Statkraft publishes second quarter results

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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... ... More: Official Press Release Statkraft

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Statkraft, Q2, quarter, results, market, Russia, gas supply, volatility, update, strategy, crisis, prices, EBIT, Nordic, renewable energy, target