Statkraft lowers its renewable electricity targets

Falling electricity market prices and rising construction costs have led Statkraft to revise its renewable energy investment targets downwards. The objective of developing 2.5-3 GW of new onshore wind and photovoltaic capacity per year between 2025 and 2029, then 4 GW after 2030, has been revised downwards to 2-2.5 GW for 2026 and subsequent years. In offshore wind, the target of developing 10 GW of new capacity by 2040 has also been revised downwards to 6-8 GW. Statkraft's decision follows similar decisions by EDP, Orsted and Engie.