Statkraft recorded a strong rise in underlying earnings in the fourth quarter of 2021 and across the whole year.
The underlying EBIT for Q4 2021 was Nkr9.3bn (€0.9bn), an increase of Nkr7.8bn compared with the fourth quarter of 2020.
Net profit was Nkr3.9bn, an increase of Nkr0.2bn from the same quarter in 2020.
Total power generation was 18.5 TWh, 1.3 TWh higher than the fourth quarter generation the previous year.
For the year ending 2021 underlying EBIT was Nkr26.8bn, compared with Nkr6.7bn in 2020.
Net profit was Nkr16.1bn.
Statkraft’s generation reached 69.9 TWh, up 8% from 2020.
The increase was driven by substantially higher Nordic power prices and high Norwegian hydropower generation but impacted by losses from market operations following the high energy prices and a volatile market.
The directors said that the project pipeline continues to increase and Statkraft is on track to deliver on the target of developing 9GW of renewable energy by 2025, followed by an annual development rate of 2.5-3GW per year.
Chief executive Christian Rynning-Tønnesen (pictured) said: “Statkraft delivered strong results last year, based on high Nordic power prices and large Norwegian hydropower generation.
“However, the extraordinary market situation creates a demanding situation for consumers and households.
“As Europe’s largest generator of renewable energy this is not a situation we want.”
“We continued to deliver on our strategy throughout the year, and we enter 2022 with a strengthened financial capacity and ability to deliver on our growth ambitions and continue driving the energy transition forward.”