Statkraft AS: Result for the second quarter 2017
Strong operating result
(Oslo, 20 July 2017) Statkraft AS recorded an underlying EBITDA of NOK 3047 million in the second quarter of 2017. This was an increase of NOK 609 million compared with the corresponding period in 2016. The quarterly net profit reached NOK 1884 million.
The improvement in underlying EBITDA was mainly driven by higher Nordic power prices. The average Nordic system price in the quarter was 27.4 EUR/MWh, an increase of 15% compared with the price level experienced in the same period in 2016. Statkraft's total production was 14.6 TWh, an increase of 3% compared with the second quarter in 2016.
- Statkraft has demonstrated its ability to generate solid earnings during changing market conditions and to deliver on measures to support the Group's financial position. I am pleased to see that this has led the rating agency Standard & Poor's to affirm Statkraft's rating at "A-" and to revise the outlook upwards to "stable", says CEO Christian Rynning-Tønnesen.
The Performance Improvement Programme is on track and approximately 25% of the NOK 800 million cost reduction target has been achieved so far.
Statkraft evaluates investments in hydro, wind and solar power. The construction of Statkraft's second solar power plant has started.
In total for the first half year of 2017 Statkraft had an underlying EBITDA of NOK 8233 million, an increase of NOK 1794 million compared with the corresponding period in 2016. The main drivers for the improvement were higher power prices, increased contributions from market operations and lower property tax. Net profit for the first half year ended at NOK 4633 million.
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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 3800 employees in more than 20 countries.This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.