Statkraft has reported steady profits in Q1 2025, compared with Q1 in 2024, despite a drop in underlying earnings before interest, tax and depreciation (EBIT).
Net profit was Nkr6.8bn (€578m) was unchanged from the same period last year.
“This stability was primarily due to positive currency effects of NOK 3.1 billion under financial items (NOK -2.7 billion).
“In addition, lower tax expense also contributed to maintaining the net profit,” stated Statkraft.
Statkraft’s generation was 21.7TWh in the first quarter of 2025, 2.3TWh higher than the first quarter last year and the highest ever recorded for a single quarter.
The increase was mainly due to higher generation in high price areas in Norway and new wind farms coming in operation in Brazil and Spain.
Total wind power production was 2.3TWh in the first quarter (1.7TWh), while hydropower production was 18.2TWh (17.2TWh).
“Statkraft delivered another quarter with strong underlying results, despite lower prices.
“The power generation was 21.7 TWh in the quarter, the highest ever recorded in Statkraft’s history.
“Higher volumes demonstrate our strong operations and maintenance capabilities, the role of our flexible hydropower fleet, as well as new wind power investments in Spain and Brazil starting to pay off.
“The contribution from energy management continued to be record-high at the end of the quarter, with strong contribution from ancillary services that are needed when the energy system becomes more complex,” said Statkraft President and CEO, Birgitte Ringstad Vartdal.
Today Statkraft also announced its decision to stop developing new green hydrogen projects across all markets.
The company will continue to develop its existing mature portfolio of projects in the UK and seek investors to take them into construction and operation.
Several of these projects, including one in Scotland, have received external funding, and others in the portfolio have been shortlisted for potential support from the UK Government.
Market activities related to hydrogen will continue to be part of Statkraft’s portfolio.
Kevin O’Donovan, Statkraft’s UK Managing Director said: “Statkraft has decided to end development of new green hydrogen projects across our portfolio.
“We will continue to develop our existing UK hydrogen projects, a market where there has been significant support from the UK and Scottish Governments, and seek investors to take them forward into construction and operation.
“We are committed to continuing with the other technologies and services we are well known for, including our leading markets and optimisation activities.”