Statkraft has reported a fall in underlying operating profit in the third quarter of 2024, compared with the third quarter of 2023.
The underlying operating profit for the period stood at Nkr3bn (€254m) compared with Nkr4.9bn in 2023.
Stakraft reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for third quarter 2024 of Nkr4.9bn, compared with Nk46.3bn in the same period of 2023.
Decrease in underlying EBIT/operating profit was driven by significantly lower power prices, lower Norwegian hydropower generation, hedging effects and higher operating expenses due to higher activity level and new assets.
Power generation was slightly up from third quarter 2023 due to generation from new wind power capacity in Brazil and Spain (1.5TWh), offset by lower Norwegian hydropower generation (-1.5TWh).
In Norway, Statkraft continues to develop several new wind power projects and the repowering of some older wind farms.
In hydropower, it is progressing plans for the replacement of the Svean power plant in Central Norway for Nkr1.2bn and also made a principal investment decision to undertake improvements and maintenance work for Nkr900m in the tunnel system between Europe’s largest hydropower reservoir Blåsjø and Saurdal power station.
This project is part of a larger set of maintenance projects that will ensure operational reliability and reduce water loss for future hydropower production in the 50-year-old Ulla-Førre power plant group.
These projects are worth around Nkr2.5bn in total, including the Blåsjø and Saurdal project.
In Europe, Statkraft made investment decisions for two rotating stabiliser schemes.
It reached commercial operation for the El Rancho solar project (54MW) in Spain and the Moanvane wind project (58MW) in Ireland, and divested the South Meath solar park (80MW) in Ireland.
In South America Statkraft continued to grow its portfolio of operating assets.
Commercial operation was achieved for 90 out of total 91 turbines for the Ventos de Santa Eugenia wind complex in Brazil (519MW), for 13 of the 14 machines at the Morro do Cruzeiro wind complex in Brazil (80MW), and for all the 19 wind turbines at the Torsa wind complex in Chile (102MW), increasing the company’s total installed wind power capacity in Chile and Brazil to 1712MW.
Statkraft signed two 10-year upstream PPAs for wind power in Spain with an aggregate annual volume of 147GWh and closed the second virtual PPA in the US market with Avangrid.
The company issued an Skr500m 14-year senior unsecured green bond.