ESG Today writes that hydropower accounts for around 88% of Norway's energy generation, while the country's 65 wind installations add another 11%. Hydropower is then to remain as the country's main energy source, while the additional wind farms will provide a supplement of clean energy.

Christian Rynning-Tønnesen, CEO of Statkraft, said that "Statkraft is presenting the largest investment program of its kind in hydro- and wind power in Norway for decades. This will be a major contribution to the energy system in Norway and to the green transition. It will also have positive effects on the Nordic and European energy markets."

Statkraft plans to upgrade and transform its hydroelectric plants with 1.8-3 billion euros, while 1.2-2 billion euros will go towards rehabilitating existing dams and modernizing older power plants. Also, one billion euros will be used to modernize existing or build new offshore wind farms, which could see a doubling in wind production capacity.

The upgrades could see hydro generation bump by around 20%, as per company officials. Rynning-Tønnesen added that 'the future power system in Norway and Europe will need both more power and increased flexibility. Phasing in more intermittent power such as wind and solar through increased capacity and flexibility in hydropower is key to succeed with the transition to a net zero future."