Today, Statkraft, Norway’s largest power producer, presented a result for the first half of 2022. Despite the fact that profit after tax shows a deficit of NOK 1.2 billion in the second quarter, the company’s gross revenues increase sharply. In the second quarter, Statkraft had revenues of more than 25 billion, compared with 15 billion in the second quarter of 2021. – The European energy crisis has increased as a result of a reduced supply of gas from Russia. This has resulted in high power prices and a large increase in Statkraft’s gross operating revenues, says CEO Christian Rynning-Tønnesen in a stock exchange announcement. Goes into minus High expenses nevertheless meant that the company ended up at negative 1.2 billion, compared with a profit of 2.4 billion in the second quarter of 2021. Negative currency effects under financial items and a high tax cost due to high revenues from Norwegian hydropower that are subject to ground rent tax. Profit after tax was NOK 3.6 billion lower than the same quarter in 2021, the stock exchange announcement states. In a normal year, Statkraft accounts for almost half of the total production of electricity based on hydropower in this country. They are Europe’s largest supplier of renewable energy. Sofie Marhaug from Rødt believes it is unmusical that Statkraft increases sales bonuses when electricity prices are so high for ordinary consumers. Photo: Tony Ågotnes / news – Umusikalsk The report presented by Statkraft on Thursday shows that the company continues to increase salaries and bonuses, including bonuses on market sales. Wage costs have increased by NOK 894 million compared with the same time last year, according to the accounts presented by Statkraft. This is largely due to increased bonuses, but also an increase in employees and new adjustments in pensions. It seems that parliamentary representative Sofie Marhaug (R) is “completely unmusical” in light of the situation. – It is not particularly difficult to sell power in today’s European market. It is reprehensible, and completely across the national interests that the state as owner has in that company, she says and adds: – I think this is an abuse of the community’s resources. She wants an end to a culture of increasing salaries and bonuses while prices rise. – Then you have to take other political measures. Red is for a maximum price for electricity, so that the market is regulated in a different way than today. CEO Christian Rynning-Tønnesen tells news that the bonuses in the company depend on the added value they manage to create, not the electricity prices. Photo: Hanna Hiim Sindre / news – Does not receive a bonus due to high electricity prices CEO Christian Rynning-Tønnesen tells news that no one in Statkraft receives a bonus due to high electricity prices. – Neither management nor any employees. The bonus systems we have depend on the added value we manage to create ourselves. Payments are made when the years are over. What happens per quarter is just provisions, he says. Provisions mean in an accounting context to set aside funds to cover a future expense which in many cases is not precisely determined in terms of amount. – But you get a bonus? – It remains to be seen. It is not that it is easy for us to achieve the goals we have in the management. As I said, it is not affected by the price of electricity. We must create added value beyond what the power price itself indicates we should earn, Rynning-Tønnesen answers. When asked if it is right to get a bonus when the electricity price is so high for ordinary consumers, Rynning-Tønnesen answers that he can not take a position on it now. – What I can say is that we must work as hard as we can to get more power into the market and improve the situation for customers in Norway and everyone who is dependent on electricity in the future, he says.
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Statkraft increases revenues and bonuses, but goes into the red – news Norway – Overview of news from different parts of the country
