Nordkraft hit hard by tough 2020

Due to low power prices, the Norwegian power company exited 2020 down NOK 141.04m. But Nordkraft's merger with Hålogaland is providing some respite and hope for a better 2021.

Nordkraft and Hålogaland prepared the merger since 2019 and closed the deal in October last year | Photo: PR / Nordkraft

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.

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