Norwegian State Power Group recently announced that it will invest 80 billion Norwegian kroner, approximately 8.5 billion euros, in Norway over the next decade to comprehensively upgrade its hydroelectric assets. This is nearly 50% higher than the 440 to 67 billion kroner plan announced in early 2024, setting a record for the largest industrial investment in Norway in recent decades.

As the largest renewable energy producer in Europe, Statkraft operates over 16GW of installed capacity, with hydropower accounting for over 90%. Against the backdrop of sustained high electricity prices in Europe and a surge in electricity demand from Norway's data centers and electric vehicle industry, this plan marks the official entry of Norway's hydropower industry into the era of stock upgrading.

Double investment and cover the whole country

80 billion kronor and over 70 billion kronor will be specifically invested in hydropower, accounting for nearly 90% of the total investment, covering all major hydropower bases from northern Finmark to southern Tr ö ndelag. Etheim, Executive Vice President of Statkraft Nordic Region, stated that this is a comprehensive reshaping of Norway's hydroelectric assets, with the goal of ensuring the sustained and stable operation of power plants into the next century.

Launch 5 major projects by 2030

Clear allocation of funds: approximately half will be used for major repairs of existing assets, while the other half will be used for upgrades, renovations, and new installations. A large number of power stations in Norway have exceeded their service life - the Nore hydroelectric power station was built in 1928 and has been in operation for 98 years, the Tr ø ndelag hydroelectric power station was built in 1948 and has been in operation for 78 years, and the Ora hydroelectric power station was built in 1953 and has been in operation for 73 years. Statkraft President Walter Dahl called this a complete heart transplant surgery for a century old station.

The company has identified at least 5 major hydropower upgrade projects to be launched before 2030, significantly enhancing peak shaving capabilities. A new power station with an investment of 1.2 billion kronor is currently under construction in the Tr ö ndelag region, with nearly 4 billion kronor invested in the hydropower sector in the past two years.

Wind power supplements, while hydropower remains the core

Etheim frankly stated that the newly added power generation from the initial investment in hydropower upgrading is even less than that of a wind farm project, and wind power is the only technology that can quickly fill the gap in the short term. However, hydropower plays an irreplaceable role in providing stable, adjustable, and high-capacity electricity. Keywords: hydropower station, new energy

According to data from the International Energy Agency, Norway's hydroelectric power generation will be approximately 140 TWh in 2024, accounting for over 90% of the country's electricity supply. The Statkraft plan is not only a corporate strategy, but also a systematic layout for Norway to maintain its hydropower foundation and embrace wind power expansion in the energy transition, providing key support for Europe's clean energy security.Editor/Cheng Liting