Sian Crampsie

Norwegian energy firm Statkraft has announced plans to ramp up the development of wind and solar energy as part of a long-term strategy to ensure cost competitive energy to customers.

The firm said that the strategy has been made in response to technological developments in the renewables market, and also includes plans to optimise its hydropower portfolio and develop new low-carbon businesses.

“We have strong performance year to date with a net profit of NOK10.5 billion,” said Statkraft CEO Christian Rynning-Tønnesen, announcing the company’s first quarter results for 2018. “This contributes to providing a solid financial position as we now plan to ramp up investments in renewables.”

In a statement, Statkraft said that “flexible hydropower and intermittent onshore wind and solar power will be combined to deliver reliable, renewable and cost competitive energy to the customers”. It added that the strategy would help it to remain “a leading company at the core of the renewable energy transition”.

Statkraft reported a net profit of over NOK10.5 billion in the first six months of the year, up from just over NOK4.6 billion in the same period last year.

The boost in profit was mainly down to the sale of the company’s 30 per cent interest in the 402 MW Dudgeon offshore wind farm.