Norwegian state-owned utility Statkraft reported stable net profit of NOK 6.8 billion (€578 million) for the first quarter of 2025, unchanged from the same period a year earlier, despite a decline in underlying earnings before interest, tax, and depreciation (EBIT).
“This stability was primarily due to positive currency effects of NOK 3.1 billion under financial items,” the company said, noting a turnaround from a NOK 2.7 billion negative impact last year. A lower tax expense also contributed to maintaining the net profit.
Statkraft recorded its highest-ever quarterly power generation at 21.7 terawatt hours (TWh), up from 19.4 TWh in Q1 2024. This was driven by higher hydropower output in Norway and additional wind generation from new assets in Brazil and Spain. Wind power generation rose to 2.3 TWh from 1.7 TWh, while hydropower production increased to 18.2 TWh from 17.2 TWh.
“Statkraft delivered another quarter with strong underlying results, despite lower prices,” said CEO Birgitte Ringstad Vartdal. “Higher volumes demonstrate our strong operations and maintenance capabilities, the role of our flexible hydropower fleet, as well as new wind power investments in Spain and Brazil starting to pay off.”
She added that energy management and ancillary services continued to contribute strongly, reflecting the company’s role in balancing an increasingly complex energy system.
Separately, Statkraft announced it would halt development of new green hydrogen projects across all markets. However, the company will continue progressing existing UK hydrogen projects, including those in Scotland, which have received government backing or external funding.
“Statkraft has decided to end development of new green hydrogen projects across our portfolio,” said Kevin O’Donovan, Statkraft’s UK Managing Director. “We will continue to develop our existing UK hydrogen projects… and seek investors to take them forward into construction and operation.”
The company emphasized it remains committed to its broader renewable energy and energy market activities.
