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Higher power prices and increased generation resulted in a record-high underlying operating result. Statkraft continued to deliver on its strategy and initiated new renewable projects in 1Q2021.
The underlying EBIT was NOK7.2 billion in 1Q2021, an increase of NOK3.1 billion from 1Q2020.
“The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management”, says Chief Executive Officer, Christian Rynning-Tønnesen.
The average Nordic system price was €42.3/MWh, an increase of €26.9 compared with the low price in 1Q2020. Total power generation increased by 16% to 20.6 TWh.
A strengthening of the Norwegian krone (NOK) against the euro (€) had a positive effect on net financial items, which ended at NOK1.5 billion. Net profit was NOK4.8 billion, an increase of NOK6.7 billion compared with the result in 1Q2020.