Europe's largest renewable producer scales back plans for wind and solar plants
Europe's Statkraft, a major renewable energy producer, is revising its expansion strategy for wind, solar, and storage projects due to market challenges. This aligns with industry trends of scaling back growth plans.
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Europe's largest renewable power producer, Statkraft, is adjusting its plans to construct new wind and solar plants due to decreased electricity prices and increased costs. The company's CEO, Birgitte Vartdal, highlighted the challenging market conditions for the renewable energy industry. Statkraft aims to slow down capacity growth, with revised targets for onshore wind, solar, and battery storage installations annually from 2026 onwards. The company also reduced its offshore wind development goals. This decision aligns with a trend seen in other European utilities like Ørsted and EDP, which have also scaled back their growth plans recently. Despite global efforts to boost renewables, challenges in project viability and returns are impacting the pace of the energy transition. Statkraft has also adjusted its hydrogen production targets, reflecting the slower-than-expected market development. This shift in plans underscores the complex landscape facing renewable energy companies as they navigate evolving market dynamics and government support requirements.
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