Statkraft posts 2nd-highest quarterly EBIT result

• Norwegian state-owned utility Statkraft AS on Tuesday posted a 2.7% year-on-year increase in underlying operating earnings (EBIT) for the period January-March 2023.

Statkraft closed the initial quarter with an underlying EBIT of NOK 18.54 billion (USD 1.69 bn/EUR 1.57 bn), its second-strongest quarterly result so far.

During the coverage period, power prices were normally lower yet an uptake was seen in the Nordic nations, and Norway particularly. In general, the improved efficiency of the sectors Nordics, Europe as well as Markets was a major motorist for the group's raised earnings, paired with the growth in trading and source tasks, which brought in NOK 3.6 billion in earnings. On the other hand, operating budget climbed due to the high-price contribution in Norway, labour prices, development tasks as well as a weakening of the Norwegian krone.

At NOK 24.47 billion, net operating revenues and various other underlying earnings climbed by 10.8% in annual terms thanks to positive contributions from hedging as well as money effects. More details regarding Statkraft's monetary results are available in the table.

"Statkraft is reporting really solid cause the initial quarter of 2023," said CEO Christian Rynning-Tonnesen.

The group's total power generation was 17.5 TWh, lower than in the year-ago period because of the decreased Norwegian hydropower generation. Wind, biomass as well as solar generation stayed unchanged, while hydropower output fell to 15.6 TWh from 16.5 TWh.

Statkraft is working to enhance its renewables procedures by installing some 2.5 GW-3 GW of capacity each year, with the objective intended to get to 4 GW by 2030. At the end of the quarter, the development price was 1 GW. The majority of the firm's new investments are in onshore wind, solar as well as hydropower.