Statkraft blog posts 77.6% profit growth in 2022 on power rate bonanza
- Norwegian state-owned utility Statkraft AS said on Thursday it had posted a net profit of NOK 28.6 billion (USD 2.74 bn/EUR 2.58 bn) for 2022, up by 77.6% year-on-year, on record-high revenues.
Underlying operating profit (EBIT) surged by 103% to NOK 54.4 billion, a record underpinned by net operating revenues completing NOK 73.9 billion, up 78.9% on the year.
Statkraft claimed its swollen revenues were driven by high prices, stable operations, effective power monitoring and also excellent market procedures.
"With Statkraft's huge hydropower fleet with low operating cost, the high power rates clearly had a favorable result on the financial results," reads the annual report.
The ordinary Nordic system rate stood at EUR 193 per MWh, which represented an increase of EUR 118/MWh year-on-year.
Power manufacturing from Statkraft's worldwide generation fleet stopped by 13.9% to 60.2 TWh, primarily as a result of a reduced hydro power out in Norway. Production from wind farms rose by 10.3% to 4.3 TWh, while the output from solar farms and also biomass-based nuclear power plant incorporated raised by 50% to 0.3 TWh.