Strong growth in renewable energy
The green transition has created an enormous need for new renewable energy, and the increasing scarcity of renewable energy is leading to rising energy prices.
Without increased energy production and lower price levels, Norway will not succeed in being an attractive location for new green industries and important workplaces. Hafslund wants to be part of the solution to this and wants to develop new renewable energy within hydropower, wind and solar in Norway and the Nordic region.
Towards 2035 we will
- Expand existing and build new hydropower
- Become a leader in the development and expansion of renewables projects within solar, wind and offshore wind
- Explore opportunities in Norway and the Nordic Region
- Actively participate in the debate on framework conditions and energy development
Important sustainability topics
Production of clean energy and future investments
Energy production through hydropower has been part of the Group’s core business since 1898. Since then, we have added more sources of energy to the portfolio. The acquisition of Hafslund Oslo Celsio has resulted in thermal energy being the Group’s second largest business area, and offshore wind and solar will make further contributions to Hafslund’s production of renewable energy.
The manner in which the Group works with production and investments in new energy is described in the reference to the Group’s business areas:
- Hafslund Eco Vannkraft is Norway’s second largest hydropower producer. Hafslund EcoVannkraft is the company that has developed the greatest amount of new hydropower over the past five years and is continuously engaged in further developing and upgrading existing facilities.
- Hafslund Oslo Celsio is Norway’s largest supplier of district heating and the company has major plans for growth within further development of the heating grid. Hafslund Oslo Celsio also aims to develop district cooling in Oslo, which has enormous potential in terms of energy efficiency and better land use.
- Hafslund Vekst operates the Group’s investments in offshore wind and solar, and manages the Group’s largest ownership interests. In 2022, the company entered into a partnership for the development of both large-scale solar and rooftop solar and the offshore wind partnership Blåvinge is preparing licence applications for the development of offshore wind in the North Sea. In addition, Hafslund Vekst invested in lake wind in Vänern in Sweden.
Indicator table for production of clean energy and investments in clean energy.
Driving force for renewable energy through good stakeholder dialogue
Hafslund collaborates with many different stakeholders, including both nationally and locally. It is important for all parts of our business activities to maintain good relations with our stakeholders in order to manage our impact, understand needs and safeguard Hafslund’s business activities in the best possible manner. Strategic stakeholder work is important for supporting the Group’s vision and ambitions for value creation, management, development and sustainability. Below is an overview of Hafslund’s most important stakeholders and how we work together with them.
Indicator table for driving force for renewable energy through good stakeholder dialogue.
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.
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