In the fourth quarter of 2021, as well as for the entire year, Statkraft saw a significant increase in profitability.
In the fourth quarter of 2021, underlying EBIT was Nkr9.3 billion (€0.9 billion), up from Nkr7.8 billion in the fourth quarter of 2020.
The net profit was Nkr3.9 billion, up Nkr0.2 billion from the same quarter in 2020. Total electricity generation was 18.5 TWh, 1.3 TWh greater than the previous year’s fourth quarter.
Underlying EBIT was Nkr26.8 billion in 2021, up from Nkr6.7 billion in 2020. The company made a profit of Nkr16.1 billion (NOK3.5bn). Statkraft generated 69.9 TWh, an increase of 8% over 2020.
The growth was fueled by significantly higher Nordic power prices and high Norwegian hydropower generation, but it was hampered by market losses as a result of high energy prices and a volatile market.
The project pipeline continues to grow, according to the directors, and Statkraft is on track to meet its goal of creating 9 GW of renewable energy by 2025, with an annual development rate of 2.5-3 GW.
CEO Christian Rynning-Tnnesen sais “Statkraft delivered strong results last year, based on high Nordic power prices and large Norwegian hydropower generation.”
“However, the extraordinary market situation creates a demanding situation for consumers and households.”
“As Europe’s largest generator of renewable energy this is not a situation we want.”
“We continued to deliver on our strategy throughout the year, and we enter 2022 with a strengthened financial capacity and ability to deliver on our growth ambitions and continue driving the energy transition forward.”