Statnett: Nettet blir dyrere

Statnett, the largest power grid operator in Norway, warns that geopolitically uncertain conditions and demanding supplier markets are driving up costs and increasing risk for the company. Elisabeth Vike Vardheim, chief executive officer of Statnett, states that as more countries build their grids, supplier markets become tighter and prices rise.

The company has previously warned about increased costs. Vardheim notes that for large grid expansion projects where tenders were issued in 2026, roughly 80-90 percent of cost estimates are due to higher market prices, rising interest rates, and other uncertainties. Geopolitical unrest can lead to greater uncertainty in interest rates and raw material prices, according to Vardheim.

The company reports increased cost estimates for projects such as the Onarheim station in Vestlandet, Eiker transformer station in Østlandet, the Ofotfjord sea cable, and a new cable in Hålogalandsbraa in Nord-Norge. Power grid development is financed through the grid itself. NVE has previously estimated that major investments in the power grid could raise household electricity bills by around a quarter by 2030.

Statnett lists several projects where costs are estimated to increase, including the Skaidi-Lebesby line in Finnmark, which was initially estimated to cost between 7.2 and 9.3 billion kroner. In 2020, the company made an investment decision on the Skaidi-Lebesby line, with costs estimated at between 1.55 and 1.74 billion kroner.

The reason for the cost increase on this line includes significant changes in solutions, extensive concessions, and overall cost escalation, Statnett disclosed. The Norwegian government recently proposed several measures aimed at accelerating the development of power and grids in Norway. Statnett supports the government's goal of halving the time it takes to build power grids, but the effects of these changes will take time to manifest, according to Statnett.

The company takes steps to achieve better prices, such as standardized procurement and larger, more predictable purchasing contracts. However, much of the equipment required is not easily replaceable, as it must withstand Norway's harsh weather and increased wear due to climate change, Statnett explains. The company will present its System Development Plan 2026 in December.

In its 2020 plan, Statnett estimated investment in the next ten years at between 150 and 200 billion kroner.