Vattenfall AB is to commit €1.46bn ($1.9bn) into modernising its hydropower plants over the next ten years.

Industrial Info reports that the Swedish company claimed that the investment to 2023 is vital to maintaining its large portfolio of Swedish hydropower stations and extending their lives to 2050 and beyond.

HEP station

Hydropower is significant to the Swedish electricity market, accounting for around 41% of the total power generated. Hydropower also makes up around one fifth of Vattenfall’s electricity generation portfolio.

The company said that €30.4 million ($39.5 million) will be spent in 2014 on two new turbines for the hydropower plant in Storuman, Umluspen, which will see electricity production increased by 8000 megawatt hours (MWh) per year.

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