Pål Eitrheim appointed new EVP Nordics

"I am very proud and pleased that Pål Eitrheim has accepted the important role as head of our power plant operations and project development activities in Norway and Sweden. Pål will, among other responsibilities, oversee Norwegian hydropower, the backbone of Statkraft. Our hydropower plants constitute one-third of Norwegian power production and we are in the process of further developing them for the future," says President and CEO Birgitte Ringstad Vartdal of Statkraft.

Pål Eitrheim has been Executive Vice President for Renewables at Equinor since August 2018. He joined Equinor in 1998 and has held numerous leading management positions in the company, including roles in Azerbaijan, Washington D.C., the CEO’s office, and Corporate Strategy. Previously, he also led Equinor's upstream business in Brazil and was Director of Procurement in the company. Eitrheim holds a Master’s degree in Comparative Politics from the University of Bergen and has also studied at University College Dublin in Ireland. He is a board member of the Confederation of Norwegian Enterprise (NHO) and Veidekke ASA.

"Statkraft is Norway’s and Europe's largest producer of renewable power, and thus one of the most important companies in the energy transition. It is also one of Norway's most valuable and value-creating companies. I look forward to using my experience, skills, and commitment to further develop Statkraft during an exciting and crucial phase, where we will further develop Norwegian hydropower for the future and build new wind power capacity to meet the energy needs of industry and the electrification of society," says Pål Eitrheim. 

Strong growth in renewables

Falling technology costs and the pressing need to reduce carbon emissions in the energy sector are driving strong growth in renewable energy, creating attractive opportunities for profitable projects worldwide. Statkraft, Europe’s largest producer of renewable energy, has established a highly competitive project portfolio in this sector. With a proven track record of profitable investments and robust returns, Statkraft has become one of Norway's most valuable companies.

Recently, the company announced plans to concentrate its future investments in fewer markets, including Norway. Statkraft’s strategy outlines investments of several tens of billions of kroner in Norway by 2030, primarily in hydropower and wind energy. 

The business area Nordics is responsible for project development, ownership, and operation of 158 wholly or partially owned power plants across Norway and Sweden. It also manages Statkraft's ownership interests in other companies, including Skagerak Energi, Eviny, and Å Energi. In 2023, the business area generated over 53 TWh of renewable power.

Eitrheim succeeds Dag Smedbold, who has served as acting Executive Vice President following Birgitte Ringstad Vartdal’s appointment as CEO earlier this year.