Statkraft, Europe’s largest producer of renewable energy, will further strengthen its core competitive advantages by prioritising its flexible hydropower fleet in the Nordics, industry-leading market operations – and solar, wind and battery activities in Europe and South America.
Last year, after Birgitte Ringstad Vartdal took over as CEO, Statkraft sharpened the company’s strategy by focusing on fewer technologies and markets to build scale and strengthen competitiveness and value creation. While the underlying drivers remain strong, the energy transition is moving at a slower pace due to increased global uncertainty, higher costs and lower power prices. The new strategy continues to focus on core activities, placing near term cash flow over volume growth, and reducing complexity and cost.
The company has an ambition to invest NOK 16–20 billion annually in the coming years, including large hydropower capacity upgrades in Norway, and maintenance of the large operational asset fleet and onshore wind power developments in Sweden and Norway. In Europe and South America, Statkraft has a large pipeline of projects and will continue to grow in solar, wind, batteries and grid services, but at a lower growth rate than previously planned.
Courtesy of Statkraft.