Statkraft has revised its renewable energy expansion targets, reflecting a nuanced approach amidst evolving market dynamics. Under the leadership of President and CEO Birgitte Ringstad Vartdal, the Nordic energy developer will focus on bolstering its core hydro operations while adjusting its goals for solar, onshore wind, and storage projects.
“We are sharpening our strategy to allocate capital to the most value-creating opportunities with the best strategic fit,” Vartdal stated in a recent announcement.
Previously aiming for 2.5-3GW of new capacity annually by 2025, Statkraft now targets 2-2.5GW starting in 2026. Furthermore, ambitions for offshore wind in Northern Europe have been tempered, with plans to develop 6-8GW by 2040, down from an earlier 10GW target. These adjustments underscore Statkraft's adaptability in navigating lower energy prices, increased technology costs, and geopolitical uncertainties.
Despite these challenges, Statkraft remains optimistic about the energy transition's momentum, driven by declining technology costs and growing demand for renewable energy solutions. The company's robust portfolio and strategic advantages position it well to capitalize on opportunities in the evolving market landscape.
Statkraft's strategic realignment follows a comprehensive annual review, signaling a proactive stance in optimizing growth amidst a complex energy market environment.
