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Strong operating result in third quarter

04 Nov, 2021

Statkraft recorded a strong EBIT in the third quarter. The solid result strengthens Statkraft’s financial capacity and ability to deliver on the company’s growth strategy.

The underlying EBIT was NOK 4.6 billion in the quarter, an increase of NOK 3.5 billion compared with the third quarter last year. The increase was driven by substantially higher Nordic power prices and very high Norwegian hydropower generation. The EBIT was negatively influenced by losses from Market operations as a result of record-high volatility for power and other energy related commodities.

“The high Nordic power prices and a very high Norwegian hydropower generation led to a strong EBIT in the third quarter. The strong results have a positive impact on our investment capacity and provides us with a solid financial foundation to continue our growth path and reinvest in renewables, contributing to the energy transition,” says CEO Christian Rynning-Tønnesen.

The average Nordic system price was 68.5 EUR/MWh compared with 9 EUR/MWh in the same quarter in 2020. Total power generation was 15.3 TWh, 0.7 TWh higher than the third quarter generation last year.

The market turbulence in the energy markets led to a negative result from Market operations of NOK 4 billion due to losses and negative effects from forward sales.

Changes in the market outlook led to a reversal of impairments for Nordic wind power assets and German gas-fired power plants. In total, the reversals amounted to NOK 3.1 billion.

Net profit was NOK 5 billion, an increase of NOK 3.7 billion from the same quarter in 2020.

Cash flow from operating activities in the quarter was solid at NOK 9.9 billion. The net interest-bearing debt was NOK 12.3 billion, giving room for significant new investments within renewable energy.

Statkraft has a business model where onshore wind and solar power plants are developed and constructed with the intention to divest the plants either before, at the time of, or shortly after completion. The proceeds from such divestments strengthen Statkraft’s financial capacity and ability to deliver on the growth strategy.

During the quarter, Statkraft entered into an agreement to sell a portfolio of four co-located solar farms in Cádiz, Spain. Statkraft will retain the responsibility for the construction of the solar farms which are expected to be finalised by the fourth quarter of 2022 with a total peak capacity of 234 MW. Statkraft also signed an agreement to divest the Andershaw wind farm in Scotland. Statkraft will maintain operation and maintenance responsibilities until 2037.

In October, the Norwegian Supreme Court ruled that the concessions and expropriation permits for two of the wind farms at Fosen in Norway violated the Sami reindeer herders right to cultural practice and are therefore invalid. Fosen Vind and Roan Vind have initiated dialogues with the Ministry of Petroleum and Energy and with the Sami groups following the decision. The Ministry has confirmed that no immediate measures will be taken in relation to the concession. An application for a renewed concession and expropriation permit will be submitted, including updated impact assessments related to the reindeer husbandry and new measures ensuring that the human rights of the Sami groups are respected. The final implications of the Supreme Court decision are at this stage highly uncertain.

Early in the fourth quarter, Statkraft acquired 43 operating wind farms in Germany and France with a total installed capacity of 346 MW. The acquisition further strengthens Statkraft’s role as a key renewable player in Europe.

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 4600 employees in 18 countries.