NORWAY —Statkraft has presented updated investment figures for Norway, raising its forecast to NOK 80 billion, according to official disclosures at the Statkraft Conference 2026. This represents a significant increase from the previous estimate of NOK 44–67 billion presented in January 2024, reflecting a combination of a larger project portfolio, inflation, and an extended planning horizon. Approximately half of the NOK 80 billion will be allocated to major maintenance of existing assets to safeguard current generation capacity, with the remaining half for upgrades, further development, and new capacity. Hydropower accounts for most planned investments, exceeding NOK 70 billion.
The company plans to initiate at least five major hydropower upgrade projects by 2030, with facilities such as Nore (1928), Mår (1948), and Aura (1953) among those assessed for modernization. In Alta, Statkraft plans to expand the existing facility from two to three generating units to utilize flood-season water. This development matters because many of Norway’s largest hydropower plants require upgrading and modernization as they approach the end of their operational lifetime.
Statkraft is required to reinforce several older dams to withstand greater climate variability and comply with stricter safety requirements. Critical technical equipment and water tunnels also require refurbishment. The company also plans to invest in wind power, replacing ageing wind farms to more than double generation over the next ten years while reducing the number of turbines, based on experience from repowering projects in Spain. Industries impacted include hydropower, wind power, and construction contracting.
Regional stakeholders include municipalities across Norway (Finnmark to Telemark, Innlandet to Vestland), contractors both large and small, and industrial electricity consumers.
For investors, the NOK 80 billion program represents one of the largest industrial investments in Norway in decades, creating opportunities for suppliers of turbines, generators, tunnel refurbishment services, and dam reinforcement contractors. Projects remain subject to licensing from the Norwegian Water Resources and Energy Directorate (NVE) and municipal approvals, and Statkraft will only proceed with investments that meet profitability requirements prior to final investment decisions.
Statkraft is a Norwegian state-owned energy company headquartered in Oslo, and Europe’s largest generator of renewable energy, primarily hydropower.
