Statkraft AS

Statkraft submits plan to upgrade Nore power plant for 4 billion NOK

(Oslo, 2 May, 2025) – Statkraft is seeking a licence to upgrade the Nore hydropower plants in Nore and Uvdal in Buskerud, Norway with a 4 billion NOK budget. The new power plant will be able to deliver more electricity when needed and will thus be able to contribute to more stable prices.

The Nore plants consist of Nore I power plant and Nore II power plant. Nore I was completed in 1928, while Nore II began production in 1946. The facilities are located on the Numedalslågen river.

– In the coming years, Statkraft will build the next-generation hydropower system, and we will start five major upgrades by 2030. The license application for upgrading and expanding the Nore plants is an important step in that direction, says President and CEO Birgitte Ringstad Vartdal at Statkraft.

Built for Oslo
By modernising power plants that are already in need of extensive rehabilitation, it is possible to obtain increased capacity and, in some cases, greater energy production from the same volume of water. It is also important from a nature and environmental perspective.

Nore I produces 70 times more power than Hammeren power plant in Maridalen, which supplied the Norwegian capital from 1900, and was built to cover all of Oslo's electricity needs.

– When the first Nore plant was built, it was the largest in the country and produced one-fifth of all electricity in Norway. The power plant was also a catalyst for the industrialisation of Oslo. And now, a hundred years later, we will ensure that it supplies the Norwegian society with electricity for another hundred years, says Vartdal.

Two alternatives
Nore I is among Europe's oldest power plants still in operation, and it is also a spectacular and protected building.

Statkraft is considering two alternatives for the upgrade. The preferred alternative is to combine the plants into one new power plant inside the mountain, but there is also an alternative where the two power plants are moved into the mountain from where they are currently located. The first alternative will nearly double the capacity from 274 to 500 MW and increase electricity production by approximately 200 GWh to about 1700 GWh. The second alternative will increase the combined capacity by 65 MW and increase production by around 150 GWh.

– In the power system of the future, there will be a great need to regulate production to deliver more electricity in a short amount of time. Therefore, we are constantly looking for opportunities to increase the capacity of our plants. More capacity can help reduce price peaks, as more and more unregulated renewable power enters the power mix. The new Nore power plant will be important both for the region and for Norway, says project manager at Statkraft, Hanne Kristin Ommedal.

Large investments in Norwegian hydropower
Statkraft has an ambition to seek licences for several major capacity upgrades in the coming years. In total, this will increase Statkraft's installed capacity in Norway by over 20 percent, providing between 1500 and 2500 MW of increased capacity. This is one of the ways to meet the needs of the future power system. A final investment decision in the upgrade of Nore power plants can only be made after the licence is granted.

– Upgrading hydropower plants requires large investments and is often only marginally profitable. There are many considerations to be taken, including the impact on the environment, landowners, and the local population. We will also have to make a comprehensive assessment based on access to capital and which projects provide the most benefit. What is certain, however, is that we will invest tens of billions of NOK to ensure that Norwegian homes and businesses have electricity in the socket for future generations. The license application for upgrading the Nore plants is a good example of this, concludes CEO Birgitte Ringstad Vartdal.

Facts about the Nore plants:
Nore I: In operation since 1928, 212 MW installed capacity, 1150 GWh annual production. 
Nore II: In operation since 1946, 60 MW installed capacity, over 300 GWh annual production.

Alternatives:

Alternative 1: New Nore power plant
The new Nore power plant is built in the mountain and gets a new intake in Tunhovd fjord, new water ways, and a new outlet to Norefjorden. The power plant will have an installed capacity of 500 MW, and annual production is estimated at approximately 1700 GWh.

Alternative 2: New Nore I power plant and New Nore II power plant
The new Nore I power plant is built in the mountain with a new intake in Tunhovd fjord, new water ways, and a new outlet. New installed capacity of 268 MW, and annual production at approximately 1300 GWh. The new Nore II power plant is also built in the mountain, but will reuse current intakes and inlet tunnel, but get a new outlet to Norefjorden. New installed capacity of 69 MW, and annual production over 300 GWh.

Further process:
The license application will now be processed by the Norwegian Water Resources and Energy Directorate (NVE), and as part of this, a hearing process will be conducted. The Ministry of Energy will decide on a possible license and its conditions. Once the license is granted, the company will decide whether the project can be carried out and make an investment decision.

For further information, please contact:  
 
Media spokesperson Nina Nerbøvik Holand, tel: +47 482 217 75, email: ninh@statkraft.com 

or www.statkraft.com

About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has around 7,000 employees in more than 20 countries.