Norway s offshore wind has oil and gas links – POLITICO politico.eu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.eu Daily Mail and Mail on Sunday newspapers.
Statkraft has recorded a record-high operating result in the first quarter of 2021, due to higher power prices and increased generation.
Underlying earnings before interest and tax (EBIT) was Nkr7.2bn (€718m) in the first quarter of this year, an increase of Nkr3.1bn compared to the first quarter last year.
Statkraft CEO Christian Rynning-Tonnesen
(pictured) said: “The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management.”
The average Nordic system price was €42.3/MWh, an increase of €26.9 compared with the low price in the first quarter of 2020.
Total power generation increased by 16% to 20.6 terawatt-hours.
Advertisement
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.
Statkraft AS: Result for the first quarter
d
generation resulted in a record-high underlying operating result. Statkraft continued to deliver on its strategy and initiated new
renewable
.
The underlying EBIT was NOK 7.2 billion in the quarter, an increase of NOK 3.1 billion from the first quarter last year. The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management , says CEO Christian Rynning-Tønnesen.
The average Nordic system price was 42.3 EUR/MWh, an increase of 26.9 EUR compared with the low price in the first quarter of 2020. Total power generation increased by 16 per cent to 20.6 TWh.
The wind farms are co-located in the Trondelag region of Norway, on the country’s west coast.
The Fosen wind development will supply up to 3.6 terrawatt-hours of electricity a year, supporting all the industrial consumption in the region.
The development represents a total investment of almost £1bn and contributed £230m directly to the local economy through supplier contracts.
Construction of the six wind farms began in 2016 following cooperation between local government and 256 local landowners who benefit from property tax and land lease.
Around 600 jobs were supported during construction with 45 permanent roles created to support the operations of the wind farms.