OSLO (Reuters) -Norway's transmission system operator (TSO) Statnett will more than double its investments over the next decade to accommodate growing power consumption and secure the grid against
Statnett Plans Up to $20 Billion Investment in Norway's Power Grid
Statnett's Investment Strategy
OSLO (Reuters) -Norway's transmission system operator (TSO) Statnett will more than double its investments over the next decade to accommodate growing power consumption and secure the grid against climate and security threats, it said on Monday.
Driving Factors for Investment
Statnett is planning to invest between 150 to 200 billion Norwegian crowns ($15 billion-$20 billion) over the next ten years, more than double its spending in the previous ten-year period, it said when presenting its system development plan.
Challenges and Prioritization
Investments are driven by a large need to upgrade existing lines as well as significant plans for electrification, business development and new industry driving up applications for grid connections, CEO Elisabeth Vardheim said.
Security and Preparedness Measures
"We will build more than before, but we cannot do everything at the same time," she added.
NEED TO PROTECT AGAINST EXTREME WEATHER, MILITARY THREATS
Cost inflation, a shortage of resources needed to implement planned works and a pressured supplier market require tough prioritisation, Vardheim said.
It is the second time after 2023 that Statnett published a ten-year system development plan, and the latest version pays increased attention to preparedness and security, the company said.
More extreme weather, increased digitalisation and an aging grid all resulted in a more vulnerable power system, Statnett said.
"Increased threats mean that Statnett is also considering what measures are needed to secure supply in more serious scenarios, including war on Norwegian soil," it said.
($1 = 10.0431 Norwegian crowns)
(Reporting by Nora Buli, editing by Terje Solsvik)
