Statkraft reported its third-quarter financial performance, revealing a decline in net operating revenues from NOK13.2 billion (£970m) to NOK10.6 billion (£780m) and a decrease in underlying EBIT from NOK9 billion (£660m) to NOK4.9 billion (£360m).
The drop in power prices was attributed to factors such as increased gas storage levels, new renewable energy capacity and favourable weather conditions in Nordic hydropower reservoirs.
Despite the challenges, the company maintains its commitment to a growth strategy, focusing on renewable energy projects, including hydro, wind, solar and batteries across Europe.
The Nordics and Markets segments continue to play significant roles in Statkraft’s results.
Statkraft’s Chief Executive Officer Christian Rynning-Tønnesen emphasised the urgency of renewable energy needs globally and the company’s efforts to contribute to this transition.
The focus also extends to increasing installed capacity in existing hydropower plants in Norway.
