Statkraft records Q3 loss amid lower prices, currency effects

Acres Wind farm in Ireland. Image by: Statkraft AS.

Norwegian state-owned utility Statkraft AS on Thursday reported a net loss of NOK 225 million (USD 20.7m/EUR 19.2m) for the third quarter of 2024, against a NOK-4.5-billion net profit a year ago as revenue declined amid lower power prices.

Underlying earnings before interest and tax (EBIT) fell to NOK 3 billion from NOK 4.9 billion, impacted by lower power prices, lower Norwegian hydropower generation and hedging effects.

The company’s bottom line was also hit by negative currency effects of NOK 2.6 billion due to a weakening of the Norwegian kroner against the euro.

“Statkraft continues to deliver robust underlying results, despite lower prices and lower hydropower production in Norway. Solid energy management has led to a record-high price margin in our Nordic hydropower fleet, reflecting the increased value of these assets," said president and chief executive Birgitte Ringstad Vartdal.

The results from Statkraft’s Europe and International segments were affected by costs related to ongoing high level of business development.

NOK million	Q3 2024	Q3 2023	9mo 2024	9mo 2023
Net operating revenue and other income underlying	9,813	10,705	40,651	47,051
EBIT underlying	3,002	4,937	21,416	29,857
EBIT	4,610	3,238	19,127	36,598
Profit (loss) before tax	1,535	6,019	16,562	38,498
Net profit (loss)	(225)	4,466	5,554	20,120

Statkraft recently announced plans to divest its onshore wind, solar and battery businesses in the Netherlands and Croatia. The company also intends to dispose of its hydropower and solar assets in India as it wants to focus on fewer markets to build scale and bolster competitiveness.

(NOK 1 = USD 0.092/EUR 0.085)

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