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Strong result in an extraordinary market

17 Feb, 2022

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

“Statkraft delivered strong results last year, based on high Nordic power prices and large Norwegian hydropower generation. However, the extraordinary market situation creates a demanding situation for consumers and households. As Europe’s largest generator of renewable energy this is not a situation we want,” says Chief Executive Officer Christian Rynning-Tønnesen.

“We continued to deliver on our strategy throughout the year, and we enter 2022 with a strengthened financial capacity and ability to deliver on our growth ambitions and continue driving the energy transition forward,” adds Rynning-Tønnesen.

Fourth quarter
The average Nordic system price was 96.1 EUR/MWh compared with 13.7 EUR/MWh in the same quarter in 2020. Total power generation was 18.5 TWh, 1.3 TWh higher than the fourth quarter generation the previous year.

The underlying EBIT was NOK 9.3 billion, an increase of NOK 7.8 billion compared with the fourth quarter of 2020. The increase was driven by substantially higher Nordic power prices and high Norwegian hydropower generation but impacted by losses from Market operations following the high energy prices and a volatile market.

Net profit was NOK 3.9 billion, an increase of NOK 0.2 billion from the same quarter in 2020.

Cash flow from operating activities in the quarter was solid at NOK 6.4 billion. The net interest-bearing debt was NOK 14.4 billion, giving room for significant new investments within renewable energy.

Important events in the quarter:

  • Statkraft has entered into three new long-term power contracts in Norway. The total volume of the contracts is 3.1 TWh.
  • Statkraft has acquired 43 operating wind farms in Germany and France with a total installed capacity of 346 MW.
  • Statkraft made final investment decision for the Morro do Cruzeiro wind project in Brazil (80 MW).
  • Statkraft has divested a 43 MW wind farm in the UK and signed agreements to divest five solar farms on the Continent (74 MW), of which two were closed in the fourth quarter. These are all part of the business model where the aim is to develop and construct onshore wind and solar farms with the intention to be sold and reinvested in new projects.
  • Statkraft has entered into a collaboration agreement with Aker Offshore Wind and Ocean Winds to bid for development rights to the Utsira Nord floating offshore wind development zone.
  • Statkraft’s EV-charging business Mer has entered into an agreement to purchase 100 per cent of the shares in Elmtronics Group Ltd, a British electrical vehicle charging company. The transaction was closed in February 2022.

Full year 2021
Statkraft's generation reached 69.9 TWh, up 8 per cent from 2020. The average Nordic system price was 62.2 EUR/MWh, an increase of 51.3 EUR/MWh year-on-year. The underlying EBIT ended at NOK 26.8 billion, compared with NOK 6.7 billion in 2020. Net profit was NOK 16.1 billion (NOK 3.5 billion). The proposed dividend amounts to NOK 10.2 billion.

Statkraft has a solid financial foundation to deliver on the growth strategy. The project pipeline continues to increase and Statkraft is on track to deliver on the target of developing 9 GW of renewable energy by 2025, followed by an annual development rate of 2.5-3 GW per year.

The annual report for Statkraft AS Group for 2021 has been approved by the Board of Directors of Statkraft AS.

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 4800 employees in 18 countries.