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Statoil pulls out of Norway wind power project |
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| NORWAY: January 31, 2000 | ||
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OSLO - Norwegian state-owned oil firm Statoil said it was pulling out of a wind power project in mid-Norway, citing "unsatisfactory prospects for profitability" as the main reason.
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Statoil, together with industrial group Norsk Hydro and local utility Nordmoere Energiverk, had considered building modern wind turbines on the island of Smoela, with construction slated to start in 2000. It said in a statement that Nordmoere Energiverk will continue work on the project in partnership with Hydro and the local authorities on Smoela have allocated a site for 100 wind turbines. Development of wind power resources and subsidies to such projects are part of a government plan to encourage investments in renewable energy sources in Norway, which produces virtually all of its electricity from hydropower sources. Statoil said it would instead turn its focus in renewable energy toward biological fuel for heating and the development of heat pumps. "Biological fuel for heating represents the most profitable renewable energy option for us," said Bente Hagem, vice president for Nordic energy at Statoil. "We'll accordingly be making a commitment there." Hagem reckoned renewable energy provided an interesting supplement to power supplies in the Nordic region but it would not curb growing demand for imported electricity from continental Europe, the statement said.
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REUTERS NEWS SERVICE
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