Europe’s largest renewable power producer is scaling back plans to build new wind and solar plants because of lower electricity prices and higher costs.
Statkraft chief executive Birgitte Vartdal, who took over in April, has pledged to “sharpen” strategy to cope in a tougher environment.
“The transition from fossil to renewable energy is happening at an increasing pace in Europe and the rest of the world. However, the market conditions for the entire renewable energy industry have become more challenging,” she said.
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