Norwegian energy company Statkraft saw its underlying EBIT almost double to 9bn kroner (US$900m) in the third quarter of this year compared to Q3 2021.
Its performance was supported by high energy prices and comes despite lower hydropower production in Southern Norway to store water for the winter.
In addition, the company saw its net operating revenues rose to 13.2bn kroner from 8.1bn kroner in the third quarter of 2021.
Its total power generation was 12.2TWh, down 3.1TWh, due to lower hydropower generation in Southern Norway.
However, reservoir levels in Southern Norway have recently increased and are today higher than at the same time last year.
“The European energy crisis continued in the third quarter following Russia’s invasion of Ukraine earlier in the year. Historically high power prices remained a burden for European consumers and industries. Statkraft reduced its Southern Norwegian hydropower generation considerably to store water for the coming winter,” says Statkraft CEO, Christian Rynning-Tonnesen.
“Steady operations, a solid financial position and good liquidity reserves mean Statkraft is well positioned amid the ongoing energy crisis in Europe. We will continue to deliver on our ambitious growth strategy and take a leading role in the global energy transition.”