Statkraft around the world
Since the founding of the company in 1895, Statkraft has developed from a national company, focused on developing Norwegian hydro power resources, into a multinational company diversifying also into other sources of renewable energy. Today, with a total production of 56 TWh from 403 power plants in 14 countries, Statkraft is the second largest supplier of electric power in the Nordics and Europe's largest supplier of renewable energy.
The group's 403 power plants have a total installed capacity of 18 159 MW (Statkraft's share). Hydro power is still the dominant technology with 81.5% of installed capacity, followed by natural gas with 14.3%, wind power with 3.9% and bio-fuel with 0.3%. Most of the installed capacity is in Norway with 71.5%, next is Europe excluding the Nordics with 16.3%, the Nordics excluding Norway with 8.3% and the rest of the world with 3.9%. Statkraft also owns shares in 29 district heating facilities in Norway and Sweden with a total installed capacity of 714 MW.
The overview of consolidated plants shows the capacity of the plants that Statkraft fully consolidates in its financial reporting according to IFRS. The difference between consolidated capacity and direct ownership is mainly due to Statkraft's investments in the companies BKK and Agder Energi whom are classified as associates according to IFRS.
Statkraft has entered a period with substantial planned investments in maintenance and repairs of the ageing Nordic hydro power plant portfolio. Between 2014 to 2018 Statkraft plans to invest a total of NOK 12 billion in maintenance and repairs.
Statkraft invested a total of NOK 11.2 billion in 2014. One third of this was related to the mentioned repairs and maintenance, while two thirds was related to investments in new capacity, primarily tied to new capacity in wind power in the UK and Sweden and international hydro power.
The hydro power plants Kjensvatn (12 MW) in Nordland and Eiriksdal (80 MW) in Sogn og Fjordane were completed in 2014. All production plants in Finland (66 MW) were sold in 2014, Statkraft will however continue to be active in the Finnish electricity market. Statkraft was granted license to construct a new hydro power plant Ringedalen (23 MW) in Odda.
Outside of the Nordic market Statkraft has several hydro power plants under construction. Statkraft is investing in selected markets where the groups knowledge and hydro power competence can contribute and create value. Statkraft has hydro power activities in South-east Europe, South America and South Asia in addition to the 50% share in SN Power. The group owns a total of 765 MW worth of capacity, of which 326 MW are consolidated operations, outside of the Nordics. Four hydro power plants are under construction with a total planned capacity of 1030 MW. Investments are usually made in cooperation with local partners or international investors.
Three new landbased wind parks were put in to production in 2014, Mjörttjärnberget (85 MW) and Ögonfägnaden (99 MW) in Sweden and Berry Burn (67 MW) in the UK. I addition 144 of a total 270 MW were put in to production of the landbased wind park Björkhöjden in Sweden.
In Norway Statkraft established the company Fosen Vind together with Agder Energi, NTE and TrønderEnergi. Fosen Vind will own three planned wind parks of approximately 600 MW on the Trøndelag coast of Norway. Development plans are progressing with plans for a final investment decision by mid 2015. In addition 400 MW are under development in the same area through the company
Statkraft also has ongoing projects within offshore wind. Investment decision was made for the offshore wind park Dudgeon (approximately 400 MW) outside the coast of Norfolk in the UK. Statkraft owns 30% of the project and Statkraft's share of the investment is projected to be around NOK 5 billion. Statkraft is also selling shares in some of its UK based wind farms to fund further investments in renewable energy. Statkraft will however continue to operate the wind parks. Statkraft also participates in the development of Doggerbank, as on of four partners. Final decision on this project however lies some years into the future.
One new district heating facility (23 MW) was put into production in Sandefjord in 2014. Statkraft also made the decision to invest and start the development of a district heating facility and infrastructure in Moss/Rygge and to continue the contruction of the facility in Namsos.