Wind Power

In Norway, 2016 was a record-breaking year.

We experienced an all-time high in all areas, including hydropower and substations. I’m particularly excited about our wind power projects. Last year an increase of 140 % Norwegian wind power capacity was under construction, and VEO was involved in that growth.

Although the electricity certificate programme run by Sweden and Norway creates uncertainty in the renewable energy market, we landed, among others, two of the largest construction projects in 2016: Egersund and Hamnefjell. We were also chosen as preferred supplier for three upcoming new wind farms. Moreover, several interest groups have plans to build out significant wind power capacity throughout the country in the future. Let’s hope for some good political decisions which turn these ideas into profitable projects. However, wind power doesn’t necessarily have to be entirely dependent on politics. As advancements in technology and lower production costs will increase profitability, wind power investments can become stand-alone without financial support schemes. Others look for alternative financing models. For example, Google decided to supply their European data centres with 100 % of renewable energy sources and signed a 12-year contract for power supply from a wind farm in Norway. I think the years leading up to 2030 will be very interesting indeed.

VEO is known as the guy who isn’t afraid to take on challenges – not because he’s stupid enough to do it, but because he can handle the risks professionally.

Viktor Forss

Managing Director, VEO AS, Norway

Personally, I believe in a fully electric future. Not surprisingly, Norway will be a forerunner when it comes to electrical development. Because electricity is widely available, most households have electrical heating. Also, every sixth new registered car in 2016 was powered by electricity. Moreover, the Norwegian national grid operator, Statnett, is expanding from North to South, with the aim of connecting all wind farms and hydropower plants in the country to the grid. New high voltage cable links are planned from Norway to Germany and the UK, making Norwegian wind power attractive. The result? Norway will triple its power capacity by exporting renewable energy equalling 5 nuclear power plants. Once the infrastructure is in place, Norway will become a European battery.

I’ve learnt that the wind power business requires a fearless attitude and courage to take on things that others shy away from. VEO is known as the guy who isn’t afraid to build the internal grid and substation for above 70 windmills and deal with 80 km of high voltage cables. Not because he’s stupid enough to do it, but because he can handle the risks professionally. At VEO, we just make things work. Our job is to stitch together large, complex projects by integrating different kinds of knowledge and products supplied by our global sales network. That calls for an innovative spirit and the will to be solution oriented. Our big projects prove that we can do it. But we won’t stop here – our easily scalable and thoroughly tested solutions enable us to work without being restricted by the size of the wind farm. So, once the political game takes a new turn, we’ll be there, we’ll be ready. We’ve already spread our wings to catch this gust of wind.

MISSION STATEMENT

The company will continue its profitable growth strategy. In the long run, our goal is an annual growth of around 10% and continuous growth in profitability.

Business Segment Insights

CEO’s Review

We need to stay awake and grab opportunities as they arise. VEO must always be ready to take a new direction.

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Industry

The UK has a lot of potential, and I’m very pleased that 2016 opened important doors to this new VEO market

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HR

According to our employee survey, 98 % of the respondents would recommend VEO as a workplace. That means we’ve done things right.

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Substations

New investments are being prioritised instead of repairs and maintenance. My guess is that the investment pace will be high for the following 5 years.

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Expert Services

Our customers clearly ask for our advice and want us to be present throughout the entire project – from execution to education and life cycle management.

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