Norwegian state-owned hydropower firm Statkraft has said it will not develop any new green hydrogen projects due to increased market uncertainty.
The news came as the company logged net Q1 profits of NOK 6.8bn ($656.7m), flat with the same quarter last year.
Statkraft said that despite the “underlying drivers” remaining strong, market and geopolitical volatility are making it adapt.
“After reducing the ambition level on green hydrogen development last year, we are experiencing even more uncertainty in the market. Therefore, Statkraft has decided to stop new development of green hydrogen and going forward we will prioritise growth opportunities in other technologies, and market operations,” said Birgitte Ringstad Vartdal, President and CEO of Statkraft.
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