Statkraft

“We have freed up capital and reduced complexity by scaling down or exiting activities such as hydrogen and offshore wind, and by reducing our geographical footprint. With the agreement to merge EV charging company Mer with Eviny Hurtiglading, signed in early July, we have now completed our strategic divestments.”

“In the second quarter an impairment loss of NOK 737 million related to excess values in a joint venture in Ireland was recognised in segment Europe. The project is under development and the reason for the impairment is increased uncertainty about future progress of the project.”

“we are also seeing a split of mature and less mature renewable technologies. On one track, commercially viable technologies such as solar, onshore wind, batteries, EVs and heat pumps continue to scale rapidly. On the other, technologies like hydrogen, offshore wind, and CCS remain dependent on subsidies and face slower development trajectories.”

“Given the current market situation and geopolitical realities, combined with Statkraft's recent high activity and investment level, we are adjusting our strategic ambitions. By concentrating on our core competitive advantages and prioritising investments in near-term profitable opportunities, we can continue our growth and value creation. Towards 2030, we will transition Statkraft to a more focused, competitive and financially robust company to ensure that we become one of the most profitable renewable energy companies.”

“By concentrating on our core competitive advantages and prioritising investments in near term profitable opportunities, we will be able to continue our growth and value creation. Offshore wind will play an important role in the power mix in Europe, but the pace of development of the industry has been slower than previously forecasted, and this has impacted the ability to drive down costs in the short term. At this time, Statkraft will prioritise our financial capacity on near term profitable technologies, such as solar, wind and batteries in fewer markets.”

The Swedish government rejected 13 offshore wind projects with a combined capacity of almost 32 GW, including Statkraft's 2.5 GW Baltic Offshore Beta and 2.1 GW Baltic Offshore Delta North. The government cited 'unacceptable consequences for Sweden's military defence', particularly concerning radar interference that could compromise early warning of missile attacks. Statkraft did not issue a formal public response to the rejection.

Statkraft stated it 'has continued ambitions to become a significant offshore wind player in Norway, even after Mainstream and Ocean Winds have decided to withdraw from the Utsira Nord competition.' Both consortium partners (Aker/Mainstream and Ocean Winds) exited the partnership during 2024, leaving Statkraft as the sole remaining member.

“Building on our Beta offshore wind farm application last year, the Delta application is one of more to come as we seek to position Sweden as a key offshore wind market in Northern Europe. Progressing our Swedish offshore wind portfolio in a market where Statkraft has a strong market presence is an important part in realising Statkraft's offshore wind ambition to develop 6-8 GW of offshore wind by 2040.”

“We are therefore sharpening our strategy to allocate the capital to the most value-creating opportunities with the best strategic fit.”

“We are working to mature the best hydropower projects. These are large and complex, and take a long time to develop and build. All projects will depend on a predictable regulatory framework, getting the necessary concessions, the level of power demand, and a good dialogue with local communities.”

“It fits well with our strategic ambition to grow within offshore wind with an ambition to have 10 GW in operation in Europe by 2040.”

Statkraft described the Swedish court's rejection of its 114 MW Tribbhult onshore wind farm as 'regrettable' and said it sent a 'negative signal' to the wind industry. Norstrom stated: 'Something must change from a political point of view if Sweden is to succeed in getting the electricity production required to meet the demand.'

“Being successful in Ireland's first offshore auction is a truly momentous event — not just for Statkraft, but for the entire country. Today's positive result means that we, alongside our partners, CIP, can continue to work apace to get our offshore project, NISA, off the ground and put Ireland firmly on track to a decarbonised future.”

“The need for renewable energy is increasing sharply, both to meet net zero targets, cover new power consumption in Norway and strengthen European energy security. As we look towards 2030, we raise our ambitions higher than ever with significantly higher growth ambitions across our geographies and technologies.”

“As Europe's largest producer of renewable energy, Statkraft's competence in wind farm development and operations and, expertise in energy management provide a good foundation for success. By entering today's cooperation, we are expanding our offshore wind exploration in Norway to floating technologies. As a result of promising developments, cost reductions, increasing electrification, rising demand for renewable energy and favorable regulatory frameworks, Statkraft views this market opportunity as a long-term value creative addition to our portfolio.”

“We have extensive capability from the development and operation of onshore wind around the world and experience in significant offshore wind projects in the United Kingdom and Ireland. Strong growth, decreasing technology costs and the involvement of industrial and financial players all indicate the rising role that offshore wind will play in Europe. Our partnership with Aker and bp will create significant value and contribute towards Europe's energy transition.”

“By entering a cooperation with Aker Horizons and Aker Offshore Wind, we are exploring a value-creative opportunity in Norway. Strong growth, falling technology costs and a changed competitor landscape indicates that offshore wind will take a larger role in the European energy transition.”