Statkraft Accelerates Renewable Growth, Reorganises Corporate Management To Support New Growth Targets

Statkraft has updated its growth strategy within renewable energy with new, more ambitious targets towards 2030. The strategy increases the annual growth rate for onshore wind, solar and battery storage from 2.5-3 GW in 2025 to 4 GW in 2030.

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At the same time, growth ambitions for hydropower, offshore wind and green hydrogen are increased. In total, Statkraft aspires to have developed 30 GW new renewable capacity by 2030. That could increase Statkraft’s annual power generation by up to 50 percent from today, to around 100 TWh per year by the end of the decade. 100 TWh equals almost three times the annual power consumption of Denmark.

“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. Combined with increased investment capacity, Statkraft is now boosting the pace of developing more renewable energy. As we look towards 2030, we raise our ambitions higher than ever with significantly higher growth ambitions across our geographies and technologies,” says CEO Christian Rynning-Tønnesen in Statkraft.

As part of the strategy, Statkraft is focusing on upgrading and expanding Norwegian hydropower. The goal is to start at least five major hydropower projects by 2030.

A significant part of the growth will be linked to the development of onshore wind, solar and battery storage, across all Statkraft markets. Within offshore wind, Statkraft is pursuing an industrial role in Norway and Ireland.

Within green hydrogen Statkraft aims to be a leading developer in Norway and Sweden, and to broaden its geographical scope outside the Nordics. The target is to develop 2 GW of green hydrogen by 2030.

The foundation is the group’s unique expertise and position, and the following four strategic pillars:

1. Provide clean flexibility – leveraging hydropower
2. Accelerate solar, onshore and offshore wind, and battery storage
3. Deliver green market solutions to customers
4. Scale new green energy technologies

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Adapting Corporate Management
To support the updated strategy, Statkraft is also making structural adjustments. The structure of the Corporate Management is changed by establishing the three geographical regions Nordic, Europe and International as separate business areas. At the same time, New Energy Solutions is being established as a separate business area, to strengthen the activities to develop new business opportunities within the green energy transition.

“The changes will help us grow faster within hydropower, wind power, solar power and battery storage, first and foremost through better geographical coordination of our various activities. At the same time, we prioritize the development of new energy solutions, such as green hydrogen,” says CEO Christian Rynning-Tønnesen.

Effective August 15, 2022, Corporate Management will have the following members:

Christian Rynning-Tønnesen, President & CEO
Anne Harris, Chief Financial Officer & IT
Henrik Sætness, EVP Corporate Staff
Hallvard Granheim, EVP Markets
Birgitte Ringstad Vartdal, EVP Nordics
Barbara Flesche, EVP Europe
Ingeborg Dårflot, EVP International
Jürgen Tzschoppe, EVP New Energy Solutions

“After more than 20 years with the company, and 12 years as a valued member of the Corporate Management, Hilde Bakken steps down from her current role to seek opportunities outside Statkraft. I want to thank Hilde for her huge contribution to Statkraft’s achievements over two decades,” says CEO Christian Rynning-Tønnesen. “I would also like to welcome Barbara Flesche and Ingeborg Dårflot as new members of the Corporate Management. I look forward to working closely with both on the delivery of our updated growth strategy.”

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