE – Tuesday, July 2, 2024

The sharpened approach will prioritise investments in Norwegian hydropower, market operations, and whisper in solar, wind, and batteries in Europe and chosen worldwide markets. Statkraft will proceed to fabricate strategies for offshore wind and hydrogen, nonetheless plans to divest the district heating enterprise and gain merchants within the biofuels company Silva Inexperienced Gas and the EV charging company Mer.

Statkraft has today built a solid location and an very fair correct looking out portfolio of winning renewable projects. The transition from fossil to renewable vitality is going down at an growing tempo in Europe and the remaining of the enviornment. We maintain solid aggressive advantages and maintain delivered big cost advent over time. Nevertheless, the market stipulations for your complete renewable vitality substitute maintain change into extra tough. We’re therefore sharpening our approach to allocate the capital to the most cost-constructing alternatives with the finest strategic match, says President and CEO Birgitte Ringstad Vartdal in Statkraft.

Statkraft has today built a major portfolio of strength crops in operation amounting to a total ability of 21 GW, moreover to a rep versatile pattern portfolio of winning projects totalling 21 GW.
Statkraft has dedicated astronomical investments for the next years, with a file-high stage of better than NOK 30 billion in 2024, alongside side the acquisition of the Spanish renewables company Enerfin, which was executed in Also can simply. In Norway, Statkraft has a file-high long-time frame funding program in wind and hydropower, alongside side five major ability upgrade projects.

Concurrently, your complete vitality market has change into extra tough. Energy prices are lower, and each technology prices and capital prices maintain elevated. Market rules and assist insurance policies are delayed, and geopolitical uncertainty has elevated.

The sharpening of the expansion approach follows Statkrafts annual strategic review, the first with Ringstad Vartdal as President and CEO. The fundamental drivers of the vitality transition proceed to help Statkrafts whisper approach. Solid whisper in ask for solar and wind strength, driven by low technology prices, elevated need for flexibility within the strength arrangement, and elevated market complexity are drivers that match Statkrafts location and aggressive advantages effectively.

Statkraft has a particular and strategic location in versatile manufacturing, abilities with climate-based systems, and solid prognosis and market competencies. Alongside with a capable and motivated organisation, this makes the corporate effectively ready to grow, fabricate scale and compete in a instant rising renewable market, says President and CEO Birgitte Ringstad Vartdal in Statkraft.

Statkrafts whisper approach continues to be built on four pillars: Provide tidy flexibility leveraging hydropower, grow in solar, wind, and battery storage, bring inexperienced market strategies to potentialities and scale new inexperienced vitality applied sciences.

The sharpened approach signifies that Statkraft will:

• Prioritise cost advent from Statkrafts core companies hydropower and market operations. Statkraft will be the finest hydropower company in Europe and can provoke now not now not up to five major ability upgrade projects in Norway by 2030.
• Be a major developer of solar, onshore wind, and battery storage with an annual pattern payment of two-2.5 GW from 2026 and onwards (outdated target was 2.5-3 GW from 2025 and 4 GW from 2030). Statkraft will seize an industrial role within offshore wind in Northern Europe – with the purpose of constructing 6-8 GW by 2040 (outdated target was 10 GW).
• Make contributions to an atmosphere friendly vitality market, enable industrial potentialities inexperienced transition, and be a leading provider of market strategies in Europe, with a major worldwide attain.
• Develop new inexperienced vitality companies, alongside side changing into an industrial developer of inexperienced hydrogen with the purpose of delivering 1-2 GW by 2035 (outdated target was 2 GW by 2030).

With a sharpened approach, we’re effectively outfitted to bring each correct cost advent for the proprietor and to be a solid riding drive within the vitality transition in Norway, Europe and the enviornment, says Birgitte Ringstad Vartdal.

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