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Statkraft AS: Result for the fourth quarter and the year 2019

13 Feb, 2020

Record-high operating profit

(Oslo, 13 February 2020) Statkraft achieved an underlying EBIT (operating profit) amounting to NOK 5.6 billion in the fourth quarter of 2019. Net profit in the quarter ended at NOK 3.8 billion.

Underlying EBIT for the full year amounted to NOK 17.6 billion. Net profit ended at NOK 11.3 billion in 2019.

 - We are proud to deliver the highest operating result in Statkraft’s history and to contribute with a solid dividend to our owner, says CEO Christian Rynning-Tønnesen.

Fourth quarter
The average Nordic system price in the quarter was 38.7 EUR/MWh, a decrease of 19 per cent compared with the same quarter in 2018. Total generation was 17.8 TWh in the quarter, an increase of 11 per cent. The increase in generation was related to both Nordic hydropower and German gas-fired power.

Underlying EBIT in the quarter ended at NOK 5640 million, an increase of NOK 756 million compared to the corresponding quarter. The improvement was mainly due to high contributions from Market operations. Net profit ended at NOK 3796 million.

Highlights in the quarter

  • Construction completed of the wind farms Storheia (288 MW)  and Hitra 2 (94 MW) in Norway.
  • Full completion of the Kilathmoy wind farm (23 MW) and a battery project in Ireland.
  • Agreement to construct and subsequently divest 100% of the Windy Rig wind farm (43 MW) in UK.
  • Several new power purchase agreements in Spain, Germany and France.
  • Purchase of shares in Norwegian electric vehicle charging company Grønn Kontakt brings the ownership to 95.72 per cent. Remaining shares will be acquired in the first quarter.
  • Sale of 4.41% of the shares in the Norwegian power company BKK for NOK 966 million. A gain of NOK 438 million were recognized in financial items.

Full year 2019
Financial statements for Statkraft AS Group for 2019 has been approved by the Board of Directors of Statkraft AS. Statkraft's generation reached 61.1 TWh, down 1 per cent from 2018. The average system price at Nord Pool was 39.0 EUR/MWh, a decrease of 11 per cent year-on-year. The underlying EBIT ended at NOK 17 587 million, compared with NOK 14 953 million in 2018. Net profit was NOK 11 327 million. This was NOK 2063 million lower than in 2018, which included significant gains from divestments. Proposed dividend amounts to 6454 million.

- Statkraft delivers strong return on average capital employed with over 16 per cent, while at the same time developing significant new renewable energy production in Norway, Europe, South America and India, says CEO Christian Rynning-Tønnesen.

Optimising and expanding the hydropower portfolio is a key priority and several investment decisions were taken in 2019.

The project pipeline continue to increase and Statkraft is on track to deliver on the target of developing a portfolio of 6 GW of onshore wind and 2 GW of solar power by 2025.

In line with the strategy, Statkraft continue to expand the product offering and grow the volume within Market operations in Europe and South America. In Norway, Statkraft has entered into new long-term power contracts with Wacker Chemicals, Alcoa and Borregaard, which contribute to stabilise the revenues.

Statkraft does not publish a separate external report for the fourth quarter as the annual report is disclosed together with this stock exchange notice. Selected statements for the fourth quarter are attached as an appendix.

For further information, please contact:

Debt Capital Markets:
Funding manager Stephan Skaane, tel: +47 905 13 652, e-mail:
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail:

Head advisor Lars Magnus Günther, tel: +47 912 41 636, e-mail:


This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



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 4000 employees in 16 countries.