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Norwegian company Statkraft, Europe’s largest renewable energy producer, plans to invest up to $6.6 billion (€6 billion) in record wind and hydropower in Norway.
Up to $3.3 billion (3 billion euros) will be earmarked for the renovation and retrofitting of Norway’s hydropower plants, and up to a further $2.2 billion (2 billion euros) will be earmarked for repairing dams and modernizing old power plants, Statkraft said. announced on Monday.
Approximately $1.1 billion (€1 billion) will be allocated to the renewal of existing onshore wind farms and the construction of new onshore wind farms.
Statkraft’s investment program will more than double current wind power generation to 2,500 gigawatt hours (GWh), while hydropower plant capacity will also increase by more than 20%, increasing by 1,500 to 2,500 megawatts (MW). would be helpful. In installed capacity.
“While future electricity demand growth in Norway will primarily be met by new wind power generation, hydropower will remain the backbone of Norway’s energy system with its unique characteristics,” the company said. Ta.
Norway has an electricity system based almost entirely on renewable energy, with renewable sources accounting for 98% of its electricity generation, including hydropower, which accounts for 92%.
In 2023, 88% of Norway’s production capacity was from hydropower plants, and 11% of its power generation capacity was from wind farms.
“Today, Statkraft is announcing the largest investment program of its kind in hydro and wind power in Norway for decades,” Statkraft CEO Christian Rinning Tannesen said on Monday.
“This will make a significant contribution to the Norwegian energy system and the green transition. It will also have a positive impact on the Nordic and European energy markets,” added Rynning Tannesen.
“Norway has excellent wind resources. Onshore wind is the fastest and cheapest technology to provide new electricity by 2030,” said Birgitte Lyngstad-Walddal, Statkraft’s executive vice president for the Nordic region. said.
Written by Charles Kennedy, Oilprice.com
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