Lower prices led to lower Statkraft results

Lower prices led to lower Statkraft results

The issue is updated.

Appears in the company Annual Report for 2023. The company does not provide a separate report for the fourth quarter.

The company says it made smaller gains last year than the year before, “mainly due to the significant decline in energy prices.”

Statkraft proposes a dividend of NOK 13 billion to the state owner for 2023. This is less than Profits 17.2 billion for 2022.

These are some of Statkraft's key numbers for 2023:

  • Net operating income was NOK 65.3 billion in 2023, down from NOK 75.3 billion in the previous year.

  • Underlying operating profit (EBIT) fell to NOK 41.4 billion, from NOK 54.4 billion in the previous year.

  • Profit after tax fell to NOK 26.1 billion, from NOK 28.6 billion in the previous year.

The president got 7.6 million

Statkraft reports that company president Christian Rynning-Tønnesen earned NOK 7.58 million last year, compared to NOK 7.08 million the year before.

In October 2023, Rynning-Tønnesen informed Statkraft's board of directors of his desire to step down from his position as CEO after nearly 14 years.

“The Board’s work to appoint a new CEO is proceeding as planned,” the company wrote.

– The second best annual result

– Statkraft achieved its second-best annual result in 2023, when markets continued to stabilize after exceptional circumstances and a record result in 2022, says Rynning-Tønnesen in a report message.

– Results are stronger than historical levels, and market activities continue to show good results even though volatility and prices are much lower. We see signs that prices are stabilizing at a level closer to the price levels we saw before the energy crisis.

See also  Equinor sued over misleading advertising in the UK

Statkraft made investment decisions worth 1,300 MW in new projects last year. The goal is to develop 2,500-3,000 MW of renewable energy per year from 2025, and 4,000 MW per year from 2030.

– We are on our way to providing our share of the renewable energy the world needs, with a growing portfolio of projects and an organization ready to meet the challenge, says the head of Statkraft.

Planning for large investments

In January Statkraft provided the plans To invest up to NOK 67 billion in modernizing Norwegian water and wind energy facilities and new onshore wind farms.

In the fall, Statkraft entered into an agreement for Buying the Spanish company Enerfin For about NOK 21 billion, including some wind energy in the purchase.

Statkraft plans to sell the Enerfin portfolio in Canada, the United States, Colombia and Australia. The project includes 1,247 MW of wind and solar capacity in operation or under construction and a project portfolio of 565 MW in Spain and Brazil.

Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

Leave a Reply

Your email address will not be published. Required fields are marked *