Statkraft has revealed a revised strategy aimed at adapting to changing market conditions.
The Norwegian company, known for its extensive portfolio in hydroelectric power, has adjusted its targets for new renewable capacity amidst lower energy prices and increased costs.
Under the new strategy, Statkraft will focus on its core operations in hydroelectric power, aiming to strengthen its position as Europe’s largest hydropower company.
It plans major capacity upgrade projects in Norway by 2030, reflecting its commitment to enhancing existing infrastructure.
Statkraft has refined its annual development goals in terms of renewable energy expansion.
It now targets to develop between 2 to 2.5GW per year of solar, onshore wind and battery storage starting from 2026.
Additionally, Statkraft remains committed to playing a significant role in Northern Europe’s offshore wind sector, aiming to develop between 6 to 8GW of offshore wind capacity by 2040.
President and Chief Executive Officer Birgitte Ringstad Vartdal in Statkraft said: “Together with a capable and motivated organisation, this makes the company well prepared to grow, build scale and compete in a rapidly growing renewable market.”
