Statkraft has cut its targets for new renewables capacity as part of a revamped business strategy.
The Nordic developer said it will prioritise its core hydro operations while targeting 2-2.5GW of solar, onshore wind and storage annually from 2026, down from the earlier 2.5-3GW goal from 2025 and 4GW from 2030.
Statkraft added it will take an “industrial role” within offshore wind in Northern Europe – with the goal of developing 6-8GW by 2040, compared to the previous target of 10GW.
The sharpening of the growth strategy follows Statkraft’s annual strategic review, the first with Birgitte Ringstad Vartdal as President and CEO.
The fundamental drivers of the energy transition continue to support Statkraft’s growth strategy. Strong growth in demand for solar and wind power, driven by low technology costs, increased need for flexibility in the power system, and greater market complexity are drivers that fit Statkraft’s position and competitive advantages well, it said.
However, simultaneously, the entire energy market has become more challenging, it said. Energy prices are lower, and both technology costs and capital costs have increased. Market regulations and support policies are delayed, and geopolitical uncertainty has increased.
“Statkraft has in recent years built a strong position and an attractive portfolio of profitable renewable projects,” said Vartdal.
“The transition from fossil to renewable energy is happening at an increasing pace in Europe and the rest of the world. We have strong competitive advantages and have delivered great value creation over time.
“However, the market conditions for the entire renewable energy industry have become more challenging. We are therefore sharpening our strategy to allocate the capital to the most value-creating opportunities with the best strategic fit.
“Statkraft has a unique and strategic position in flexible production, experience with weather-based systems, and strong analysis and market competencies. Together with a capable and motivated organisation, this makes the company well prepared to grow, build scale and compete in a rapidly growing renewable market.”