Norway’s State-Owned Utility Announces Sweeping Cost Cuts

Norway’s State-Owned Utility Announces Sweeping Cost Cuts

Norwegian state-owned utility Statkraft announced plans on Wednesday to slash annual costs by 2.9 billion NOK ($292 million) by 2027, warning that staff layoffs may follow in the second half of the year. The move comes amid mounting cost pressures across Europe’s power sector and reflects deeper financial strain among major renewable-focused utilities. Europe’s largest producer of renewable energy, Statkraft said the cuts aim to “safeguard long-…

Norway's Statkraft to cut costs by $292 million, may announce layoffs

Statkraft to Cut Complexity and Costs by NOK 2.9 Billion Annually by 2027

Last year, under the leadership of new CEO Birgitte Ringstad Vartdal, Statkraft refined its strategy to concentrate on fewer technologies and markets in order to achieve greater scale, competitiveness, and […] The post Statkraft to Cut Complexity and Costs by NOK 2.9 Billion Annually by 2027 appeared first on SolarQuarter.

Statkraft Unveils Bold $291M Cost-Cutting Plan, Layoffs on the Horizon

Statkraft, a state-owned utility in Norway, plans to reduce yearly expenses by 15% by 2027 in order to adjust to the shifting market conditions through cost-cutting strategies that include technical refocusing and layoffs.By 2027, the business plans to cut salaries and other operating costs by about NOK 2.9 billion (USD 290.5 million/EUR 253.2 million) a year, it announced on 19 June. It follows the utility's statement that it will no longer pur…

Statkraft to streamline operations, targeting cost cuts and layoffs

Statkraft has announced plans to enhance its core competitive advantages by focusing on its flexible hydropower fleet in the Nordics.

Statkraft to Cut Costs by $292m Amidst Global Uncertainty

Norwegian state-owned utility Statkraft said on Wednesday it would cut its annual costs by around 15% or 2.9 billion crowns ($292 million) by 2027, citing increased global uncertainty, higher expenses and lower power prices.The company already…