July 21, 2022 at 08:02 Statkraft lost money in the second quarter Norway’s largest power producer, Statkraft, achieved a profit of NOK 2.67 billion in the second quarter. This is close to halving the results in the same quarter last year, when the profit before tax landed at NOK 5.13 billion. The weak result comes despite the company increasing revenues by close to NOK 10 billion, and is due to unrealized losses of close to NOK 9 billion related to so-called hedging positions, which means that the company has entered into fixed prices below current forward prices. The price difference is booked as unrealized losses. Despite solid operating profit, profit after tax ended at -1.2 billion in the second quarter. This is due to negative currency effects under financial items and a high tax cost from Norwegian hydropower, the company writes. For the first half of the year, Statkraft has a record-high underlying operating profit of NOK 21.8 billion, an improvement of NOK 8.9 billion compared with the same period in 2021. The most important drivers for the improvement were significantly higher Nordic power prices and a solid contribution from market operations, Statkraft states. in a press release.
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