Balance for the energy system of the future
All flexible fossil energy sources in Europe's energy mix need to be replaced with renewable energy sources to achieve the target of net zero emissions. Most of the current production technologies within renewable energy are not possible to regulate. However, the energy system needs to be in balance and this balance has to involve flexible sources or means of storage.
Hydropower is regarded as an enormous battery with flexible reservoir capacity, and Hafslund can therefore be said to be a driving force for the achievement of balance. There is an increasing need for flexible power, and Hafslund will strengthen the Group’s ability to contribute to balance in the energy system.
Towards 2035 we will
- Increase our ability to regulate hydropower
- Develop distributed energy solutions
- Develop solutions for aggregation and management of production, consumption and storage
- Act faster in existing and new balancing markets using intelligent models
Important sustainability topic
Security of supply
Security of supply is about balancing the power grid with the power that is demanded, and ensuring that we have enough power at all times. 2022 was a year in which Hafslund was made aware of what it means to be an actor that guarantees security of supply in society. For the second year in a row, we experienced a year of low precipitation and it became important to ensure that there were sufficient reservoir levels for the winter of 2023. From late September to mid-November, Statnett assessed the power situation as being tight for NO2 (Southern Norway) and NO5 (Western Norway). However, there was more precipitation during the final quarter and Statnett changed its assessment from a tight to a normal power situation in mid-November.
As Norway’s second largest power producer, with significant reservoir capacity, the hydropower business had a major focus on responsible resource planning throughout 2022. As always, the power situation, hydrological balance and reservoir levels were closely monitored, and Hafslund’s trading and production groups continuously adapted their operations as conditions changed.
The demanding power situation in 2021 and 2022 has highlighted the value of the water reservoirs and how they can be regarded as an enormous battery for the Norwegian power system. This flexibility will increasingly be in demand as new renewable energy sources that cannot be regulated emerge. Hafslund has clear targets for expanding reservoir capacity at the hydropower plants, and the Group is exploring how flexibility and adjustability can be ensured in the energy system of the future.
Indicator table for security of supply.
Smart and green urban development
Society is electrifying, and we are using more and more electricity. Access to renewable energy is increasing, however consumption is increasing even faster. At Hafslund, our objective is to facilitate electrification that contributes to greener and smarter cities. Hafslund is working to establish smart digital energy solutions that contribute to efficient and simple energy consumption, as well as stable and predictable energy prices.
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