Statkraft AS: Result for the third quarter of 2015
Reduced revenues due to lower Nordic power prices
(Oslo, 28 October 2015) In the third quarter of 2015, Statkraft achieved an underlying operating profit before depreciation (EBITDA) of NOK 1142 million, a decrease of NOK 1140 million compared with the corresponding period in 2014. The quarterly net profit is negative due to currency effects.
The average Nordic power prices were 13.4 EUR/MWh in the third quarter, a decrease of 58% compared with 31.8 EUR/MWh in the corresponding quarter in 2014. Statkraft has therefore chosen to reduce the production from its flexible Norwegian hydropower assets. The reduction was partly counterbalanced by increased production from new international hydropower and wind assets. Total production was down by 1.1 TWh compared to the same period last year.
-We have experienced the lowest power prices in the Nordics in 15 years and have therefore held back water in order to produce more electricity when demand and prices are expected to be higher. It is satisfying to see improved contributions from Statkraft's international hydropower assets, says President & CEO Christian Rynning-Tønnesen.
The net profit was NOK -3940 million, a decrease from NOK 4151 million in the third quarter of 2014. The decline was mainly due to large negative currency effects as a result of a weakened NOK. Currency effects constitute NOK -5195 in the financial items, but are counterbalanced by currency translation effects and the equity was strengthened by more than NOK 1 billion in the quarter.
Statkraft has together with regional partners decided to continue studies for a revised 1000 MW wind power project in central Norway, but there are still uncertainties in the project. Statkraft has further agreed to acquire the district heating company Gardermoen Energi AS from Hafslund ASA. The annual heat delivery is 54 GWh.
The Cheves hydropower plant in Peru was completed. It has an installed capacity of 172 MW and annual generation of approximately 840 GWh. This brings Statkraft's total annual renewable power production in Peru up to around 2.5 TWh.
Construction of the Andershaw wind farm in UK has started. The wind farm will have 36 MW in installed capacity and will sell the production under the UK support scheme. The wind farm is expected to be commissioned late 2016.
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Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, gas-fired power and district heating and is a global player in energy market operations. Statkraft has 4200 employees in more than 20 countries.
 Adjusted for unrealised changes in value and material non-recurring items
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.