Latest news with #hydropower
Yahoo
2 hours ago
- Business
- Yahoo
Statkraft to streamline operations, targeting $291m cost cuts and layoffs
Statkraft has announced plans to enhance its core competitive advantages by focusing on its flexible hydropower fleet in the Nordics and on solar, wind and battery ventures across Europe and South America, following a strategic review of its business. The move comes amidst slower progress in energy transition due to heightened global uncertainty, rising costs and declining power prices. The company now aims to build scale, bolster competitiveness and drive value creation by narrowing its focus on select technologies and markets. Statkraft's revised approach prioritises cash flow over volume expansion while simplifying operations to cut costs. The company has set complexity reduction goals, which include slashing payroll and other operating expenses by Nkr2.9bn ($291m) annually by 2027, a 15% decrease relative to predictions for 2025. The specific cost efficiency measures, including redundancies, will be determined during the annual business planning process in the second half of 2025. Statkraft president and CEO Birgitte Ringstad Vartdal stated: 'By concentrating on our core competitive advantages and prioritising investments in near-term profitable opportunities, we will be able to continue our growth and value creation, while contributing significantly to the energy security and energy transition. '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 company plans to make investments between Nkr16-20bn ($2bn) each year into projects such as large-scale hydropower upgrades in Norway and maintenance of its extensive operational assets. In alignment with announcements made in May 2025, Statkraft will cease new hydrogen project developments. The company will also cease new offshore wind initiatives except for ongoing commitments such as the North Irish Sea Array (NISA) project. Assessments regarding investment positions within solar power sectors, wind farms and batteries in Poland are underway, while development activities in Portugal will be discontinued, although market activities will continue. Although growth rates will be moderated compared with previous projections, solar power and wind power projects will advance in both Europe and South America. These measures will be in addition to the previously announced and ongoing divestment processes, including the district heating and biofuels activities in the Nordics, the development business in Croatia and the Netherlands, and business activities in India. In May 2025, Statkraft agreed to sell its Colombian renewable energy portfolio, Enerfín Colombia, to Ecopetrol, the national oil company of Colombia. "Statkraft to streamline operations, targeting $291m cost cuts and layoffs" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
11 hours ago
- Business
- Bloomberg
Hot July Weather Seen Pressuring Europe's Power Supplies
Hotter weather in Europe this summer risks driving up demand while causing output from hydropower and nuclear plants to fall, according to research firm Energy Aspects. Higher-than-usual temperatures across western Europe next month could add about 3 gigawatts of extra demand, it said, while generation from hydro and nuclear power is expected to take a hit of a similar dimension.
Globe and Mail
14 hours ago
- Business
- Globe and Mail
Hydro dynamics
Opinion How Quebec and Newfoundland overcame a century of hurt to reach a new deal on Churchill Falls Konrad Yakabuski The Globe and Mail Quebec Premier Francois Legault and former Premier of Newfoundland and Labrador Andrew Furey shake hands after signing a memorandum of understanding between Hydro-Québec and NL Hydro in St. John's on Dec. 12, 2024. Paul Daly/The Canadian Press to view this content.
Yahoo
a day ago
- Business
- Yahoo
Statkraft to streamline operations, targeting $291m cost cuts and layoffs
Statkraft has announced plans to enhance its core competitive advantages by focusing on its flexible hydropower fleet in the Nordics and on solar, wind and battery ventures across Europe and South America, following a strategic review of its business. The move comes amidst slower progress in energy transition due to heightened global uncertainty, rising costs and declining power prices. The company now aims to build scale, bolster competitiveness and drive value creation by narrowing its focus on select technologies and markets. Statkraft's revised approach prioritises cash flow over volume expansion while simplifying operations to cut costs. The company has set complexity reduction goals, which include slashing payroll and other operating expenses by Nkr2.9bn ($291m) annually by 2027, a 15% decrease relative to predictions for 2025. The specific cost efficiency measures, including redundancies, will be determined during the annual business planning process in the second half of 2025. Statkraft president and CEO Birgitte Ringstad Vartdal stated: 'By concentrating on our core competitive advantages and prioritising investments in near-term profitable opportunities, we will be able to continue our growth and value creation, while contributing significantly to the energy security and energy transition. '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 company plans to make investments between Nkr16-20bn ($2bn) each year into projects such as large-scale hydropower upgrades in Norway and maintenance of its extensive operational assets. In alignment with announcements made in May 2025, Statkraft will cease new hydrogen project developments. The company will also cease new offshore wind initiatives except for ongoing commitments such as the North Irish Sea Array (NISA) project. Assessments regarding investment positions within solar power sectors, wind farms and batteries in Poland are underway, while development activities in Portugal will be discontinued, although market activities will continue. Although growth rates will be moderated compared with previous projections, solar power and wind power projects will advance in both Europe and South America. These measures will be in addition to the previously announced and ongoing divestment processes, including the district heating and biofuels activities in the Nordics, the development business in Croatia and the Netherlands, and business activities in India. In May 2025, Statkraft agreed to sell its Colombian renewable energy portfolio, Enerfín Colombia, to Ecopetrol, the national oil company of Colombia. "Statkraft to streamline operations, targeting $291m cost cuts and layoffs" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
5 days ago
- Business
- Reuters
Nepal begins first power exports to Bangladesh via India's grid
June 16 (Reuters) - Nepal has begun exporting 40 megawatts (MW) of electricity to Bangladesh through India's power grid in its first move into the international energy market and positioning India as a key facilitator of regional electricity trading. Nepal is also exporting 80 MW to Bihar state in India's east, Nepal's Energy Minister Dipak Khadka said on X on Sunday, adding that power exports had unlocked a 5,000 MW export market for the Himalayan nation. The power transaction follows a tripartite agreement signed in October between Nepal Electricity Authority, Bangladesh Power Development Board, and India's NTPC Vidyut Vyapar Nigam. India exports electricity to Nepal, Bangladesh and Myanmar, while importing power from Nepal and Bhutan and is discussing plans to integrate its grid with Sri Lanka. The development comes as Nepal rapidly expands its hydropower capacity, with Indian hydro power producer SJVN ( opens new tab currently developing the 900 MW Arun-3 project in Nepal's Sankhuwasabha district. In April, India's Power Grid Corporation ( opens new tab and Nepal Electricity Authority agreed to implement high-capacity cross-border transmission infrastructure to facilitate increased power trading. Nepal, which has installed capacity of more than 3,000 MW, with 95% hydro, has also been seeking Indian investment to boost its hydroelectric output and export surplus power to New Delhi.
