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Statkraft records positive renewable energy growth

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Energy Global,

Higher power prices and increased generation resulted in a record-high underlying operating result. Statkraft continued to deliver on its strategy and initiated new renewable projects in 1Q2021.

The underlying EBIT was NOK7.2 billion in 1Q2021, an increase of NOK3.1 billion from 1Q2020.

“The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management”, says Chief Executive Officer, Christian Rynning-Tønnesen.

The average Nordic system price was €42.3/MWh, an increase of €26.9 compared with the low price in 1Q2020. Total power generation increased by 16% to 20.6 TWh.

A strengthening of the Norwegian krone (NOK) against the euro (€) had a positive effect on net financial items, which ended at NOK1.5 billion. Net profit was NOK4.8 billion, an increase of NOK6.7 billion compared with the result in 1Q2020.

Cash flow from operating activities in 1Q2021 was solid at NOK4 billion. The net interest-bearing debt to equity ratio was 18.6%, giving room for significant new investments within renewable energy.

During 1Q2021, Statkraft initiated several new projects. In Chile, the company has decided to build its first wind farms, broadening the company’s renewable energy portfolio in the region. The 102 MW project consists of three wind farms, which are expected to generate more than 300 GWh/yr of renewable energy.

In addition, the company has signed a collaboration agreement with Yara and Aker Horizons, aiming to establish Europe’s first large-scale green ammonia project in Norway.

Statkraft also entered into a partnership with Aker Offshore Wind to explore offshore wind in the southern North Sea outside Norway.

“Statkraft continues to develop new business opportunities in the green transition, which also support sustainable development goals and value creation”, says Rynning-Tønnesen.

Following the transfer of the operatorship of the Roan wind farm to TrønderEnergi in February 2021, Statkraft has divested the ownership interest in the wind farm to TrønderEnergi and Stadtwerke München. The company will maintain its ownership and role as an operator of the five remaining wind farms in Fosen Vind, located in Fosen, Norway. The sale proceeds will strengthen Statkraft’s financial capacity to invest in renewable energy.



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