Norwegian state-owned utility Statkraft AS said on Thursday it had posted a net profit of NOK 28.6 billion (USD 2.74bn/EUR 2.58bn) 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 totalling NOK 73.9 billion, up 78.9% on the year.
Statkraft said its swollen revenues were driven by high prices, stable operations, successful energy management and excellent market operations.
“With Statkraft’s large hydropower fleet with low operating cost, the high power prices clearly had a positive effect on the financial results,” reads the annual report.
The average Nordic system price stood at EUR 193 per MWh, which represented an increase of EUR 118/MWh year-on-year.
Power production from Statkraft’s global generation fleet dropped by 13.9% to 60.2 TWh, mainly due to a lower hydro power out in Norway. Production from wind farms rose by 10.3% to 4.3 TWh, while the output from solar farms and biomass-based power plants combined increased by 50% to 0.3 TWh.
(NOK 1.0 = USD 0.096/EUR 0.090)
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