Norway’s Statkraft sets 2030 growth target as part of EU’s ambitious green campaign

OSLO, June 28 (Reuters) – Norway’s state-owned energy company Statkraft on Tuesday presented its broader renewable energy growth strategy to 2030 aimed at capitalizing on Europe’s stronger green energy ambitions and increasing electricity production up to 50%.

“We have the ambition to lead the green shift in Norway and play an important role in Europe,” chief executive Christian Rynning-Toennesen told Reuters.

More renewables are needed to meet net zero targets, cover new energy consumption in Norway and boost European energy security, with CEO highlighting the European Union’s €210 billion REPowerEU plan to end to its dependence on Russian fossil fuels by 2027. read more

Current high electricity prices have also increased Statkraft’s ability to invest, although Rynning-Toennesen was reluctant to name a specific annual investment target. Read more

Statkraft now forecasts 4 gigawatts (GW) of annual growth in onshore wind, solar and battery storage, against a target of 2.5 to 3 GW in 2025, the end of its previous strategic planning horizon.

“We have a good support project until 2025 and after that we are dependent on access to more projects,” said Rynning-Toennesen.

Combined with plans for major modernization of Norwegian hydropower and ambitions to build offshore wind farms in Norway and Ireland on an industrial scale, this could see Statkraft’s annual electricity production increase by up to 50% from today to reach about 100 terawatt hours (TWh) by the end of the decade, he says. Read more

As part of its plans, Statkraft will also change its corporate structure into geographic business areas for Nordic, European and international markets and add a New Energy Solutions unit covering new technologies, including hydrogen.

By 2030, Statkraft envisions a production capacity of 2 GW of hydrogen derived from renewable energy, mainly in Norway and Sweden.

Reporting by Nora Buli; Editing by Sandra Maler

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