Statkraft has reported net profits of over Nkr14bn (€1bn) for the fourth quarter of 2022 compared with just under Nkr4bn in the same period in 2021, driven by high and volatile Nordic power prices.
Net profit for the period was Nkr14.5bn compared with Nkr3.8bn for the fourth quarter period of 2021, while earnings before interested and tax (EBIT) for fourth quarter 2022 reached Nkr23.6bn compared with Nkr9.3bn in the last quarter of 2021.
During the fourth quarter of 2022 average daily prices in southern Norway varied from €1.9/MWh to €434/MWh.
Statkraft also reported a rise in net profit for the whole of 2022 to Nkr28.5bn compared with Nkr16bn for 2021.
Strong trading and origination results plus “significantly improved” contribution from dynamic asset management also contributed to the record results, Nordex said.
In 2022, Statkraft increased its strategic ambition to grow the company’s renewable energy generation by 50% to 100TWh by 2030.
The majority of new investments will be within hydropower, onshore wind and solar in Norway and in Europe.
Statkraft plans to start five major capacity upgrade projects in Norway by 2030 to balance the increasing amounts of intermittent wind- and solar power generation.
The energy producer has been making reinvestments in its Nordic hydro fleet to expand lifetime and retain competitiveness and also submitted a licence application for a major modernisation of the Folgefonn hydropower facility in Norway, requesting to increase capacity from 250MW to 880MW.
In 2022 it also secured route to market for six solar parks and four wind farms in Ireland and five grid parks in the UK with a total capacity of 2110MW and is undertaking a bidding process for development of offshore wind in Norway.