Statkraft cancels Norwegian wind power projects

08.06.2015
When Statkraft put Smøla windfarm into operation in 2002, the conditions appeared to be right. Meanwhile wind power projects in Norway are no longer economical, the company says. (Photo: Statkraft)
When Statkraft put Smøla windfarm into operation in 2002, the conditions appeared to be right. Meanwhile wind power projects in Norway are no longer economical, the company says. (Photo: Statkraft)

Statkraft halts 1,000 MW of planned wind power projects in Central Norway. According to the company, lower power and electricity certificate prices in the Nordic region have made the projects unprofitable.

The Fosen and Snillfjord wind power projects were planned with a total installed capacity of 1,000 MW and an annual production of approx. 3.25 TWh. The development costs were estimated at approx. € 1.26 billion. The projects are owned by Statkraft, Agder Energi, TrønderEnergi and Nord-Trøndelag Elektrisitetsverk (NTE).

A growing power surplus and continued moderate demand for electricity have reduced the long-term price expectations, Statkraft claims. “Statkraft finds it regrettable that the projects cannot be realised. The authorities have contributed by facilitating wind power development, for example through improving the depreciation rules. Unfortunately, the market development is such that it is still not commercially responsible to invest in these projects,” says President and CEO Christian Rynning-Tønnesen.

Statkraft will continue to make substantial investments in Norwegian hydropower, as well as further development of district heating. But the promise in the wind energy sounds timidly: “Over the longer term, wind power is also expected to become competitive in the Nordic region,” the company lets know.

Katharina Garus / Statkraft

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