Statkraft AS: Result for the first quarter 2018
Strong quarterly result
(Oslo, 26 April 2018) The first quarter result was characterised by solid operations and gains from the divestment of offshore wind and listing of the retail company Fjordkraft. Underlying EBIT amounted to NOK 5962 million in the first quarter, an increase of NOK 1972 million from the corresponding period in 2017. The quarterly net profit ended at NOK 10 282 million.
The average Nordic system price in the quarter was 38.6 EUR/MWh, an increase of 24 per cent compared with the price level experienced in the same quarter in 2017. Statkraft's total generation was record high in the first quarter and ended at 21.0 TWh, an increase of 23 per cent.
Statkraft divested its 30 per cent shareholding in the Dudgeon offshore wind farm with a gain of NOK 5106 million. Statkraft has now completed the exit from offshore wind in line with the strategy. Overall, the divestments from offshore wind have demonstrated high value creation and strengthened the financial solidity.
- We are pleased with a very strong quarterly result, stemming from successful energy management and large gains from divestments. The offshore wind portfolio has overall been one of the most profitable investments in Statkraft's history with accumulated gains amounting to NOK 8.7 billion from sale of assets. The exit from offshore wind provides a solid financial foundation for new renewable energy investments, says CEO Christian Rynning-Tønnesen.
The listing of Fjordkraft on Oslo Stock Exchange 21 March led to a gain amounting to NOK 1670 million.
Statkraft has entered into an 18 year power contract with Hydro Energi and a 13 year power contract with Finnfjord in Norway. These contracts reaffirm Statkraft's position as a competitive supplier to the industry.
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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, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 3400 employees in 16 countries.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.