Statkraft has decided to pause the development of new green hydrogen projects. This measure is framed by the “instability in the energy market”, according to its CEO, Birgitte Ringstad Vartdal.
New green hydrogen projects put on hold
The decision comes after a period in which the firm had reduced its projections in this energy line. Now, faced with greater economic and regulatory challenges, Statkraft has opted to slow down the expansion of this technology, while maintaining part of its portfolio in the maturation phase. The objective will be to seek strategic partners to advance those initiatives that are still viable.
The company continues to see clean hydrogen as an important tool for the decarbonization of emissions-intensive industries, and its immediate focus is shifting to other segments of the renewable portfolio. In addition, it will continue to strengthen its operations in hydropower, wind and solar energy, where it has a consolidated position at the European level.
Currently, Statkraft’ s hydrogen projects are distributed in countries such as Norway, Sweden, the United Kingdom, Germany, the Netherlands and Italy. Some of them have benefited from public financing schemes, which would allow their continuity with the support of external investors.
The company recognizes that market volatility has complicated the long-term planning of new hydrogen initiatives. Therefore, it has decided to prioritize technologies with greater economic and regulatory stability in the short term. However, the company has decided to prioritize technologies with greater economic and regulatory stability in the short term, Statkraft reaffirms its positive view of the future role of hydrogen as a key driver in the energy transition.
With more than 7,000 employees and a presence in more than 20 countries, the company will continue to be present in the hydrogen ecosystem through market activities and strategic analysis, but without driving new developments until further notice.
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Source and photo: Statkraft
