Statkraft has booked an operating profit of Nkr4250m for the first three months of this year, an increase of Nkr289m compared with the same period last year.
The Norwegian utility said strong hydro power production in Norway and Sweden “more than counterbalanced” lower power prices which were 15% down in the first part of this year.
Statkraft also said new capacity from its international hydropower facilities contributed to the increase in operating profits.
Its total production for the quarter was 19.4TWh with net profit for the quarter of Nkr2389m.
Construction work has commenced on the 1GW onshore wind farm in central Norway, Statkraft added.
Image: Statkraft’s Reinsfors Dam hydro (Statkraft)
Hydro powers Statkraft profit
Increased production in Norway and Sweden offsets lower electricity prices
By EBS