On 19 May Statkraft announced updated estimates for investments in Norwegian power generation and plans to invest NOK 80 billion (about €8.5 bn) over the next ten years. This positions the company as one of the largest contributors to new industrial activity in mainland Norway in the years ahead, with projects distributed across the entire country.
The NOK 80 bn investment forecast represents a significant increase compared with the previous estimate of NOK 44–67 billion presented in January 2024. The increase reflects a combination of a larger project portfolio, inflation, and an extended planning horizon.
Statkraft president and CEO Birgitte Ringstad Vartdal commented: “We are well underway in delivering on our investment plans in Norway … in Trøndelag, we are constructing a new plant for approximately NOK 1.2 bn. Over the past two years, we have invested nearly NOK 4 billion in Norwegian hydropower, but this level will increase substantially in the years ahead. This is fully aligned with our new strategy to concentrate investments in our core business.”
“By investing NOK 80 bn, we are undertaking one of the largest industrial programmes in Norway for many decades. In practice, we are rebuilding major hydropower plants. This will generate activity from Finnmark in the north to Telemark in the south, and from Innlandet in the east to Vestland in the west. These investments will ensure our power plants can continue generating electricity well into the next century,” said Pål Eitrheim, executive VP for Nordics.
Approximately half of the investment will be allocated to major maintenance of existing assets to safeguard current generation capacity. The remaining half is earmarked for upgrades, further development, and new capacity and output. Hydropower accounts for most of the planned investments, exceeding NOK 70 bn in total.
Over the next decade, many of Norway’s largest hydropower plants will require upgrading and modernisation. Statkraft has previously stated its ambition to initiate at least five major upgrade projects by 2030. These refurbishments will enable significant capacity increases and enhance the ability to generate electricity when it is most needed, helping to reduce price peaks and maintain supply during periods of low wind.
“Many of our facilities are approaching the end of their operational lifetime. Nore in Buskerud opened in 1928, Mår in Telemark in 1948 and Aura in Møre og Romsdal in 1953. All are among the plants where we are assessing opportunities to upgrade to modern, more powerful installations,” says Pål Eitrheim.
“We are now entering a phase where much of the equipment is reaching the end of its service life, while tunnels and waterways require upgrades. At the same time, we are mandated to modernise several large dams,” says Birgitte Ringstad Vartdal.
The company also plans to invest in wind power during the same period. Three of Statkraft’s wind farms are approaching the end of their operational lifetime, while new projects are under development.
“If we aggregate the initial investments planned for upgrading and developing hydropower over the next ten years, they will deliver less new energy output than the planned Moifjellet wind farm alone. Norway needs more electricity to ensure stable supply for industry, and in the short term, wind power is the only technology capable of delivering this,” concludes Pål Eitrheim.
