Norwegian energy company Statkraft has narrowed its focus to fewer markets and technologies as it targets to reduce its expenses by NOK2.9 billion (US$290 million) annually by 2027.
Alongside aiming to reduce expenses, which represents a 15% decrease compared to the estimate for 2025, the company targets to invest between NOK16-20 billion annually in the coming years, with a continued growth in solar PV and in energy storage in Europe and South America. However, this will happen at a slower growth rate than previously planned, according to Statkraft.
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Among the technologies that will not see any further new developments is hydrogen, which the company announced last month, along with offshore wind.
Statkraft has also decided to assess its solar PV, wind and energy storage investments in Poland, while it will close down development activities in Portugal.
By narrowing down to fewer markets and technologies, the company aims to decrease its operating expenses as well as jobs by reducing payrolls.
“At this time, Statkraft will prioritise our financial capacity on near term profitable technologies, such as solar, wind and batteries in fewer markets. We have been successful in developing an attractive portfolio in several European markets,” said Statkraft President and CEO Birgitte Ringstad Vartdal, who was appointed to the role in March 2024.
Regarding the possible layoffs, Vartdal said: “Statkraft needs to adapt to the changing market and increased geopolitical uncertainty. Unfortunately, this also impacts our most important asset: Our people. We will do what we can to limit uncertainty and mitigate negative effects on employees.”
This is not the first time the company has scaled down its targets in the past 12 months. In June 2024 the company unveiled that it had reduced its development target for its portfolio of solar PV, BESS and wind capacity from 2026 onwards.
At the time, the portfolio was reduced from 2.5-3GW for 2025 and 4GW for 2030 to 2-2.5GW. Last year, Statkraft also highlighted that it would prioritise investments to grow solar PV, wind and batteries in Europe and selected international markets.
