Statkraft reported a decline in its Q3 2024 underlying operating profit, with earnings dropping to NOK 3 billion (€254 million) from NOK 4.9 billion in the same quarter of 2023.
This decrease was driven by lower power prices, reduced hydropower production in Norway, higher operating expenses, and impacts from hedging. The company's underlying EBITDA also fell sharply, standing at NOK 4.9 billion for the quarter, compared to NOK 46.3 billion a year earlier.
Despite challenges in Norway, Statkraft is moving ahead with domestic projects, including new wind power installations and the NOK 1.2 billion replacement of the Svean hydropower plant in Central Norway.
An additional NOK 900 million will be allocated to upgrade the tunnel system between the Blåsjø reservoir and the Saurdal power station as part of a larger NOK 2.5 billion maintenance initiative for the 50-year-old Ulla-Førre power complex.
Internationally, Statkraft achieved significant growth in its renewable energy capacity. In Europe, the company brought the El Rancho solar project in Spain and the Moanvane wind project in Ireland into operation and divested Ireland's South Meath solar park. In South America, Statkraft increased its installed wind capacity by bringing projects in Brazil and Chile fully online, adding 1,712 MW to its portfolio.
The company has also expanded its renewable energy partnerships, signing long-term power purchase agreements (PPAs) in Spain and the United States. To further support its green energy initiatives, Statkraft issued a SEK 500 million green bond with a 14-year term.
