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.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

EU to address stalled Danish nearshore wind project

Developer European Energy has received a positive response from the EU regarding project Omø Syd, which is currently on hold due to considerations over migratory birds. The European Parliament has now requested that the Commission launch an investigation into the matter.

Board reshuffle to boost Obton

The Danish solar investor has appointed new board members and now aims to quadruple its photovoltaic business ahead of 2025.

Seadrill secures comprehensive restructuring deal

John Fredriksen's strained drilling company Seadrill has settled a comprehensive restructuring agreement with a majority of its lenders, which among other things reduced the company's debt liabilities by almost USD 5bn.

Further reading

Related articles

Trial banner

Latest News

See all jobs