Statkraft announced updated investment estimates for Norwegian power generation, outlining plans to invest around NOK 80 billion over the next decade. This significantly elevates the company’s long-term commitments and positions it as one of the major drivers of industrial activity across mainland Norway in the years ahead.

The new figures were presented at the Statkraft Conference 2026 and reflect a considerable increase from the earlier estimate of NOK 44–67 billion released in January 2024. According to the company, the higher forecast results from a larger project pipeline, rising costs due to inflation, and a longer planning horizon.President and CEO Birgitte Ringstad Vartdal noted that Statkraft is already making tangible progress on its investment programme.

She referred to a recent visit to the Svean hydropower plant in Trøndelag, where a new facility is under construction with a price tag of approximately NOK 1.2 billion. She added that nearly NOK 4 billion has been invested in Norwegian hydropower over the last two years, but the pace of investment will rise sharply as the company executes its new strategic direction, which focuses more heavily on core hydropower activities.

Executive Vice President for Nordics, Pål Eitrheim, said the NOK 80 billion programme amounts to one of the most extensive industrial initiatives launched in Norway in decades. He described the plan as a practical rebuilding of some of the country’s most important hydropower plants. The projects are geographically dispersed—stretching from Finnmark in the north to Telemark in the south, and from Innlandet in the east to Vestland in the west—ensuring that economic and industrial activity is generated nationwide.

According to Eitrheim, these investments will enable Statkraft’s hydropower plants to continue operating well into the next century.Roughly half of the investment will go toward major maintenance of existing infrastructure to safeguard current generation capacity. The remaining portion will focus on upgrades, new development and additional output. Hydropower remains at the core of Statkraft’s strategy, accounting for more than NOK 70 billion of total planned spending.

Many of Norway’s largest hydropower plants are approaching the stage where significant refurbishment and modernisation are required. Statkraft has previously committed to initiating at least five major upgrade projects by 2030, which are expected to increase capacity and improve the flexibility of the power system.

These enhancements will help reduce peak electricity prices and ensure stable supply during periods of low wind generation.Eitrheim noted that several of Statkraft’s oldest hydropower installations—such as Nore in Buskerud (opened in 1928), Mår in Telemark (1948) and Aura in Møre og Romsdal (1953)—are currently being evaluated for potential upgrades to modern, higher-capacity facilities.

In Alta, the company also plans to expand the existing hydropower facility by adding a third generating unit, enabling greater use of water that currently bypasses the plant during flood seasons.The company highlighted the increasing need for major maintenance of dams and associated infrastructure. Many older dams must be reinforced to withstand greater climate variability and comply with more stringent safety regulations.

Additionally, a wide range of technical equipment across multiple plants is nearing the end of its operational lifespan and must be replaced. Water tunnels, many of them excavated 60 to 80 years ago, also need comprehensive refurbishment. Statkraft emphasised that these large-scale maintenance investments will create business opportunities for contractors across Norway, from smaller local firms to larger engineering companies.

CEO Birgitte Ringstad Vartdal pointed out that while hydropower is sometimes viewed as low-cost once built, maintaining a resilient hydropower system requires continuous and substantial investment. She stressed that the infrastructure has delivered reliable electricity for decades, but the current phase demands significant upgrades of tunnels, waterways, equipment and dams to secure long-term operational performance.In addition to hydropower, Statkraft plans to invest in wind power during the same ten-year period.

Three of the company’s existing wind farms are nearing the end of their life cycle, and new wind projects are being developed. While hydropower upgrades primarily improve system flexibility with modest increases in output, wind power offers the potential for large additions of new energy at cost levels acceptable to industrial consumers.

Eitrheim noted that the total additional energy expected from wind power projects over the next decade could exceed the combined output increases from multiple hydropower upgrades. He added that wind farm repowering will allow Statkraft to significantly raise production while reducing the number of turbines, using lessons learned from similar projects in Spain.

The company expects wind power generation to more than double within ten years, helping to stabilise power prices and support employment across the country.Statkraft also emphasised that all projections remain subject to change based on electricity demand, regulatory processes and other external factors.

New developments will require approval from the Norwegian Water Resources and Energy Directorate, and wind power projects must also secure municipal approval. The company intends to prioritise among its project portfolio and will only proceed with investments that meet profitability thresholds before final investment decisions are made.

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