Vattenfall announces $1.93 billion modernization program

STOCKHOLM, Sweden 4/20/12 (PennWell) -- Vattenfall will invest about US$1.93 billion into modernizing and increasing production in its hydroelectric plants until 2013, the European energy conglomerate announces.

Amongst the biggest of Vattenfall's projects is refurbishment of the Storuman hydropower plant, which will see an increase in production of 8 GWh per year after two new turbines are installed.

Vattenfall says the Storuman refurbishment will cost about $40 million and will begin in 2014.

Other facilities will receive more efficient turbines and generators that will provide more energy from current water volumes, the company says.

Already this year, Vattenfall has completed a $148.5 million investment in the 158-MW Akkats hydroelectric plant.

The company says hydropower accounts for about 20% of its total electricity generation and 41% of Sweden's total supply.

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