Statnett Group Profits Up in 3Q 2012 (Norway)

The Statnett Group reports profit after tax of NOK 270 million in the third quarter of 2012. The corresponding figure for the same period in 2011 was NOK 254 million.

Profit after tax for the first three quarters of 2012 was NOK 722 million, compared to NOK 774 million in the same period of 2011. The reduction in profit after tax for the first three quarters was due to lower tariff revenues in 2012, somewhat offset by increased congestion revenues.

In the third quarter of 2012 total operating revenues for the Statnett Group amounted to NOK 1 360 million, compared to NOK 1 339 million for the same period in 2011. The Group’s operating revenues for the first three quarters of 2012 amounted to NOK 3 993 million. The corresponding figure for 2011 was NOK 4 180 million. The reduction in operating revenues for the first three quarters of 2012 was due to lower tariff revenues in 2012, somewhat offset by increased congestion revenues. The reduction in tariff revenues are partly caused by downward adjustment of tariffs for 2012, compared to 2011.

Statnett’s revenues are regulated by the Norwegian water resources and energy directorate (NVE) which each year calculates the company’s revenue cap based on firm predefined criteria. Revenues exceeding the revenue cap will be returned to consumers over time through a reduction in tariffs. The higher revenue for the first three quarters of 2012 was NOK 764 million, compared to NOK 863 million for the same period in 2011. Accumulated higher revenue was NOK 3 417 million at the end of third quarter of 2012.

At the end of the third quarter of 2012, the Group’s profit after tax adjusted for changes in higher/lower revenue after tax and calculated interest cost on higher revenue was NOK 146 million.

In the first three quarters of 2012, the Statnett Group invested NOK 2 238 million compared to NOK 1 873 million for the same period in 2011.

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Press Release, November 09, 2012