Statkraft to Increase Investment in Renewables

Statkraft, a Norwegian state-owned electricity company, reported lower fourth quarter EBITDA of NOK 3486 million (EUR 404 million) compared to the last year’s NOK 3843 million (EUR 445 million).

Substantial currency effects resulted in a net loss of NOK 3097 million (EUR 359 million) for this period.

“In a quarter where the market was still dominated by lower power prices, Statkraft delivered a solid result. The underlying operating profit (EBITDA) amounted to NOK 3486 million. This shows the robustness of Statkraft’s strategy,” said president and CEO Christian Rynning-Tønnesen.

I the fourth quarter, the company reduced its share in UK Sheringham Shoal offshore wind farm from 50 to 40 per cent  in order to help finance new projects.

“We are very pleased with the Storting’s unanimous decision before Christmas to give Statkraft NOK 5 billion in increased equity. The Norwegian state will also reduce its dividends over the next three years by NOK 5 billion. This will enable further growth within renewable energy in Norway and internationally,” Rynning-Tønnesen concluded.

Image: statkraft