It was announced by the Nordic Investment Bank (NIB) last week, on 26 October 2023, that it will loan the power grid run by the state-owned Statnett will be loaned 1bn NOK (€84.4m) over a nine-year period to meet the rising demand for energy.
Statnett is the owner and operator of the power grid in Norway, but it also co-owns cable connections to Sweden, Finland, Denmark, the Netherlands, Germany and the UK.
Statnett wants to upgrade the 300 kV power line between Aurland and Sogndal to 420 kV. This will mainly be accomplished by building a new power line parallel to the existing one, which will be removed after the new line is in use. At the same time, also a part of the transmission power line between Hove and Sogndal will be replaced with a new one. In addition, the Sogndal substation will be renewed. The second project is the replacement of the existing 132 kV power line between Kvandal and Kanstadbotn in Northern Norway. The current power line is approaching the end of its technical service life.
In Norway, Statnett is mandated to operate and development the power grid within the country to meet the energy demands of society. As Europe transitions towards greater renewable forms of energy, Statnett will have a critical role in ensuring there remains a high rate of technological development.
More on the Statnett loan from the NIB can be read here.