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Statnett, a Norwegian company, will invest up to 20 billion dollars in the power grid by 2030

Statnett, Norway's transmission systems operator (TSO), announced on Monday that it will invest more than twice as much in the next 10 years to meet the growing demand for electricity and protect the grid from climate and security threats.

Statnett plans to invest 150-200 billion Norwegian crowns (15-20 billion dollars) over the next 10 years. This is more than twice the amount it spent in the previous 10 year period.

Elisabeth Vardheim, CEO of the company, said that investments are driven by a need to upgrade current lines, as well as plans for electrification and business development, as well as new industries driving applications for grid connection.

She added, "We'll build more than ever before, but we can't do everything at once."

NEED TO PROTECT AGAINST EXTREME WEATHER, MILITARY THREATS

Vardheim stated that the cost inflation, lack of resources to complete planned works, and a strained supplier market all require strict prioritisation.

Statnett has published its ten-year plan for system development twice since 2023. The latest version gives greater attention to security and preparedness, according to the company.

Statnett stated that extreme weather conditions, digitalisation, and an older grid have all contributed to a more fragile power system.

Statnett said that it was also considering measures to ensure supply in the event of a more serious scenario, such as a war on Norwegian soil. The Norwegian Crown is worth $1. (Reporting and editing by Terje Solsvik).

(source: Reuters)