GlobeNewswire by notified

Demanding energy markets


The second quarter was characterized by unprecedented market volatility, high power prices and concerns about energy supplies due to a shortage of gas supplies from Russia.

“The European energy crisis has accelerated due to a shortage of gas supplies from Russia, leading to high power prices and a large increase in Statkraft’s gross revenues. However, the significant increase in forward power prices has led to unrealised negative hedging effects. Underlying EBIT in the quarter was NOK 3.8 billion”, says Chief Executive Officer Christian Rynning-Tønnesen.

“The combination of dry weather and higher risk of gas rationing for the coming winter in Europe, particularly in Germany, has increased Statkraft's water values. The importance of saving water for the coming winter is increasing and has resulted in lower Norwegian hydropower generation in the quarter”, continues Rynning-Tønnesen.

In the second quarter, gross operating revenues increased by almost NOK 10 billion due to high spot prices. Statkraft has over the years entered into hedging positions that typically have fixed prices that are lower than the current high forward prices. The price difference for the remaining contract periods is accounted for as unrealised profit or loss. During the second quarter the forward power prices increased significantly leading to unrealised losses of NOK 8.7 billion mainly from these positions. The underlying EBIT in the quarter was NOK 3.8 billion, down NOK 1.8 billion compared with the second quarter last year.

The average Nordic system price was 121 EUR/MWh compared with 42 EUR/MWh in the same quarter in 2021. The spread in power prices between the Norwegian price areas was significant, with particularly high prices in Southern Norway.

Total power generation was 14.2 TWh, which was 1.3 TWh lower than the same period last year. The reduction was primarily related to Norwegian hydropower generation sold in the spot market.

Despite a solid EBIT, net profit ended at NOK -1.2 billion due to negative currency effects under financial items and a high tax expense due to solid revenues from Norwegian hydropower generation subject to resource rent tax. Net profit was NOK 3.6 billion lower compared to the same quarter in 2021.

Cash flow from operating activities in the quarter was a solid NOK 16.6 billion, adding to an already strong financial platform.

For the first half year of 2022, Statkraft reported a record-high underlying EBIT of NOK 21.8 billion, an increase of NOK 8.9 billion compared with the first six months of 2021. The main drivers for the increase were significantly higher Nordic power prices and solid contribution from Market operations. The net profit year to date was NOK 10.2 billion.

Updated strategy

“The energy markets are changing faster than ever and there is a sharp increase in demand for renewable energy. To meet this increased need Statkraft has updated the strategy with new and more ambitious growth targets towards 2030”, says CEO Rynning-Tønnesen.

A key element of the strategy is to upgrade and expand the Norwegian hydropower assets with a goal to start at least five major hydropower projects by 2030. In June, Statkraft sent a licence application for one such modernisation – the Folgefonn power scheme in Hardanger - to the Norwegian Water Resources and Energy Directorate (NVE). The application requests an increase in installed capacity from 250 MW to 880 MW and will increase the power generation by 70-80 GWh of new clean energy. It is 40 years since Statkraft last submitted a license application for such a large hydropower project. In May, Statkraft also opened two new small-scale hydropower plants in Norway – Vesle Kjela and Storlia.

Within offshore wind, Statkraft is pursuing an industrial role in Norway and Ireland. Furthermore, Statkraft aims to be a leading developer of green hydrogen in Norway and Sweden, and to broaden its geographical scope outside the Nordics. The target is to develop 2 GW of green hydrogen by 2030.

A significant part of the future growth will be linked to the development of onshore wind, solar and battery storage, across all Statkraft markets. In May, Statkraft won state contracts in Ireland for one wind and three solar projects with a total capacity of 360 MW and opened its first large-scale solar park in India – Nellai (76 MWp).

Statkraft will continue to offer long-term power contracts to maintain the position as a competitive supplier to the industry in the Nordics. In the quarter, Statkraft signed several new industrial contracts – with Hunton Fiber, Omya Hustadmarmor, FREYR and H2 Green Steel.

In June, Statkraft successfully issued an inaugural green bond supporting the growth strategy.

In accordance with the updated strategy, Statkraft will change the organisational structure by establishing the three geographical regions Nordic, Europe and International as separate business areas. To strengthen the development of new business opportunities within the green energy transition, New Energy Solutions will be established as a separate business area.

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:

Head advisor Knut Fjerdingstad,tel: +47 901 863 10, 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.


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

Graduate Management Admission Council Appoints Joy Jones as Incoming CEO8.8.2022 18:00:00 CEST | Press release

Jones to succeed Sangeet Chowfla as head of the global association representing leading graduate business schools RESTON, Va., Aug. 08, 2022 (GLOBE NEWSWIRE) -- The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools, today announced the appointment of Joy Jones as the organization’s CEO-Elect. Jones currently serves as GMAC’s chief product officer and general manager of assessments, a role she has held since July 2017. The announcement came after current CEO Sangeet Chowfla announced his intention to step down from the position earlier this year, and an extensive search executed by a global executive recruiting firm. The GMAC board of directors unanimously voted to elect Jones, who will become GMAC’s fourth CEO as of October 1, 2022. “With more than a hundred interested candidates from around the world, the Board conducted extensive interviews and thorough evaluations over the past months and was thrilled to find the best person to l

GeoJunxion (GOJXN.AS) announces the booking of a series of Location Intelligence Service contracts with combined value of well over one Million Euro8.8.2022 18:00:00 CEST | Press release

Capelle aan den IJssel, The Netherlands – 8 August 2022 – GeoJunxion (GOJXN.AS) is pleased to announce the booking of a series of Location Intelligence Service contracts with combined value of well over one Million Euro. The first 40 days of the new Financial Year 2022/23 (1 July 2022 - 30 June 2023) have been particularly busy and exciting for the various teams in GeoJunxion. As result of this, GeoJunxion is pleased to announce the booking of a series of Location Intelligence Services for one of its major global IT customers, with a combined value well over one Million Euro. In response to an increasing demand for hyper local content, GeoJunxion has closed a series of extensions to existing service contracts and successfully completed the negotiations on a large new tailor-made Location Intelligence Service contract. These new contracts will convert into revenue over the next 3 to 6 months and will contribute substantially to the continued growth of the company’s top- and bottom-line.

INVITATION TO CONFERENCE CALL FOR DFDS' REPORT FOR Q2 20228.8.2022 17:48:27 CEST | Press release

INVESTOR NEWS no. 22 - 8 August 2022 DFDS expects to publish the report for Q2 2022 on 16 August 2022 at around 07:30 CET. Torben Carlsen, CEO, and Karina Deacon, CFO, will present the report on a live conference call. The presentation in English will be followed by a Q&A session. Investors, analysts and other interested parties are invited to take part. Date: 16 August 2022 Time: 10:00 CET Telephone: DK +45 35445577 UK +44 33 33000804 US +1 631 913 1422 Other international numbers: Access code: 69612122# If you wish to take part in the audio conference, please dial up at least five minutes before the conference begins. It will start on time, and participants will be asked to register name and company name beforehand. The conference will be broadcast live on and published there for future reference. Contact Søren Brøndholt Nielsen, IR +45 33 42 33 59 About DFDS DFDS provid

INVITATION TIL TELE-KONFERENCE OM DFDS' RAPPORT FOR 2. KVT. 20228.8.2022 17:48:27 CEST | pressemeddelelse

INVESTOR NEWS nr. 22 - 8. august 2022 DFDS’ kvartalsrapport for 2. kvt. 2022 forventes offentliggjort 16. august 2022 omkring kl. 07.30. Rapporten præsenteres på en tele-konference af Torben Carlsen, CEO og Karina Deacon, CFO. Efter præsentationen, der foregår på engelsk, vil der være mulighed for at stille spørgsmål. Investorer, analytikere og andre er velkommen til at deltage. Dato: 16. august 2022 Tidspunkt: Kl. 10.00 Telefonnumre: DK +45 35445577 UK +44 33 33000804 US +1 631 913 1422 Øvrige internationale telefonnumre: Adgangskode: 69612122# Deltagere i tele-konferencen bedes ringe mindst fem minutter før starttidspunktet, da konferencen begynder rettidigt, og deltagere forinden skal registreres med navn og firmanavn. Tele-konferencen kan følges live på og vil efterfølgende være tilgængelig på samme sted. Kontakt Søren Brøndholt Nielsen, IR +45 33 42 33 59 Om DFDS DFDS

Avance Gas Holding Ltd: 2022 Annual General Meeting8.8.2022 17:29:53 CEST | Press release

Hamilton, Bermuda 8 August 2022 - Avance Gas Holding Ltd (the "Company") advises that the 2022 Annual General Meeting of the Company will be held on September 30, 2022. The record date for voting at the Annual General Meeting is set to August 19, 2022. The notice, agenda and associated material will be distributed prior to the meeting. For further queries, please contact Executive Chairman: Øystein Kalleklev Tel: 47 23 11 40 00 About Avance Gas: Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carrier (VLGC) and operates a fleet of thirteen modern ships including two dual fuel LPG newbuidlings and has a further four dual fuel LPG newbuildings due for delivery in Q4 2022 and Q1-Q4 2023. For more information about Avance Gas, please visit This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities