Statkraft has reported an increase in underlying earnings before interest and tax (EBIT) in the third quarter (Q3) of 2021 compared with the same period last year.
This year’s Q3 EBIT was Nkr4.6bn (€466m), an increase of Nkr3.5bn compared with Q3 2020.
The increase was down to higher Nordic power prices and very high Norwegian hydropower generation, said Statkraft.
Statkraft’s wind and solar segment reported Nkr349m in underlying EBIT for Q3 2021, against Nkr-247m in Q3 2020.
The increase in underlying EBIT was mainly driven by the sale of solar farms in Spain and higher revenues from power generation due to significantly higher power prices.
Highlights of Q3 for the segment include the signing of an agreement to acquire a total of 43 operating wind farms (346MW) in Germany and France.
In Spain Stakraft inked agreements to sell four solar farms (234MW), of which three were closed in the quarter.
“The high Nordic power prices and a very high Norwegian hydropower generation led to a strong EBIT in the third quarter.
“The strong results have a positive impact on our investment capacity and provides us with a solid financial foundation to continue our growth path and reinvest in renewables, contributing to the energy transition,” said Statkraft CEO Christian Rynning-Tonnesen (pictured).