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Statkraft focuses growth strategy

18 Jun, 2010
(Oslo, 18 June 2010) Statkraft is focusing its strategy to strengthen emphasis on the group's core competence within flexible and renewable energy generation. Hilde Bakken, Steinar Bysveen and Øistein Andresen are new members of the corporate management team.
"Statkraft's ambition is to be the leading renewable energy company in Europe, and a driving force for renewable energy in Norway. We aim to grow in flexible power generation and in growing markets for renewable energy both at home and abroad. Following a strategic review, we have found it necessary to focus our strategy and reduce our investment plans. We still need a positive clarification on capital and dividend policies going forward, but these measures underline the group's ability to continuously adapt our plans to maintain a satisfactory credit rating," President and CEO Christian Rynning-Tønnesen says.

Three main areas for growth
Based on a comprehensive review of Statkraft's competitive advantages, market opportunities and synergies within the group, the following areas of growth are prioritised:
  • Flexible power generation and market operations in Norway and the rest of Western Europe
  • International hydropower
  • Wind energy in Norway, Sweden and the UK
These prioritised areas will continue to build on Statkraft's core competence in renewable and flexible power generation. Statkraft will continue its focus on flexible power generation in Western Europe through hydropower and gas power. The international hydropower development will continue to focus on emerging markets with an increasing need for clean energy and a great potential for hydropower development including, in part, southeast Europe as well as markets outside Europe through SN Power. Continued wind power development will be focused on onshore wind power in Norway and Sweden, as well as offshore wind power in the UK. Growth in district heating will be focused in Norway. Statkraft will continue to be a key supplier of power to Norwegian industries.
This means that the group will sell its solar power business, and that investment plans for wind power and district heating will be scaled back compared with previous plans. Statkraft is currently involved in talks with the other owners of the utility company BKK, which could result in Statkraft reducing its ownership interest in that company. The sale of the electricity grid company in Trondheim will be carried out according to plan.
Changes in the corporate management team
Statkraft's corporate management team now comprises: 
  • Christian Rynning-Tønnesen, President and CEO
  • Stein Dale, Chief Financial Officer
  • Hilde Bakken, Chief of Staff
  • Asbjørn Grundt, Executive Vice President, Market Operations and IT
  • Steinar Bysveen, Executive Vice President, Generation and Industrial Ownership
  • Øistein Andresen, Executive Vice President, International Hydro Power
  • Jon Brandsar, Executive Vice President, Wind Power and Technology
Steinar Bysveen and Øistein Andresen will take up their positions upon further agreement.

"I'm very pleased with the composition of the new corporate management team, which also reflects a new organisational structure. Hilde Bakken has extensive experience from Statkraft. She has been in charge of a highly successful integration of the enterprises that Statkraft acquired in connection with the asset swap with E.ON, and she has extensive knowledge of Statkraft's organisation. Steinar Bysveen, as CEO of Energy Norway, has extensive knowledge of the Norwegian power industry, and brings solid experience from the energy industry and good insight into what's happening around the country. Øistein Andresen has headed SN Power since its establishment, and has developed the company into an international leader within hydro power in Southeast Asia and South America," President and CEO Christian Rynning-Tønnesen says.
The new members of Statkraft's corporate management team are:
  • Hilde Bakken (age 44) has been appointed Chief of Staff. Bakken holds a civil engineering degree in petroleum subjects from NTNU (the Norwegian University of Science and Technology) and has worked in Statkraft since 2000. She has held several management positions in Production and Markets. She has previously worked in Norsk Hydro's oil and gas division and in Conoco Inc.
  • Steinar Bysveen (age 52) has been appointed Executive Vice President, Generation and Industrial Ownership. Bysveen holds a civil engineering degree from NTNU and a degree in business administration from BI Norwegian School of Management. Since 2003, he has been CEO of Energy Norway. His previous positions include managing director of Industrikraft Midt-Norge, as well as various positions in Saga Petroleum.
  • Øistein Andresen (age 50) has been appointed Executive Vice President, International Hydro Power. Since 2002, Andresen has been CEO of SN Power. He holds a degree in civil and electrical engineering from NTNU and has previously worked in Akershus Kraftselskap, ABB, and as head of the Norwegian Ski Association.

Press spokesperson Knut Fjerdingstad, tel. +47 901 86 310,
Investor Relations Yngve Frøshaug, tel. +47 900 23 021,

Statkraft is Europe's largest renewable energy company. The group develops and generates hydropower, wind power, gas power, solar power and district heating, and is a major player on the European power exchanges. Statkraft also develops osmotic power and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)