Statkraft’s underlying earnings before interest, tax, depreciation and amortization rose to Nkr7371m (€752m) in the first quarter of 2019, up from Nkr6875m last year, boosted by increased wind power output and higher electricity prices.
Wind power output was 0.9 terrawatt-hours in the period, up from 0.6TWh last year, but hydro production fell to 14.6TWh from 19.9TWh.
Statkraft said the wind generation increase was driven by new capacity and higher wind speeds in the period.
Overall production was down 4.9TWh in the first three months of the year to 16.1TWh, the company added.
Average power prices in the Nordic system were 21% higher in the quarter than last year at €46.8 a megawatt-hour. In Germany, the average price was up 15% to €40.9/MWh, but was down 2% in the UK to £51.8/MWh.
However, a one-off gain of Nkr6.8bn in first quarter of 2018, meant the company’s net profit was down in the first three months of this year.
Net profit in Q1 was Nkr4752m, down from Nkr10,282m in the same period last year.
Cash flow from operating activities reached Nkr3891m in the quarter.
CEO Christian Rynning-Tønnesen said: “We are pleased with a solid result, reflecting strong operations and a significant contribution from Norwegian and international market activities.”