The development of supply and demand in the world’s energy markets has strongly affected prices through 2015. The oil price has plummeted from a level of around 100 USD per barrel in 2014 to below 40 USD per barrel at year-end 2015. This has impacted prices downwards on other fuels such as coal and gas, which contributed to pull down power prices in the continental power market. The development has also influenced the Nordic power market, already significantly affected by strong hydrology and a growing power surplus. Nordic power prices were as a result on their lowest level in 15 years.
Since the founding of the company in 1895, Statkraft has developed from a national company, focused on developing Norwegian hydro power resources, into a multinational company diversifying also into other sources of renewable energy. Today, with a total consolidated power generation of 56.3 TWh, Statkraft is the second largest supplier of electric power in the Nordics and Europe’s largest supplier of renewable energy.
The corporate governance statement clarifies the distribution of roles between the Norwegian state as owner, the board and the management in the company.