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Continued strong results in the first quarter of 2023

23 May, 2023

Statkraft delivered strong results in the first quarter of 2023, with solid operations in all geographies and continued strong performance in Markets. Statkraft realised a gain of NOK 1.6 billion after selling half of its offshore wind portfolio in Ireland.

  • Net operating revenues rose to NOK 24.5 billion from NOK 22.1 billion in Q1 2022, while underlying EBIT increased to NOK 18.5 billion (NOK 18.0 billion), Statkraft’s second strongest quarter ever.
  • Power prices were somewhat lower in general, but prices increased in northern Norway and Sweden.
  • Statkraft and Skagerak Energitjenester were first to offer new and more customised fixed-price power contracts to Norwegian businesses in early May.
  • Statkraft signed its first long-term power purchase agreement (PPA) in the US, as well as several new PPAs and power supply agreements (PSAs) in Norway, Italy and Poland. 

"High power prices, though at a lower level than last year, combined with solid operations gave very strong results from power production. Value-creation in Markets continued to be very strong,” says Statkraft CEO, Christian Rynning-Tønnesen.

The Group operating revenues were significantly impacted by positive contributions from hedging and currency effects due to the weakening of the Norwegian krone. 

Operating expenses increased, driven primarily by the high-price contribution in Norway, a weakening of the Norwegian krone and a higher number of employees as the company continues on its growth strategy. The underlying costs for existing operations were stable.

Net financials were negatively impacted by the weakening of the NOK. After taxes of NOK 10.4 billion, net result ended at a solid NOK 10.9 billion.

In January Statkraft sold 50 per cent of our 2200 MW offshore wind power portfolio in Ireland to Copenhagen Infrastructure Partners (CIP), a global leader in renewable energy investments. Statkraft realised a gain of NOK 1.6 billion from the sale. The two companies plan to invest more than NOK 40 billion in offshore wind projects in Ireland. 

“The partnership with CIP demonstrates our value-creation potential within offshore wind and our ambition to pursue an industrial role in Ireland and the North Sea. We continue to develop our project portfolio and expand our organisation to support the ambitious green growth strategy to develop much needed renewable energy in Norway and internationally", Rynning-Tønnesen adds.

Statkraft’s ambition is to become a leading global renewable energy producer, building 2500-3000 MW per year, increasing to around 4000 MW every year by 2030. The majority of new investments will be within onshore wind, solar and hydropower. In hydropower, Statkraft plans to start five major capacity upgrade projects in Norway by 2030 to balance the increasing amounts of intermittent wind power generation.

Media contacts:

Torbjørn Steen
Vice President External Communications
Lars Magnus Günther
Lars Magnus Günther
Media Relations

Debt Capital Markets:

Stephan Skaane
Vice President Group Treasury
Arild Ratikainen
Senior Financial Advisor