Green power giant Statkraft slips into red in Q3
Norwegian group hit by currency effects and lower power prices but says underlying position 'robust'
Statkraft slipped to a loss in the third quarter as currency effects and lower power prices bit at the Norwegian energy group.
Statkraft – which claims the mantle of Europe’s largest green power producer thanks to its huge hydro output posted a net loss of Nkr225m ($20.5m) for the July-September period, down from a Nkr4.5bn profit a year earlier.
The company said power prices fell by 28 per cent in the Nordic region in the third quarter and 16 per cent in Germany compared to the same quarter last year.
Statkraft saw wind output triple to 2.5TWh during the quarter, but this was offset by a fall in hydro output.
CEO Birgitte Ringstad Vartdal claimed the group’s underlying position remains strong.
“Statkraft continues to deliver robust underlying results, despite lower prices and lower hydropower production in Norway. Solid energy management has led to a record-high price margin in our Nordic hydropower fleet, reflecting the increased value of these assets.
“Due to high inflow and long-term energy management, Statkraft is well prepared to meet increased demand and expected higher prices during the winter season," said Ringstad Vartdal.
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