Growing in solar and wind
Solar and wind power have huge growth opportunities offering us longer term competitiveness.
Renewable energy sources play a key role
Increasing the generation of carbon-neutral energy is one important way to control climate change. Renewable energy sources play therefore a key role in the change towards a cleaner world. By investing in solar and wind power we are also securing our long term competitiveness.
We target a gigawatt-scale solar and wind portfolio. These technologies are rapidly maturing. At the same time, utility competences are becoming increasingly important as subsidy schemes are gradually being phased out and renewable energy production is becoming more market-based.
We have acquired three solar power parks in Russia. We have also a significant minority ownership in the solar power company in India and provide operation and maintenance services based on a long-term agreement. We have wind parks in Norway, Sweden and Russia.
Next step: system integration
When the system develops, we need to become better at integrating renewable production with customer demand side and energy storage. This is what we call system integration and it will be needed when more of the production is weather dependent and can’t be controlled.
The energy system as such must become more flexible and responsive. Hydro power and batteries can store of energy to balance supply and demand, and they also function as an electricity network stabilizers. Stored energy can be instantly deployed and its easily adjustable.
You can also store energy virtually by controlling consumption to optimal times. This is called demand response. A virtual power plant uses large consumption assets, such as data centers and base stations, or smaller storages like electric vehicles, water heaters and home batteries, to work for the energy system in a profitable way. It also benefits the environment directly since it reduces the need for fossil based backup generation.
Our targets in this area
Create a gigawatt-scale solar and wind portfolio.
Grow in wind business close to our current home markets, in the Nordics and Russia.
Grow in solar business in carefully selected locations globally, starting in India.