Statkraft loses NOK 1.2 billion in the second quarter – news Norway – Overview of news from different parts of the country

Today, Statkraft, which is Norway’s largest power producer, presents results for the first half of 2022. 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. Figures show that the company had an underlying operating profit of NOK 21.8 billion, according to a stock exchange release. That is 8.9 billion more than in the same quarter last year. This is a record high operating profit. – The European energy crisis has accelerated as a result of reduced gas supply from Russia, which has resulted in high power prices and a large increase in Statkraft’s gross operating revenues. However, the significant increase in forward prices for power has led to unrealized negative hedging effects. Underlying operating profit for the quarter was NOK 3.8 billion, says CEO Christian Rynning-Tønnesen. The most important drivers for this improvement were significantly higher Nordic power prices and a solid contribution from Market Operations. The profit after tax so far this year was NOK 10.2 billion, the stock exchange announcement states. According to Statkraft, the average Nordic system price was 121 EUR / MWh, compared with 42 EUR / MWh in the same quarter in 2021. 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. Last year, the company received NOK 83 billion in revenue, the same amount as in the two years before – in total. Profit before tax ended at NOK 33 billion, a sixfold increase from 2020, writes Dagens Næringsliv.



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