The projects will be self-financed, and profits will help reduce grid tariffs for Norwegian households.
With substantial hydroelectric power production facilities, established through many generations, 98 per cent of the electricity currently generated in Norway comes from hydropower. This is about twice as much as in any other country in Europe. 60–70 percent of the hydroelectric power comes from mountain reservoirs.
Reservoir-based hydroelectric power has high regulating capacity which means that it can be generated as and when required. Consequently, hydropower is in demand and could become an important resource for Europe as wind power becomes increasingly common. Wind power is also a renewable source of energy, though less stable than hydropower.
Hydropower can help reduce CO2 emissions
During periods of light or no winds, hydropower can help reduce CO2 emissions from coal power plants and gasworks.
Statnett says its new connections to continental Europe open new opportunities for Norway through increased value creation, more stable electricity tariffs, greater competition in the electricity market and a more robust electricity supply.