Statkraft Rethinks Strategy Amid Green Hydrogen Market Uncertainty
Statkraft Halts New Green Hydrogen Developments
In light of rising uncertainties within the green hydrogen market, Statkraft has announced a suspension of new development for its hydrogen initiatives. Instead, the company will focus on maturing certain projects before actively seeking investors to bring them to fruition.
Current Portfolio and Future Plans
Statkraft has made significant strides in the green hydrogen sector, establishing a strong presence across various European landscapes including Norway, Sweden, the UK, Germany, the Netherlands, and Italy. Through its efforts, Statkraft has continued to innovate and create value that aligns with its broader strategy in renewable energy.
The halt in new hydrogen projects does not mean an abandonment of current initiatives. Statkraft intends to continue advancing selected projects that have already attracted considerable external funding. The company is working closely with regulatory authorities to support these existing projects' development.
Market Considerations and Strategic Prioritization
Birgitte Ringstad Vartdal, President and CEO of Statkraft, emphasized the organization's shift in goals stating, “After scaling back our ambitions last year, the market's unpredictability has prompted a complete halt on new green hydrogen developments. Our focus will now turn towards exploring growth opportunities in other technologies and enhancing our market operations.”
The Long-term Vision for Green Hydrogen
Despite the current pause, Statkraft remains optimistic about the green hydrogen sector's long-term potential. The company acknowledges hydrogen's crucial role in facilitating emission reductions in carbon-heavy industries. As such, hydrogen-related market activities will still play a pivotal role in the company's diverse portfolio.
About Statkraft
Statkraft has carved a niche as a leading hydropower company globally and stands as Europe’s foremost generator of renewable energy. The organization’s diverse energy production portfolio encompasses hydropower, wind energy, solar power, and gas-fired generation, coupled with district heating services. With around 7,000 employees spread across more than 20 countries, Statkraft is at the forefront of energy market operations.
Contact Information
For more information, please reach out to:
Media spokesperson Norway, Geir Fuglseth, tel: +47 913 70 572
e-mail: geir.fuglseth@statkraft.com
Media spokesperson International, Marte Lerberg Kopstad, tel: +47 995 22 026
e-mail: mlk@statkraft.com
Frequently Asked Questions
Why has Statkraft stopped new green hydrogen developments?
Statkraft has paused new green hydrogen projects due to increased market uncertainties while focusing on maturing existing projects.
What is the future outlook for Statkraft in the hydrogen sector?
Statkraft remains committed to the long-term potential of green hydrogen, continuing to engage in market activities related to the sector.
Which markets does Statkraft operate in for hydrogen?
Statkraft has developed projects across various European countries including Norway, Sweden, the UK, Germany, the Netherlands, and Italy.
What types of energy does Statkraft produce?
Statkraft generates hydropower, wind power, solar energy, gas-fired power, and offers district heating services.
How many employees does Statkraft have?
Statkraft employs approximately 7,000 individuals across more than 20 countries worldwide.
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