EnergyWatch

Low prices on solar and wind cost Statkraft huge sums

On paper, the third quarter 2017 was a strong period for Norway's Statkraft. But behind the net result of almost NOK 2 billion, there are huge losses from a venture in Chile. Solar and wind simply beat hydropower in the South American country.

Norway's Statkraft is suffering losses from a major investment in Chilean hydropower, reveals the company's Q3 report released Thursday.

Statkraft booked an operating result of NOK 492 million (EUR 52 million) in the report, and a result before tax of NOK 1.98 billion, which at first glance, looks positive. Even more so, when considering that the company in the same quarter last year booked a loss before tax of NOK 352 million.

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