Statkraft is a state-owned hydropower company in Norway and it is the country’s largest renewable energy producer and the third largest in the entire region. The company produces wind power, gas power, hydropower and many other variations.
However, the company mainly revolves around renewable energy which is a great thing because it helps make our world a better place.
Statkraft is one of the biggest companies in Norway, it owns 331 hydro plants, 231 of them are in Norway, 59 are in Sweden, there are 3 in the UK, 10 in Germany and the rest of them are in other countries outside Europe. The company employs over 3500 people and was able to produce over 65 terawatt hours of power in the previous year. The company is trying to do everything to increase the production of renewable energy in Norway and that is why they have decided to invest the US $1.2 billion every year from 2019 to 2025.
Aside from this, the company has also decided to make necessary upgrades and changes so that it may generate more energy than ever before. The company aims to reach a capacity of 6000 megawatts in wind energy and 2000 megawatts in solar power. The decision came a year after the company decided to end its offshore wind industry and focus more on solar power, hydropower and onshore wind energy along with other renewable energy sources.
The company believes that Europe will be able to benefit from this energy the most, however, there is going to be substantial growth in markets where Statkraft already has a presence. These include India and various countries in South America. The distribution of the energy as described by the company is 26% in Norway, 42% in the rest of Europe and 32% in countries outside Europe.
The strategy looks to develop, generate and trade energy and also sell and buy renewable energy for other companies. The main question that arose in all of this was that where will the company be able to bring that kind of investment, well the simple answer to that from existing businesses and selling shares. Overall this is going to be a huge deal for Norway because it will be able to increase Norway’s value and contribution as far as renewable energy is concerned.
These were some of the most important things that you need to know about Statkraft and their new strategy. Renewable energy is the future and every country needs to accept that, this is because if we continue to burn fossil fuels to meet our energy needs then we might not have a world to live in. Burning fossil fuels is not at all a viable solution for producing electricity because there are so many options that we can look into. It is great to know that companies like Statecraft are taking some much-needed steps towards renewable energy. This should be an example for other countries and companies and they should do the same.