Norway energy storage power station construction investment

Is Norsk Hydro planning a 84gwh pumped storage project?

Norsk Hydro, a leading Norwegian aluminum and renewable energy company, has announced plans for an 84GWh pumped storage project in Luster Municipality, Norway. The Illvatn project, estimated to cost NOK 1.2 billion (approximately $113 million), aims to commence construction in 2025, with a target for full operational status by 2028 or 2029.

Is Norsk Hydro planning a new pumped storage power plant?

In April 2020, the Norwegian Ministry of Energy granted Norsk Hydro a concession to develop the Illvatn pumped storage power plant. An application for a plan change is being processed by the Norwegian Water Resources and Energy Directorate (NVE).

Will Norsk Hydro invest in illvatn pumped storage power plant?

In April 2020, the Norwegian Ministry of Energy granted Norsk Hydro a concession to develop the Illvatn pumped storage power plant. A plan change application is currently under review by the Norwegian Water Resources and Energy Directorate (NVE), with the final investment decision anticipated by the second quarter of 2025.

What projects are under development in Norway?

Another project under development in Norway is a new power plant at Torolmen, in the Årdal municipality, with an estimated annual production of around 30 GWh. The total investment for this project could reach NOK290 million (US$27.4 million), with potential construction starting as early as 2027.

Does Norway need a renewable power supply?

However, to further reduce emissions in existing industries and encourage the development of new ones, the country still requires an increase in renewable power supply at competitive prices. Hydro currently produces aluminium in Norway with a carbon footprint approximately 75% lower than the global average.

How long will hydro's Norwegian power plants last?

While Hydro’s Norwegian plants are primarily secured through long-term power contracts until 2030, the company has stated that it is “urgent” to establish new contracts for the period beyond.