News Release from Statkraft AS


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Strongest second quarter result ever

Statkraft delivered its strongest ever second quarter and first half year results despite lower generation and prices, with solid performance in the Nordics and Markets segments. Statkraft continues to ramp up project activities to deliver on its ambitious growth strategy.

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  • Net operating revenues rose to NOK 13.1 billion in Q2 2023 from NOK 8.4 billion in the comparable quarter last year, while underlying EBIT increased to NOK 7.6 billion (NOK 3.8 billion), Statkraft’s strongest second quarter ever.
  • European power prices fell further in the second quarter and are down around 50 per cent compared to the same quarter last year.
  • Statkraft signed several long-term power contracts, including PPAs with a total volume of 9 TWh with Celsa Armeringsstål and Hydro Energi, as well as conditional PPAs with Aker Horizons and Fortescue Future Industries developing green industries in Norway.

"Solid operations, effective energy management, and strong value-creation in the market activities helped deliver the best second quarter result in Statkraft’s history. We continue to scale up, building more renewable energy both in Norway and abroad," says Statkraft CEO, Christian Rynning-Tønnesen.

Prices and volatility have come down from the very high levels seen earlier in the energy crisis, though prices remain at an elevated level. The European energy balance has improved significantly driven by improved LNG supply, lower demand, and increased renewable energy deployment. In addition, the weather conditions have been more favourable in the quarter. Nordic reservoir levels were at 94% of median by the end of June and is currently at 95% of median. Lower prices also contributed to positive hedging effects in the quarter.

Operating expenses were higher, mostly due to business expansion, currency effects of a weakening NOK and the Norwegian high-price contribution fee.

Statkraft reported profit before tax of NOK 12.5 billion, including reversal of impairments primarily related to Nordic onshore wind assets, mostly in Sweden, and positive effects from embedded EUR derivatives.

Net profit after tax for the quarter was NOK 5.6 billion.

Statkraft has a very solid financial position. Measured on 12 months rolling basis, the return on average capital employed (ROACE) was 43 per cent.

Statkraft is developing a broad portfolio of hydro, wind and solar projects, mainly in the Nordics and Europe. The company is on track to reach its ambition to build 2500-3000 MW renewable generation capacity per year from 2025, increasing to around 4000 MW annually by 2030. Current run rate is at 1000 MW per year.

In Norway, several projects to increase installed capacity in existing hydropower plants are being planned, including the Mauranger capacity upgrade.

“We are in the middle of a green energy transition. More renewable energy is the solution to deliver on the world’s climate targets and the need for reliable and affordable energy supply, and Statkraft is scaling up the development of wind and solar power. To balance a power system increasingly dominated by intermittent energy sources, we are also adding more flexible hydropower capacity,” says Rynning-Tønnesen.

In August, Statkraft acquired a portfolio of operational wind farms in Germany and France with a total capacity of 337 MW. The portfolio offers a significant potential for life-time expansion and repowering. The company has also signed an agreement to acquire two operational wind farms (260 MW) in Brazil, building further scale in Statkraft’s generation activities in the country. Closing is expected in the fourth quarter.

Press Office
Statkraft, result, quarter, Q2, half year, Norway, offshore, onshore, PPA, Europe, power, costs, price, wind farm, LNG

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