As observant readers will have long since noted, low Nordic electricity prices and less demand in 2020 resulted in serious setbacks for most of the region's power companies. The situation was no different for Norway's Nordkraft, which books its full-year result at NOK 78m (EUR 7.8m) against NOK 182.7 in 2019.
"In the light of low electricity prices and the economic slowdown caused by the coronavirus pandemic, we are obliged to say that we're very satisfied with this result. The fall in power prices was softened by the fact that we preemptively sold a portion of production before the price decline. Effective operations have resulted in lower costs, and with fine underlying operating earnings, we managed to weather one of the worst storms the market has experienced," says Nordkraft Chief Executive Eirik Frantzen in a press statement.