Statkraft has reported a drop in underlying profitability in 2024, primarily due to lower power prices and a decrease in Norwegian hydropower generation.
Underlying EBIT decreased to NOK26.5bn (€2.24bn) compared to NOK41.4bn (€3.5bn) in 2023.
In 2024 the average system price in the Nordic region was down €21/MWh to €36/MWh, while the average German spot price (base) was down €15/MWh to €80/MWh in the same period.
Statkraft’s total power generation was 66.3TWh (61.9TWh) in 2024. The 7% increase year-on-year was primarily related to new wind power assets in Brazil and Spain and higher generation from the gas-fired power plants in Germany.
The hydropower generation in the Nordics was 0.7 TWh lower than in 2023.
Statkraft president and chief executive Birgitte Ringstad Vartdal (pictured), said: “Statkraft delivered one of our strongest annual results, only outperformed by results driven by the exceptionally high prices during the energy crisis.
“I am proud of the results the organisation has achieved in 2024, driven by solid operations, record-strong energy management and continued high value-creation in our market activities.
“We are investing heavily in maintaining and upgrading our Norwegian hydropower assets, while developing and optimising a portfolio of renewable energy projects to build scale and profitability in high-potential markets.”
In 2024, Statkraft decided to sharpen its strategy, focusing on the Nordics, Europe and South America.
Ringstad Vartdal added: “Both the markets and the world around us are changing rapidly, making it more difficult to predict what the future will look like.
“While the underlying drivers of the energy transition continue to be strong and favourable for Statkraft, increased geopolitical uncertainty combined with record-high investment levels in 2023 and 2024 makes us prioritise even more strictly in the short term among projects in our large portfolio.”