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Norwegian energy company Statkraft has announced a strategic shift to streamline operations by focusing on a reduced number of markets and technologies. The move is part of a broader effort to cut annual expenses by NOK 2.9 billion (US$290 million) by 2027, representing a 15% reduction from its 2025 projections.
Despite these cuts, Statkraft plans to invest NOK 16–20 billion annually in the coming years, prioritizing solar PV and energy storage projects in Europe and South America. However, the company clarified that this growth will be slower than previously planned.
As part of the strategy, hydrogen and offshore wind development will be halted, with no new investments planned in these areas. Additionally, Statkraft will review its solar PV, wind, and energy storage activities in Poland, and shut down all development operations in Portugal.
The company said the decision to concentrate on fewer markets is aimed at reducing operating costs and payroll, with potential job reductions expected as part of the restructuring.
“At this time, Statkraft will prioritise our financial capacity on near-term profitable technologies, such as solar, wind, and batteries in fewer markets,” said Birgitte Ringstad Vartdal, Statkraft’s President and CEO since March 2024.
“We have been successful in developing an attractive portfolio in several European markets.”
Addressing the potential impact on staff, Vartdal added:
“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.”
The restructuring reflects growing pressures on renewable energy developers to balance long-term climate goals with short-term financial sustainability, especially amid market volatility and geopolitical challenges.
