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
Investments in clean energy
Driving force for renewable energy through good stakeholder dialogue

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.

Government authorities and politicians

Government authorities and politicians set the framework conditions for our business activities. Hafslund meets this stakeholder group with knowledge and information and has a desire to provide insight into the consequences of different framework conditions for the management of and investments in renewable energy.

Owners, capital markets and investors

Hafslund has a good relationship with the Group’s sole owner, the City of Oslo, and cooperates with the City of Oslo on topics such as sustainability and urban development. Several of the Hafslund companies have other owners in addition to the parent company Hafslund AS, and the owner dialogue is primarily conducted by the company boards.

Current and future employees

Our employees are Hafslund’s most important resource that will enable the Group to succeed with its vision and objectives. Hafslund works continuously to have a visible and supportive management that maintains good dialogue across the entire Group. We work for a culture that is based on the Group’s values and to maintain an open and inclusive working environment.

Landowners and local communities

With facilities and infrastructure that require significant land use, good dialogue with landowners and local communities is of vital importance to Hafslund. Hafslund maintains a close dialogue with this stakeholder group – particularly in connection with developments and upgrades.

Special interest groups

Hafslund engages in dialogue with various special interest groups, including fishing interests, nature and environmental organisations, welfare associations, landowners’ associations, tourist associations, etc. Hafslund seeks collaboration and dialogue in order to exchange information about the advantages and disadvantages of the business and to facilitate learning across the different groups.

Customers and consumers

Hafslund shall ensure the reliable supply of energy and other products/services for end users and commercial customers. Hafslund looks to understand customer needs and to meet their expectations.

Hafslund's partners

Hafslund has several partnerships and has a policy of seeking partnerships where complementary expertise and collaboration can result in stronger value creation.

Suppliers

With regard to suppliers, we engage in dialogue that is specifically related to HSE, sustainability and supply/security of supply, and we endeavour to achieve best practice in such cooperation.

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.