Statkraft to Invest $8.6 Billion in Norwegian Power Generation

Dow Jones05-19 15:12

By Dominic Chopping

Energy producer Statkraft said it will invest around $8.6 billion in Norwegian power generation over the next 10 years.

The company, which is fully owned by the Norwegian state, said that over the next decade many of Norway's largest hydropower plants will need upgrading and modernization, which will allow for significant capacity increases and enhance the ability to generate electricity when it is most needed.

Around half of the 80 billion Norwegian kroner ($8.64 billion) investment will be spent on major maintenance of existing assets to safeguard current generation capacity, with the remaining half earmarked for upgrades, further development, and new capacity and output.

Hydropower accounts for most of the planned investments, exceeding 70 billion kroner in total, it said.

The company also plans to invest in wind power, with three of Statkraft's wind farms approaching the end of their operational lifetime while new projects are under development.

"We are undertaking one of the largest industrial programs in Norway for many decades," said Pal Eitrheim, Statkraft's Executive Vice President for Nordics.

"These investments will ensure our power plants can continue generating electricity well into the next century."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 19, 2026 03:12 ET (07:12 GMT)

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