Europe

Norway’s Statkraft to boost Serbian hydropower

Norway’s biggest power company, Statkraft, and Serbian utility Elektroprivreda Srbije (EPS) have agreed to study opportunities in Serbia for hydropower development and energy trading.

Statkraft said the two state-owned companies also agreed to begin preliminary work for renovation of the 92.8-MW Zvornik hydropower plant in Serbia.

The agreement follows an earlier deal between Statkraft and Montenegro’s Elektroprivreda Crne Gore to study joint business opportunities, and its opening in January of an office in the Bulgarian capital, Sofia, for trading in southeastern Europe.

“This agreement is an important signal of our interest in the Serbian market and the Balkan region as a whole,” Statkraft Chief Executive Baard Mikkelsen said June 12.

Statkraft is the third biggest generator in the Nordic region with 2005 production of 48.5 terawatt hours, mainly from hydropower. EPS produces about 38 TWh yearly.