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Statkraft recovers, presents best operating result to date

Few companies were hit as hard by collapsing power prices in 2020 as Statkraft. Things have turned around in the second quarter, however, and the Norwegian utility now presents its best Q2 operating result on record.

In April, Statkraft sold 71MW wind farm Roan, the largest single facility in the Fosen complex, to Trønderenergi. | Photo: Jan Henriksen/Statkraft

When Nordic power prices collapsed during last year's spring and summer periods due to chock-full water reservoirs and interconnector breakdowns, Statkraft and its massive fleet of Norwegian hydroelectric power plants were right in the eye of the storm.

This was evident in the state-owned utility's fiscal reports, which revealed merely NOK 6.16bn (EUR 587.7m) in revenue during the second quarter, EBITDA of NOK 925m, EBIT of NOK -1.64bn and a bottom line of NOK 491m, meaning Statkraft got through only by the skin of its teeth.

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