Norwegian state-owned renewable energy producer Statkraft said on Monday that it plans to invest up to 6 billion euros (65.5 billion).US$600 million) to upgrade domestic hydropower and wind power facilities and build new onshore wind farms.
The plan will double the capacity of Statkraft's current wind farm and improve the effectiveness of the company's hydroelectric power plant, adding about 3 terawatt-hours (TWh) of additional power output, the company said at a press conference in Oslo.
Statkraft will spend between €1.8 billion and €3 billion to upgrade hydroelectric power plants, €1.2 billion to €2 billion to rehabilitate old dams and power plants, and around €1 billion to renovate and build onshore wind farms.
"All projects will depend on a regulatory framework, obtaining the necessary concessions, the level of electricity demand and a good dialogue with local communities," Birgitte Ringstad Vartdal, head of operations for Northern Europe, said in a statement. ”
Norway has historically enjoyed a healthy surplus of electricity**, but this is expected to disappear as early as 2028 as demand growth in the electrical industry and transportation outpaces demand growth in the new generation.
Starkraft previously announced plans to upgrade its Morange hydropower plant in western Norway, but many other projects were put on hold after Norway** decided in 2022 to limit profits amid Europe's energy crisis.
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