Norwegian power group Statkraft has decided to reduce its investment plans due to a degraded financial environment (recorded low power prices on Nordic markets).
The company will no longer invest in new offshore wind projects, which are capital intensive. In 2015, the Forewind consortium (SSE, RWE, Statkraft and Statoil) received final approval from the British Planning Inspectorate for the development of four 1,200 MW offshore wind projects off the east coast of Yorkshire in the North Sea (United Kingdom), namely Dogger Bank Creyke Beck A & B and Dogger Bank Teesside A & B, whose development "will only be realised with the right conditions established". In August 2015, Forewind cancelled the development of two 1,200 MW offshore wind projects, Dogger Bank Teesside C & D. Statkraft also owns a 50% stake in the 900 MW Triton Knoll offshore wind project in the United Kingdom (in partnership with RWE) and a 30% stake in the 402 MW Dudgeon offshore wind project currently under construction in the United Kingdom.
In addition, Statkraft is considering postponing some international hydropower projects. The company is taking part to the construction of a 517 MW dam in Turkey (Cetin project) and is developing hydropower plants in Albania on the Devoll river (237 MW under construction and 40 MW approved). The company also takes part to the 449 MW Dugar hydropower project in India and to the development of two dams in Chile (53 MW Los Lagos and 58 MW Osorno).
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