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Statkraft halts investments in offshore wind

Statkraft has adjusted its investment plan to the increase of dividend by NOK 5 billion over the next three years, as decided in the Norwegian State budget process. The main changes are that Statkraft no longer will invest in new offshore wind projects and some international hydropower projects may be postponed.

“Offshore wind power is capital intensive. The reduced financial terms from the owner entail that it is not possible for Statkraft to invest in new offshore wind projects”, says CEO Christian Rynning-Tønnesen.

What this means specifically is that Statkraft will participate in the development of the Triton Knoll project, but not invest further. For Dogger Bank the development of the projects will continue, but Statkraft cannot invest in these. The Dudgeon project is not affected by the decision, and will continue as planned. Statkraft will comply with all commitments and finance their 30% share.

Sheringham Shoal is not affected by the decision. Statkraft’s future ownership strategy will be evaluated later.

“Within International Hydropower there are opportunities for developing profitable projects in the longer term, but at this point we will consider to postpone the development of some new projects. Going forward we will focus on improving efficiency and profitability in existing assets”, says Rynning-Tønnesen.

For European flexible power production, market operations and district heating there are no significant changes.   “We are facing a challenging period going forward, but our ambitions remain strong, both in Norway and internationally. We need to improve efficiency and profitability in our markets, and by doing so I believe Statkraft will maintain its strong position within renewable energy,” says Rynning-Tønnesen.
 

Source: Statkraft.com