The company has appointed Christian Rynning-Tønnesen (50) as a new president and chief executive to take over when Bård Mikkelsen retires next summer. Rynning-Tønnesen currently heads Norske Skog, a large forest products group.

Statkraft is, like most European energy companies, being hit by reduced demand for electricity and lower power prices.

“We are currently considering extraordinary efficiency measures to increase short-term profitability. We will also be revising the investment plans”, says current president and chief executive Mikkelsen when presenting the company’s third quarter results.

Profit before tax fell to NKr 6.7bn ($1.2bn) in the first three quarters from NKr 8.4bn in the same period of 2008. Total revenue reached NKr 17.5bn - an increase of 5%, primarily due to new activities.

Stakraft has yet not made any decisions to reduce an investment programme of NKr 90bn ($16bn) in the period until 2015, but all business units are now examining their plans carefully.

The company previously launched ambitious plans – for example in the offshore wind sector. But whether its investment programme will be cut will depend to a large extent on the attitude of the Norwegian government.

In February, Statkraft asked the government for NKr 8bn in extra capital and a change to dividend policy that would let the company keep more of its profits, but the government has not responded publicly to the request.