Norway’s State-Owned Utility Announces Sweeping Cost Cuts ...Middle East

Norwegian state-owned utility Statkraft announced plans on Wednesday to slash annual costs by 2.9 billion NOK ($292 million) by 2027, warning that staff layoffs may follow in the second half of the year. The move comes amid mounting cost pressures across Europe’s power sector and reflects deeper financial strain among major renewable-focused utilities. Europe’s largest producer of renewable energy, Statkraft said the cuts aim to “safeguard long-term value creation” as inflation, higher financing costs, and uncertain power…

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