Statkraft has reported a decline in its underlying profitability for 2024, citing lower power prices and a drop in hydropower generation in Norway as key contributing factors. The company's underlying EBIT fell to NOK 26.5 billion (€2.24 billion) from NOK 41.4 billion (€3.5 billion) in 2023.
The Nordic region saw a decrease in average system prices, dropping by €21/MWh to €36/MWh, while the average German spot price also declined by €15/MWh to €80/MWh during the same period.
While Statkraft's total power generation rose by 7% to 66.3 TWh, up from 61.9 TWh in 2023, the increase was driven largely by new wind power assets in Brazil and Spain, along with higher generation from gas-fired power plants in Germany. However, hydropower generation in the Nordic region fell by 0.7 TWh compared to the previous year.
Birgitte Ringstad Vartdal, Statkraft's president and CEO, commented on the company's performance: “Statkraft delivered one of our strongest annual results, only outperformed by results driven by the exceptionally high prices during the energy crisis. I am proud of the results the organisation has achieved in 2024, driven by solid operations, record-strong energy management, and continued high value-creation in our market activities.”
In response to changing market conditions, Statkraft has sharpened its strategic focus, concentrating on the Nordic, European, and South American markets. Ringstad Vartdal noted, “Both the markets and the world around us are changing rapidly, making it more difficult to predict what the future will look like. While the underlying drivers of the energy transition continue to be strong and favourable for Statkraft, increased geopolitical uncertainty combined with record-high investment levels in 2023 and 2024 makes us prioritise even more strictly in the short term among projects in our large portfolio.”
The company also emphasized ongoing investments in maintaining and upgrading its Norwegian hydropower assets and developing renewable energy projects to ensure long-term growth and profitability.
