Statkraft to reinvest in Norwegian hydropower

(Oslo, Norway, 19 May 2026) – Statkraft today announces updated estimates for investments in Norwegian power generation and plans to invest around NOK 80 billion over the next ten years. This positions the company as one of the largest contributors to new industrial activity in mainland Norway in the years ahead, with projects distributed across the entire country.

In connection with the Statkraft Conference 2026, the company is presenting updated figures for its plans in Norway over the coming years. The NOK 80 billion investment forecast represents a significant increase compared with the previous estimate of NOK 44–67 billion presented in January 2024. The increase reflects a combination of a larger project portfolio, inflation, and an extended planning horizon. 

“We are well underway in delivering on our investment plans in Norway. Just last week I visited the Svean hydropower plant in Trøndelag, where we are constructing a new plant for approximately NOK 1.2 billion. Over the past two years, we have invested nearly NOK 4 billion in Norwegian hydropower, but this level will increase substantially in the years ahead. This is fully aligned with our new strategy to concentrate investments in our core business,” says President and CEO Birgitte Ringstad Vartdal. 

“Statkraft is helping to build and strengthen Norway. By investing NOK 80 billion, we are undertaking one of the largest industrial programmes in Norway for many decades. In practice, we are rebuilding major hydropower plants. This will generate activity from Finnmark in the north to Telemark in the south, and from Innlandet in the east to Vestland in the west. These investments will ensure our power plants can continue generating electricity well into the next century,” says Pål Eitrheim, Executive Vice President for Nordics.

Approximately half of the NOK 80 billion investment will be allocated to major maintenance of existing assets to safeguard current generation capacity. The remaining half is earmarked for upgrades, further development, and new capacity and output. Hydropower accounts for most of the planned investments, exceeding NOK 70 billion in total. 
Over the next decade, many of Norway’s largest hydropower plants will require upgrading and modernisation. Statkraft has previously stated its ambition to initiate at least five major upgrade projects by 2030. These refurbishments will enable significant capacity increases and enhance the ability to generate electricity when it is most needed, helping to reduce price peaks and maintain supply during periods of low wind. 

“We have extensive plans for the coming years, and this will require disciplined prioritisation to ensure we execute the right projects. Investment in hydropower is essential to maintain production, as many of our facilities are approaching the end of their operational lifetime. Nore in Buskerud opened in 1928, Mår in Telemark in 1948 and Aura in Møre og Romsdal in 1953. All are among the plants where we are assessing opportunities to upgrade to modern, more powerful installations capable of producing more electricity when it matters most,” says Pål Eitrheim. 

In Alta, the company also plans to expand the existing facility from two to three generating units, enabling the utilisation of water that currently bypasses the plant during the flood season. 

At the same time, there is an increasing need for refurbishments and major maintenance of dams and power plants. Statkraft is required to reinforce several older dams to withstand greater climate variability and comply with stricter safety requirements. In addition, critical technical equipment across several plants will need to be replaced, and water tunnels require refurbishment. These investments will create opportunities for both small and large contractors nationwide.

“Our hydropower plants are remarkable assets. The infrastructure and technology have delivered electricity for decades, and we are committed to extending their lifetime as far as
possible. We are dealing with tunnels excavated 60–80 years ago. We are now entering a phase where much of the equipment is reaching the end of its service life, while tunnels and waterways require upgrades. At the same time, we are mandated to modernise several large dams. All of this will require substantial investment and significant effort from both Statkraft and our suppliers. Hydropower is often portrayed as almost cost-free, but this is a reminder of the considerable investment required to sustain a robust energy system,” says President and CEO Birgitte Ringstad Vartdal. 

The company also plans to invest in wind power during the same period. Three of Statkraft’s wind farms are approaching the end of their operational lifetime, while new projects are under development. Whereas hydropower projects primarily enhance flexibility and provide modest increases in generation, wind power projects can deliver substantial additional energy output at a price level acceptable to industry. 

“If we aggregate the initial investments planned for upgrading and developing hydropower over the next ten years, they will deliver less new energy output than the planned Moifjellet wind farm alone. Norway needs more electricity to ensure stable supply for industry, and in the short term, wind power is the only technology capable of delivering this. In replacing ageing wind farms, we are aiming to significantly increase output while reducing the number of turbines. We are drawing on experience from similar repowering projects in Spain. Our estimates indicate that we will more than double our wind power generation over the next ten years. This will contribute to lower power prices and support jobs across the country,” concludes Pål Eitrheim. 

Statkraft emphasises that these projections are subject to change depending on electricity demand and other factors. New projects will require licensing from the Norwegian Water Resources and Energy Directorate (NVE), while wind power developments also depend on approvals from municipal authorities. The company expects to prioritise between projects and will only proceed with investments that meet profitability requirements prior to final investment decisions.

For further information:

Press contacts: 
•    Andreas Tinglum, tel: +47 930 01 773, e-mail: andreas.tinglum@statkraft.com
•    Lars Magnus Günther, tel: +47 912 41 636, e-mail: lars.gunther@statkraft.com
•    Marte Lerberg Kopstad, tel: +47 995 22 026, e-mail: martelerberg.kopstad@statkraft.com

or www.statkraft.com

About Statkraft
Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, and gas-fired power. Statkraft is a global company in energy market operations. Statkraft has around 6,200 employees in 20 countries.

Attachments

• New Svean hydropower plant under construction
• Inspecting the construction of new Svean hydropower plant