Record-high operating result
Higher power prices and increased generation resulted in a record-high underlying operating result. Statkraft continued to deliver on its strategy and initiated new renewable projects in the quarter.
The underlying EBIT was NOK 7.2 billion in the quarter, an increase of NOK 3.1 billion from the first quarter last year.
“The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management”, says CEO Christian Rynning-Tønnesen.
The average Nordic system price was 42.3 EUR/MWh, an increase of 26.9 EUR compared with the low price in the first quarter of 2020. Total power generation increased by 16 per cent to 20.6 TWh.
A strengthening of NOK against EUR had a positive effect on net financial items, which ended at NOK 1.5 billion. Net profit was NOK 4.8 billion, an increase of NOK 6.7 billion compared with the result in the first quarter last year.
Cash flow from operating activities in the quarter was solid at NOK 4 billion. The net interest-bearing debt to equity ratio was 18.6 per cent, giving room for significant new investments within renewable energy.
During the quarter, Statkraft initiated several new projects. In Chile, the company has decided to build its first wind farms, broadening the company’s renewable energy portfolio in the region. The 102 MW project consists of three wind farms, which are expected to generate more than 300 GWh of renewable energy annually.
In addition, Statkraft has signed a collaboration agreement with Yara and Aker Horizons, aiming to establish Europe’s first large-scale green ammonia project in Norway. Statkraft also entered into a partnership with Aker Offshore Wind to explore offshore wind in the southern North Sea outside Norway.
“Statkraft continues to develop new business opportunities in the green transition, which also support sustainable development goals and value creation”, says CEO Rynning-Tønnesen.
Following the transfer of the operatorship of the Roan wind farm to TrønderEnergi in February, Statkraft has divested the ownership interest in the wind farm to TrønderEnergi and Stadtwerke München. Statkraft will maintain its ownership and role as an operator of the five remaining wind farms in Fosen Vind. The sale proceeds will further strengthen Statkraft’s financial capacity to invest in renewable energy.
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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 4500 employees in 17 countries.