Statkraft booked operating profit of Nkr9bn (€930m) in the first six months of 2019, the largest half-year surplus in its history.
The Norwegian energy company said the result, which was up Nkr1.7bn on the year-ago figures, was due to higher contributions from trading and origination.
Chief executive Christian Rynning-Tonnesen (pictured) added the profit reflected “solid operations from our market activities”.
Net profit for the same period was Nkr6.9bn, down from Nkr10.5bn in the first half of 2018.
The result came on the back of operating profit of Nkr2.6bn for the second quarter, up Nkr1.2bn from the corresponding period in 2018. Net profit was Nkr2.1bn, up Nkr1.9bn.
Statkraft said market operations as well as higher generation of 12.3 terawatt-hours, up from 11.4TWh, contributed.
The result was despite a 9% decrease in Nordic power prices, which averaged at €35.60 per megawatt-hour.
Statkraft added that long-term power contracts, two of which the company signed during the quarter, have had a stabilising effect on revenues.
“The new long-term contracts in Norway and Spain confirm Statkraft’s position as a competitive supplier of renewable energy,” added Rynning-Tonnesen.
The Norwegian company has meanwhile concluded a five-year off-take deal with Swiss power producer Aventron for 330 gigawatt-hours of electricity from the 50MWp Bargas solar project in Toledo, Spain.
The PPA will kick in from July 2020 once construction of the project, which is expected to start in the coming weeks, is completed.
“With the power purchase agreement, we help securing the long-term financing of the solar park and thus contribute to the further expansion of renewable energy in Spain,” said Statkraft markets and IT executive vice president Hallvard Granheim.
“Spain has set the target of achieving a 20% share of renewable energy in its electricity mix by 2020. We are very pleased to be working with Aventron to contribute to this goal.”