Norwegian state-owned power grid operator Statnett Tuesday has asked the government for a 3.25 billion Norwegian kroner ($0.53 billion) equity injection in 2014 as it makes significant power grid investments, and also applied to pay no dividend next year.
Norwegian state-owned power grid operator Statnett Tuesday has asked the
government for a 3.25 billion Norwegian kroner ($0.53 billion) equity injection
in 2014 as it makes significant power grid investments, and also applied to pay
no dividend next year.
The grid operator has planned substantial upgrades of the grid to maintain
Norway
's
security of supply, at a cost of about NOK40 billion between 2013 and 2017.
Statnett has asked the government for a NOK3.25 billion equity injection in the
first quarter of 2014, and also applied to pay no dividend in 2014 and to pay a
reduced dividend of 25% of its earnings in 2015, 2016 and 2017, from 50%
currently.
The company paid NOK117 million in dividends to the government in 2013.
The equity injection would enable Statnett "to be able to operate the grid
in a socio-economically efficient manner and to develop the grid as planned and
expected by its owner," the company said.
When the government declined the company's request for a NOK4 billion equity
injection in 2009, Statnett said the decision could potentially delay projects.
The grid investments are covered by Norwegian consumers through a fee added to
their electricity bill, which is expected to increase due to the increase in
investment.
One important new grid connection spans 160 kilometers from Ofoten to
Hammerfest
in
the north of
Norway
, in
order to supply Eni Spa's (E)
Barents Sea
oil
field Goliat, which will use up to 40 megawatts of electricity delivered by
cable from the mainland.
Another connection, previously estimated to cost up to NOK6 billion, has been
approved in mid-Norway to allow for the transport of electricity from eight
government-approved wind power plants on the Fosen peninsula to the Nordic
electricity market.
Statnett's current plans would enable the Norwegian power grid to handle
between 14 and 16 terawatt hours of new renewable energy production by 2020.
Norway
produces more than 120 terawatt hours of electricity in a normal year, mostly
hydro power.
The company has also planned new electricity interconnectors between
Norway
and
Denmark
, the
U.K.
and
Germany
. The
German cable could be operational in 2018, and a
U.K.
cable
in 2020, according to Statnett.
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