Published by Global Banking & Finance Review®
Posted on February 25, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleStatkraft signed a seven-year PPA to optimise two OX2 battery storage systems in western Finland from 2028. Co-located with wind farms, the BESS will help reduce price volatility and provide bankable revenues amid rapid wind growth.
By Nora Buli
OSLO, Feb 25 (Reuters) - Norwegian state-owned utility Statkraft said on Wednesday it had signed a power purchase agreement (PPA) for two battery energy storage systems (BESS) developed by Sweden's OX2 in Finland, where rapid wind power expansion has increased price volatility.
Large-scale batteries are seen as essential for managing intermittent renewable energy generation such as wind power, helping ensure the reliability of supply by charging when output is high and emptying when the wind subsides.
Beginning in 2028, the seven-year deal will see Statkraft optimise the use of two large-scale battery systems of 110 megawatts (MW) and 125 MW being built by OX2 in western Finland.
The deal also offers OX2 a guaranteed revenue supporting the projects' financing, the companies said.
"What we're doing here, is we're kind of buying access to the battery, and then we optimise the use of the battery," Hallvard Granheim, who heads Statkraft's markets business unit, told Reuters.
The batteries are being built at the same site as two of OX2's wind farm projects and will share a grid connection point.
Finland currently has around 1,050 MW of electricity storage capacity, grid operator Fingrid said, but cautioned that finding the most suitable connection points was also important to avoid bottlenecks.
Installed wind power capacity in Finland has almost tripled to 9,433 megawatts (MW) in 2025 from 3,257 MW in 2021, and last year accounted for 28% of all power generation, according to lobby group Finnish Energy.
At the same time, The number of hours in a year where power prices have fallen below 0 euros per megawatt hour, representing an oversupply of electricity, have increased from five in 2021 to a peak of 724 hours in 2024, LSEG data showed. For 2025, the number eased to 465 hours.
In addition to Finland, OX2 is also investing in battery systems in Australia, Poland, Italy and Sweden.
(Reporting by Nora BuliEditing by Tomasz Janowski)
Statkraft and OX2 have agreed a seven-year power purchase agreement for two large battery energy storage systems in western Finland to manage wind-driven price volatility.
Statkraft will optimise battery operations and market participation, while OX2 benefits from a revenue guarantee that supports financing and long-term project bankability.
Rapid wind capacity growth has increased price swings and negative-price hours. Large BESS provide flexibility by charging during surplus wind and discharging when output drops, stabilising the grid and prices.
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