QAZAQ GREEN.  Norwegian energy company Statkraft has announced updated investment plans, committing approximately NOK 80 billion to power generation development in Norway over the next ten years. The figure represents a significant increase from the previous estimate of NOK 44–67 billion announced in January 2024, reflecting a larger project portfolio, inflation and an extended planning horizon.

Around half of the investment will be allocated to major maintenance of existing assets, with the remainder earmarked for upgrades, further development and new capacity. Hydropower accounts for more than NOK 70 billion of the total, with projects spanning the entire country.

Many of Norway's largest hydropower plants will require upgrading and modernisation over the coming decade, with some facilities dating back to the 1920s–1950s. Statkraft aims to initiate at least five major upgrade projects by 2030, enabling significant capacity increases and improving the ability to generate electricity during peak demand periods.

The company also plans to expand its wind power portfolio. Statkraft projects that its wind power generation will more than double over the next ten years, contributing to lower electricity prices and supporting employment across the country.

"We are effectively rebuilding major hydropower plants — this is one of the largest industrial programmes in Norway for many decades," said Pål Eitrheim, Executive Vice President for Nordics.

Statkraft notes that projections are subject to change depending on electricity demand and other factors, and that new projects will require regulatory approval before final investment decisions are made.