Statkraft’s third quarter results show operational profits rose slightly despite lower energy prices.
Earnings Before Interest and Taxes (EBIT) increased to Nkr2.8bn (€285m) from the Nkr2.6bn (€263m) recorded in the same period last year.
The increase, which the company largely attributed to improved market operations, are despite Nordic average system prices dropping 31% to €34.7 per megawatt-hour.
“The increase in EBIT in a market with falling power prices demonstrates strong operations and Statkraft’s robustness,” said chief executive Christian Rynning-Tonnesen.
However, net quarterly profits dropped by Nkr609 (€59m) to Nkr656m (€64m). Statkraft blamed the decline on the Norwegian Krone’s weakening position against the €.
Total generation was 14.9TWh in the quarter, up by 1.8TWh, although the increase largely came from gas-fired power rather than renewable sources.