EnergyWatch

Statkraft makes major impairments on wind and water

Last quarter, Norwegian utility Statkraft made major impairments on gas. This quarter, wind and especially water took the hit, as huge sums were knocked off the value of a newly opened hydropower project.

Photo: Statkraft

There was one piece of good news in the third quarter interim report from Norway's Statkraft: The increase in Nordic electricity prices, which were 89 percent higher than in the same period last year, allowed the Norwegian energy company to increase its EBITDA by almost a third, up to NOK 2 billion (EUR 221.75 million)

But besides this result, things look pretty bleak on the other hand. Revenue suffered a setback and landed at NOK 9.6 billion, which is 22.8 percent lower than in the same period last year. Looking at the year's first three quarters, the top line was reduced almost one tenth. Meanwhile, a loss of NOK 1.4 billion was realized after taxes, which also pulls the provisional annual result down into the red.

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