Towards 2030: Creating value by enabling a net-zero future
At Statkraft, we have been making renewable energy possible for over a century – energy that the world needs now more than ever.
The energy transition is accelerating with unprecedented speed, as countries across the world strengthen their climate ambitions. We are in the middle of a renewables revolution. The power system of the future will be dominated by solar and wind power. This also increases the need for flexible supply and demand.
Rising geopolitical concerns and surging energy prices contribute to global economic uncertainty and turbulent energy markets. These developments have also triggered a political push for energy security and a speedier energy transition.
In this landscape, Statkraft is well-positioned to create value by enabling a net-zero future. As we look towards 2030, we raise our ambitions higher than ever – with significantly higher growth ambitions across our geographies and technologies.
Our strategy follows a market-centric approach. This means that we will use our market insights to find and develop the most profitable opportunities across renewable technologies in each market we are present. We will develop, acquire, own, and operate renewable assets, and provide our customers with the best energy solutions to reach a net-zero future.
Statkraft’s strategy builds on four strategic pillars:
1. PROVIDE CLEAN FLEXIBILITY– LEVERAGING HYDROPOWER
We will optimise and expand our unique hydropower portfolio. In Norway, we will increase reinvestments in our existing plants to prolong their lifetime and increase efficiency. We will also develop new capacity additions and our target is to invest in at least five new, large projects by 2030. Outside of Norway, we will continue to maximise the long-term value of our existing assets, as well as selectively expand our portfolio.
2. ACCELERATE SOLAR, ONSHORE AND OFFSHORE WIND, AND BATTERY STORAGE
We will accelerate our growth in solar, onshore wind, and battery storage in our existing markets, reaching an annual development rate of 4 GW by 2030. Going forward, we aim to keep more ownership of wind and solar assets in Europe, as well as deliver competitive operations and maintenance at scale for our assets. Within offshore wind, Statkraft is pursuing an industrial role in the North Sea and Ireland.
3. DELIVER GREEN MARKET SOLUTIONS TO CUSTOMERS
We will grow and strengthen our market activities – serving customers’ needs across the value chain. We will maximise the value of our own and customers’ portfolios through energy and asset management. We aim to continue our growth in origination, significantly increasing the volumes in upstream PPAs and structured green energy supplies, and in proprietary trading. This will strengthen our position as a top-tier provider of market solutions, which is also a competitive advantage for our asset-based business.
4. SCALE NEW GREEN ENERGY TECHNOLOGIES
We will develop and scale new green energy technologies. These technologies will all play an important role in a net-zero future. We aim to become a leading developer of green hydrogen, biofuel, EV charging, district heating, and other green technologies, either alone or by partnering with others. Building positions in these technologies will enable us to take part in the expected growth and build new value-creating businesses over time.
In Norway, we will drive the energy transition through developing and delivering renewable power generation and flexible supply, scaling new green energy technologies, and facilitating sustainable businesses.
In Europe, we will take a leading role in supporting the energy markets and the transition ahead, based on our position as Europe’s largest producer of renewable energy and our significant market operations.
In South America and India, we will enable more sustainable energy systems pursuing opportunities from the growing energy demand.
Statkraft towards 2030 - A leading international renewable energy company
Largest hydropower company in Europe, and a significant player in South America and India – investing in at least 5 large projects in Norway by 2030.
Major developer of solar, onshore wind, and battery storage with an annual delivery rate of 4 GW by 2030. Industrial offshore wind player in the North Sea and Ireland.
Top-tier provider of market solutions in Europe with a significant global reach.
Leading developer of green hydrogen, biofuel, EV charging and other green technologies – developing 2 GW production capacity for green hydrogen by 2030. Top 3 most profitable and customer-oriented district heating player in Norway and Sweden.
Annual report 2021
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Innovation has been at the core of our company since its early beginnings in the late 1800s. Ever since the bold feats of engineering back in our hydropower pioneering days, our mission has been to lead the shift to renewable energy.
Statkraft is organised in four business areas and two staff areas.