Global flag icon
Albania flag icon
Brazil flag icon
Chile flag icon
Croatia flag icon
Finland flag icon
France flag icon
Germany flag icon
India flag icon
Ireland flag icon
Italy flag icon
Netherlands flag icon
Norway flag icon
Peru flag icon
Poland flag icon
Portugal flag icon
Spain flag icon
Sweden flag icon
Türkiye flag icon
United Kingdom flag icon
United Kingdom
United States flag icon
United States

Strong Q3 results, storing water for the winter

11 Nov, 2022

Statkraft delivered strong third quarter results, supported by high energy prices and solid contributions from trading and origination activities. The underlying EBIT almost doubled to NOK 9 billion despite lower hydropower production in Southern Norway to store water for the winter. The quarter was characterized by volatile markets as the war in Ukraine and the European energy crisis continued.


  • Net operating revenues rose to NOK 13.2 billion from NOK 8.1 billion in Q3 2021
  • Underlying EBIT almost doubled to NOK 9 billion vs. Q3 2021
  • Cashflow from operations was NOK 8.6 billion, down from NOK 9.9 billion in Q3 2021 
  • Total power generation was 12.2 TWh, down 3.1 TWh, due to lower hydropower generation in Southern Norway 

“The European energy crisis continued in the third quarter following Russia’s invasion of Ukraine earlier in the year. Historically high power prices remained a burden for European consumers and industries. Statkraft reduced its Southern Norwegian hydropower generation considerably to store water for the coming winter,” says Statkraft CEO, Christian Rynning-Tønnesen.

Reservoir levels in Southern Norway have recently increased and are today higher than at the same time last year.

“Steady operations, a solid financial position and good liquidity reserves mean Statkraft is well positioned amid the ongoing energy crisis in Europe. We will continue to deliver on our ambitious growth strategy and take a leading role in the global energy transition,” says Rynning-Tønnesen.

Record-high European gas prices and reduced availability of nuclear power capacity in Europe combined with dry weather in Southern Norway, led to a surge in power prices. The average Nordic system price reached a new record level of 176 EUR/MWh in the quarter. At the same time, prices continued to differ significantly between price areas, with particularly high prices in Southern Norway. For Statkraft higher energy prices contributed positively to the results from its Nordic hydropower generation activities, while power generation was reduced by 20 percent to store water for the winter.

Statkraft delivered an underlying EBIT of NOK 9 billion in the quarter, an increase of NOK 4.3 billion compared with the same quarter last year. The increase was primarily related to the Market operations segment with strong results from trading and origination activities where Statkraft buys and sells both standard and structured energy-related products. In addition, the result from risk reducing activities in the Dynamic Asset Management Portfolios (DAMP) improved from last year, however still with a negative result. The negative results from DAMP are explained by an increase in the forward power prices, which leads to unrealized losses.

Despite significantly lower hydropower generation, particularly in the southern parts of Norway where the power prices are highest, the European flexible generation segment delivered an EBIT on par with the same quarter in 2021. This was due to higher results from Baltic Cable and improved contribution from the gas-fired power plants in Germany on the back of high peak spark spreads.

Statkraft continues to offer long-term power contracts to maintain the position as a competitive supplier to the industry in Norway. In the quarter, Statkraft signed such an agreement with the ferrosilicon company Finnfjord, extending the existing agreement to 2044. In November, a new power sales agreement was signed with the producer of publication paper Norske Skog. The agreement will ensure delivery of 2.9 TWh over the contracted period from 2024 until 2030.

The recently proposed regulatory changes in Norway with higher resource rent tax and a high-price contribution on hydropower generation will have a negative effect on our project profitability and investment capacity. However, Statkraft still has a solid financial foundation for further growth.

For further information, please contact:

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

Vice President Josiane Kremer, tel: +47 481 80 451, 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.

About Statkraft
Statkraft is an international leader in hydropower and Europe's largest producer of renewable energy. The Group generates electricity from water, wind, biomass and gas, produces district heating and is a major player in energy trading. Statkraft employs 4,800 people in 20 countries.