Wind generation at Norwegian utility Statkraft increased by almost 40% last year on the back of better conditions and project completions.
In its final quarterly report for 2015, the company recorded an underlying operating profit before depreciation (EBITDA) of Nkr2846m, a decrease of Nkr640m for the same quarter a year earlier.
Statkraft blamed lower Nordic power prices in the final quarter – down 29% on the same period in 2014 – for the decline.
Despite the financial worries, wind production was higher in 2015, up to 2.5TWh from 1.8TWh for the full financial year, including a small rise in the fourth quarter output to 0.9TWh from 0.6TWh in the third quarter.
This came on the back of the completion of the 270MW Björkhöjden onshore wind farm in Sweden.
In addition, the company saw its international hydropower assets increase generation during the year, which offset declines in Nordic hydro output.
In an investor presentation this morning, Statkraft confirmed its plans to halt investment in offshore wind but said it would continue to pursue onshore wind in central Norway.
Image: Statkraft’s Smola wind farm in Norway (Statkraft)
