Statkraft has presented updated figures for its planned investments in Norway over the coming years, including major hydropower upgrades and the expansion of wind power capacity. The company said several of its wind farms are approaching the end of their operational lifetime, while new wind projects are under development and existing sites are being assessed for repowering.
Statkraft’s updated investment forecast for Norway totals NOK 80 billion, compared with its previous estimate of NOK 44-67 billion presented in January 2024. The company said the increase reflects a larger project portfolio, inflation and an extended planning horizon.
Hydropower accounts for more than NOK 70 billion of the planned investments. Approximately half of the total investment programme will be allocated to maintenance of existing assets to safeguard current generation capacity, while the remainder is earmarked for upgrades, further development and new capacity.
Statkraft said it plans to more than double its wind power generation over the next ten years. The company added that replacement projects are intended to significantly increase electricity production while reducing the number of turbines, drawing on experience from repowering projects in Spain.
According to Statkraft, the planned Moifjellet wind farm alone is expected to deliver more additional energy output than the combined generation increase from the hydropower upgrade projects currently planned over the same period.
The company stated that wind power projects can provide substantial additional electricity generation at a price level acceptable to industry, while hydropower projects primarily improve flexibility and deliver more limited increases in generation.
Over the next decade, many of Norway’s largest hydropower plants are expected to undergo upgrades and modernisation. Statkraft has previously stated its ambition to initiate at least five major upgrade projects by 2030.
Projects under assessment include upgrades at the Nore plant in Buskerud, the Mår plant in Telemark and the Aura plant in Møre og Romsdal. In Alta, the company plans to expand the existing facility from two to three generating units.
Statkraft also said several dams will require reinforcement to withstand greater climate variability and comply with stricter safety requirements. Additional work will include replacement of technical equipment and refurbishment of water tunnels.
The company noted that future investments remain subject to regulatory approvals, electricity demand and profitability requirements prior to final investment decisions.
