The company intends to complete the upgradation process over the next five years to keep the ageing plants in operation, reports Reuters.
In 2013, hydropower accounted for 95% of Statkraft’s total electricity output of 55.9 terawatt-hours (TWh), while it was around 60TWh in 2012.
Statkraft was quoted by the news agency as saying that, "Within Nordic hydropower, Statkraft is carrying out many major rehabilitation projects, and is planning investments of 12 billion crowns ($2 billion) to upgrade Norwegian and Swedish hydropower plants from 2014 to 2018."
The company is also planning to make a final investment decision on a proposed 400MW British project Dudgeon offshore wind farm in the second half of 2014, in which Statkraft will own 30% stake, while 70% will be owned by Statoil.
