Statkraft has recorded a record-high operating result in the first quarter of 2021, due to higher power prices and increased generation.
Underlying earnings before interest and tax (EBIT) was Nkr7.2bn (€718m) in the first quarter of this year, an increase of Nkr3.1bn compared to the first quarter last year.
Statkraft CEO Christian Rynning-Tonnesen (pictured) said: “The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management.”
The average Nordic system price was €42.3/MWh, an increase of €26.9 compared with the low price in the first quarter of 2020.
Total power generation increased by 16% to 20.6 terawatt-hours.
Net profit for the first quarter of 2021 was Nkr4.8bn, an increase of Nkr6.7bn compared with the result in the first quarter last year.
During the quarter, Statkraft initiated several new projects.
In Chile, the company has decided to build its first three wind farms, totalling 102MW.
The company signed a collaboration agreement with Yara and Aker Horizons, aiming to establish Europe’s first large-scale green ammonia project in Norway.
Statkraft also entered into a partnership with Aker Offshore Wind to explore offshore wind in the southern North Sea outside Norway.
“Statkraft continues to develop new business opportunities in the green transition, which also support sustainable development goals and value creation”, said Rynning-Tonnesen.
Following the transfer of the operatorship of the Roan wind farm to TronderEnergi in February, Statkraft has divested the ownership interest in the wind farm to TronderEnergi and Stadtwerke München.
Statkraft will maintain its ownership and role as an operator of the five remaining wind farms in Fosen Vind.
The sale proceeds will “further strengthen” Statkraft’s financial capacity to invest in renewable energy.