As part of the update to its growth strategy, Statkraft has raised its 2030 renewables objective to 4GW.
The plan raises the onshore wind, solar, and battery storage annual growth rates from 2.5 to 3 GW in 2025 to 4 GW in 2030. Additionally, there are now higher growth goals for green hydrogen, offshore wind, and hydropower.
By 2030, Statkraft hopes to have built 30 GW of additional renewable capacity, which would increase its annual power production by up to 50% from today’s levels and bring it to over 100 terawatt-hours per year by the end of the decade—nearly three times the amount of energy that Denmark uses in a year.
Rynning-Tønnesen, Statkraft chief executive Christian, said: “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.”
With a target of launching at least five sizable hydropower projects by 2030, Statkraft is concentrating on modernising and increasing Norwegian hydropower as part of the strategy.
Across all Statkraft markets, the expansion of onshore wind, solar, and battery storage will be a “significant part” of the growth. Statkraft is pursuing an industrial role in offshore wind in Norway and Ireland.
In the field of green hydrogen, Statkraft wants to expand its geographic reach outside of the Nordic countries and become a major player in Norway and Sweden. By 2030, it is intended to produce 2GW of renewable hydrogen.
Statkraft is also changing the organisational structure of its corporate management team to match the updated strategy by dividing the three geographical divisions of Nordic, Europe, and International into distinct business areas.
In order to boost the efforts to create new business prospects within the green energy transition, New Energy Solutions is being developed as a separate business sector.
Rynning-Tønnesen added “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”.
Rynning-Tnnesen will serve as president and CEO, Anne Harris will serve as chief financial officer, and Jürgen Tzschoppe will serve as chief information officer, effective August 15, 2022. (executive vice president of New Energy Solutions).
Hilde Bakken is leaving her position in order to pursue options outside of Statkraft after spending more than 20 years working for the company, including 12 years as a member of Stakraft’s corporate management.
Rynning-Tønnesen said “I want to thank Hilde for her huge contribution to Statkraft’s achievements over two decades,” also adding “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.”