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Strong result and increased market uncertainty

11 May, 2022

Statkraft recorded a very strong EBIT in the quarter. Russia’s invasion of Ukraine has further impacted an extraordinary situation in the energy market, increasing the uncertainty.

The underlying EBIT was NOK 18 billion, an increase of NOK 10.7 billion compared with the first quarter last year. The increase was driven by substantially higher Nordic power prices and higher results from market activities. The solid results further strengthen Statkraft’s financial capacity and ability to deliver on the company’s growth strategy.

The average Nordic system price was 109 EUR/MWh compared with 42 EUR/MWh in the same quarter in 2021.

“Statkraft delivered strong results for the first quarter, driven by high Nordic power prices and a solid contribution from our market activities. Russia’s invasion of Ukraine has led to a human tragedy and concerns for energy supply. This has impacted an already tight market situation, increasing uncertainty and volatility. The high power prices are challenging for many consumers,” says Chief Executive Officer Christian Rynning-Tønnesen.

“The urgent need to reduce Europe’s dependency on Russian energy and the increasing climate challenges call for a further acceleration in renewable energy investments. As Europe’s largest generator of renewable energy, Statkraft will continue to deliver on our growth ambitions towards an emission-free future.”

Reinvesting in the Nordic hydropower fleet is a key activity and major rehabilitation projects are underway. The annual reinvestments of NOK 2 billion will optimise the Nordic hydropower assets for future demands and secures reliable power generation for many years to come.

Total power generation was 18.5 TWh, 2.1 TWh lower than the first quarter last year. The reduction was mainly related to Norwegian hydropower and German gas-fired generation. The flexibility of the Norwegian hydropower assets was utilised and the generation, particularly in the southern parts of Norway, increased in the last part of the quarter.

Net profit was NOK 11.4 billion, an increase of NOK 6.6 billion from the same quarter in 2021.

The net interest-bearing liabilities were NOK 11 billion, giving room for significant new investments within renewable energy.

In January, Statkraft divested three solar projects in the Netherlands and one in Spain. 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 reinvest the capital in new projects.

In March, Statkraft signed an agreement with the German chemical company WACKER to secure that around 40 per cent of the electricity required at the silicon metal production site in Trøndelag in Norway will be met by green electricity from hydropower. Statkraft will supply a total of 2.35 TWh of certified Norwegian hydropower from 2022 to 2027.

Green hydrogen is important in decarbonising both the industry and the transport sector. In April, Statkraft and Skagerak Energi were awarded support from Enova to develop a hydrogen bunkering solution for the world’s first zero-emission bulk carrier. Statkraft and Aker exited the HEGRA ammonia project. Collaboration agreements were signed with Aker Clean Hydrogen to jointly explore opportunities for green hydrogen and ammonia production in India and Brazil.

In May, the Board of Directors in Agder Energi (owned 45.5% by Statkraft) and Glitre Energi both gave their support to a full merger of the two companies. The new company will become the largest vertically integrated company in the Norwegian power sector with increased efficiency, investment capacity and competence. The completion of the merger is subject to approval from the extraordinary general meetings in both the companies in July. The aim is for the merger to be effective from 1 January 2023.

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 4,800 employees in 19 countries.