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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Price cap on gas in Europe is a complex issue and potentially very costly

European lawmakers demand action to rein in gas prices, and the EU Commission has drafted a plan. However, gas prices constitute tricky puzzle: No matter how it’s approached, Europe faces an energy shortage in the next six months. The only way to help consumers is through aid, but this is a potentially costly and dangerous path, says analyst.

Further reading

Related articles

Latest News

See all jobs