GlobeNewswire by notified

Solid results, despite considerably lower prices


Statkraft delivered solid results in the third quarter even though power prices were significantly down. Value creation was particularly strong from energy management and market activities. Statkraft continues to deliver on its ambitious growth strategy.

  • Net operating revenues was NOK 10.6 billion in Q3 2023 compared to 13.2 billion in the comparable quarter last year, when the European energy crises caused extraordinary market conditions. Underlying EBIT decreased to NOK 4.9 billion (NOK 9.0 billion), while profit after tax was NOK 4.4 billion (NOK 3.8 billion).
  • Energy markets continued to normalise and weather conditions were wetter, resulting in a fall in European power prices in the third quarter by 84 per cent in the Nordic region and 76 percent in Germany compared to the extraordinary high prices in the same quarter last year.
  • Statkraft signed several long-term power contracts, including a power sales agreement with AstraZeneca in Sweden.
  • Statkraft continues to ramp up project activities to reach its ambition to build 2500-3000 MW renewable energy capacity per year from 2025, increasing to around 4000 MW by 2030. Current run rate is at 1000 MW per year.

“The market conditions have changed significantly compared to the extreme prices in the third quarter last year, fuelled by the energy crises and the war in Ukraine. However, Statkraft delivered stable operations, value-creating energy management and profitable market activities, all contributing to maintaining solid results despite much lower prices," says Statkraft CEO, Christian Rynning-Tønnesen.

The average system price in the Nordic region was 28 EUR/MWh, down 149 EUR/MWh from extraordinary prices in the third quarter of 2022 and down 28 EUR/MWh from the second quarter of 2023. The price area differences in Norway have decreased in 2023 but the south-west price area (NO2) was still facing higher prices than the rest of the country.

Markets were primarily influenced by a significantly improved energy balance in Europe, as gas storage levels increased, new renewable energy capacity came online, and wet weather conditions filled Nordic hydropower reservoirs. Nordic reservoir levels were at 100% of median by the end of September and is currently at 99.3% of median, equivalent to 81.2% of full capacity.

Underlying EBIT decreased to NOK 4.9 billion, including negative value changes from embedded derivatives of NOK 0.9 billion. This was partly offset by significantly improved hedging effects from Nordic Assets and higher generation from Norwegian hydropower.

Operating expenses increased, mostly due to more business development in Europe, International and New Technologies, higher IT expenses, as well as the effects of a weakening NOK and a higher number of employees as Statkraft is scaling up the organisation to support growth.

The Nordics segment was the main contributor to the results despite significantly lower power prices compared to last year. The Markets segment delivered strong results in the quarter, primarily related to origination activities.

Statkraft reported profit before tax of NOK 5.9 billion, including net financial items of NOK 2.1 billion. Net financial items in the quarter included positive currency effects, primarily driven by a stronger NOK vs. EUR, GBP and USD. Profit after tax was NOK 4.4 billion.

Statkraft continues to develop a broad portfolio of hydro, wind, solar, and battery projects, mainly in the Nordics and Europe. In Ireland, Statkraft acquired a solar and wind project development portfolio of 758 MW and made investment decisions for Clonfad solar project (176 MW) in Ireland and Swansea grid stabiliser project (69 MW) in the UK. In Germany and France, Statkraft acquired 39 operational wind farms with a total installed capacity of 337 MW and a significant potential for life-time prolongation and repowering.

“The world urgently needs more renewable energy, and we are working hard to maintain and develop our flexible hydropower assets as well as ramping -up our renewable generation capabilities within offshore and onshore wind, solar, and batteries. This way we renew the way the world is powered”, says Rynning-Tønnesen.

Statkraft also continues to work on our ambitious plans to increase installed capacity in existing hydropower plants in Norway. The company plans to double investments and maintenance in the plants to NOK 4 billion annually towards 2030 and initiate five large capacity upgrades. The ambition is to increase installed hydropower capacity with 1500-2500 MW. Mauranger, Aura and Alta are three of the projects that the company is considering.

In October, Statkraft acquired two Swedish wind power developers. Most of the portfolio consists of early-phase projects with a total potential of 16-17,000 MW onshore wind and up to 21,000 MW offshore wind in Sweden. Also, Statkraft acquired Södra's shares in Silva Green Fuel, and is looking for a new partner to further develop the technology for advanced biofuels.

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:

Media Spokesperson Lars Magnus Günther, tel: +47 912 41 636, e-mail:
Vice President Torbjørn Steen, tel: +47 911 66 888, 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 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 5.700 employees in 21 countries.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Biotalys Provides Company Update29.11.2023 07:00:00 CET | Press release

Review by new CEO Kevin Helash leads to focus on core capabilities and organizational changes Ghent, BELGIUM , Nov. 29, 2023 (GLOBE NEWSWIRE) -- Press release – Regulated information – Inside information (*) Progress to next-generation AGROBODY™ technology platform Update on product pipeline and regulatory review for EVOCA™(**)CSO Dr. Carlo Boutton to drive all research and early development while Dr. Eva Van Hende to head regulatory and field development; COO Luc Maertens and CBO Patrick McDonnell leaving the company Management to host a conference call and live webcast today at 15:00 CET / 14:00 GMT / 09:00 AM EST, details below Biotalys (Euronext – BTLS), today provided a company update following a strategic review of the company by CEO Kevin Helash and the board of directors. The review leads to a shift to the second-generation AGROBODY™ technology to develop protein-based biocontrols for crop and food protection. This move to AGROBODY 2.0 entails organizational changes to concentr

Nasdaq Launches New Technology to Scale Global Carbon Markets29.11.2023 07:00:00 CET | Press release

Technology Securely Digitizes the Issuance, Settlement, and Custody of Carbon Credits Service Uses Smart Contract Language, Deployed via Private Centralized Database or Private, Blockchain Technology for Enterprises to Register Carbon Removal Credits Using the Technology NEW YORK, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced the launch of a pioneering new technology that securely digitizes the issuance, settlement, and custody of carbon credits. It will be provided to market infrastructures, registry platforms, and other service providers globally. The service will ultimately support the development and institutionalization of global carbon markets. Despite being a relatively young market the carbon credit operating model is characterized by bilateral trading and a heavy reliance on manual interaction, providing limited ability to scale as the market develops. This inflexibility has also led to an absence of standardization – where credit data can

Hydros kapitalmarkedsdag 2023: En pioner i det grønne aluminiumskiftet med kraft fra fornybar energi29.11.2023 07:00:00 CET | Pressemelding

Hydro øker satsingen på å utnytte mulighetene som oppstår gjennom økt etterspørsel etter lavkarbonaluminium. Fram mot 2030 vil Hydro øke veksten i resirkulering av aluminium og ekstruderte produkter, og styrke ambisjonene innen produksjon av fornybar energi. Hydro vil gjennomføre planlagt avkarbonisering og bidra til en omstilling som er rettferdig og naturpositiv, samtidig som markedet for grønnere aluminium videreutvikles. Dette er hovedtemaene på Hydros kapitalmarkedsdag 2023. Hovedpunkter Forventer en økning på opptil 2 milliarder kroner i grønnere inntjening innen 2030Trapper opp veksten i Extrusions til en EBITDA på 10-12 milliarder kroner i 2030Trapper opp veksten i resirkulering til en EBITDA på 5-8 milliarder kroner i 2030, delvis gjennom å øke mengden brukt aluminiumskrap til 850.000-1.200.000 tonn innen 2030Øker målet for utslippskutt for CO2 fram mot 2030, der målet om 30 prosent reduksjon opprettholdes til tross for porteføljeendringer, og trapper opp naturpositive tiltak

Hydro Capital Markets Day 2023: Pioneering the green aluminium transition, powered by renewable energy29.11.2023 07:00:00 CET | Press release

Hydro is shifting gear to capture opportunities created by increased demand for low-carbon aluminium. Towards 2030, Hydro will step up growth in aluminium recycling and extrusions, and in its ambitions within renewable power generation. Hydro will execute on its decarbonization roadmap, and contribute to nature positive and a just transition, while shaping the market for greener aluminium. These are key topics for Hydro’s Capital Markets Day 2023. Key highlights Expecting up to NOK 2 billion greener earnings uplift by 2030Stepping up growth in Extrusions to NOK 10-12 billion EBITDA in 2030Stepping up growth in Recycling to NOK 5-8 billion EBITDA in 2030, partially driven by increasing post-consumer scrap to 850-1,200 kt by 2030Increasing CO2 reduction target until 2030, maintaining 30% target despite portfolio changes, and stepping up nature positive efforts through initiatives on biodiversity, waste handling and land useIncreasing improvement program to NOK 14 billion in 2030, includi

Sequana Medical announces positive data from non-randomized cohort in US Phase 1/2a MOJAVE study of DSR® 2.0 for treatment of heart failure29.11.2023 07:00:00 CET | Press release

PRESS RELEASE REGULATED INFORMATION – INSIDE INFORMATION 29 November 2023, 07:00 am CET Data from all three patients in non-randomized cohort treated with DSR 2.0 indicate safe and effective maintenance of euvolemia without the need for loop diuretics,considerable benefit in cardiorenal status and dramatic improvement in diuretic response and loop diuretic requirements up to 11 weeks post DSR treatment DSMBi review planned for early Q1 2024 to approve start of randomized controlled cohort of up to 30 US patients Ghent, Belgium – 29 November 2023– Sequana Medical NV (Euronext Brussels: SEQUA) (the "Company" or "SequanaMedical"), a pioneer in the treatment of fluid overload in liver disease, heart failure and cancer, today announces that all three patients from the non-randomized cohort of the MOJAVE study were successfully treated with DSR 2.0. Data from the third patient show similar beneficial effects of DSR therapy as reported previously in the first two patientsii. Dr. Oliver Gödje,