Statkraft’s European wind and solar arm narrowed its losses in the first quarter of 2022.
The division of the Norwegian utility recorded a loss of NKr18m (€1.76m), an improvement from the loss of NKr36m recorded in the same period last year.
The directors said the improvement in underlying EBIT was mainly driven by divestment of solar parks and engineering, procurement and construction activities.
These were partly offset by unrealised losses from hedging activities related to German and French wind farms and higher business development costs.
Three solar parks in the Netherlands and one in Spain were divested during the report period.
Investments were mainly related to development and construction of wind and solar projects primarily in Ireland within the DS/DBS business model, the directors said.
Across the group underlying EBIT was NKr18bn, an increase of NKr10.7bn compared with the first quarter last year.
The increase was driven by substantially higher Nordic power prices and higher results from market activities.
Statkraft chief executive officer Christian Rynning-Tønnesen (pictured) said: “Statkraft delivered strong results for the first quarter, driven by high Nordic power prices and a solid contribution from our market activities.
“Russia’s invasion of Ukraine has led to a human tragedy and concerns for energy supply.
“This has impacted an already tight market situation, increasing uncertainty and volatility. The high power prices are challenging for many consumers.
“The urgent need to reduce Europe’s dependency on Russian energy and the increasing climate challenges call for a further acceleration in renewable energy investments.
“As Europe’s largest generator of renewable energy, Statkraft will continue to deliver on our growth ambitions towards an emission-free future.”