The 100% state-owned utility asked for NKr8bn in new equity and a revised dividend policy in February, but it has not received a response so far.

Presenting its results for the first half of 2009, president and chief executive Bård Mikkelsen says the scope of the company’s investment programme is linked to the extra capital.

Statkraft’s ambition is to grow further as a provider of clean energy in Europe and elsewhere.

In the first quarter, it announced a joint venture with StatoilHydro to build the UK offshore wind farm Sheringham Shoal and the acquisition of 95% of Turkey's Yesil Energy. It also started construction of the company’s first solar park in Italy.

In the first half of 2009, the group’s operating revenues rose by 8% to NKr12.9bn. The increase is primarily due to the new assets from a swap deal with E.ON, but it is less than expected due to a sharp fall in German electricity prices compared with the first half of last year. Lower gas power production in Germany coincided with a fall in earnings from Norwegian hydropower, bringing about a weaker underlying result.

“In the first six months, Statkraft strengthened its position as Europe’s largest generator of renewable energy and laid the foundation for further growth. We have entered into a number of major agreements, including offshore wind power in the UK and hydropower in southeast Europe,” says Mikkelsen.

Electricity prices in the Nordic market in the first six months were on a par with prices in the corresponding period last year. Prices in the German market were significantly lower. The average Nordic system price ended at €36.10 ($50.96) per megawatt hour (MWh) compared with €36.40/MWh last year. The average German spot price was €39.90/MWh (last year €61/MWh).

The group’s output was 27.3 terawatt hours (TWh) in the first six months, compared with 27.7TWh for the corresponding period in 2008.

Underlying operating profit for the period was NKr5.3bn, a decrease of 9%.