Power price lifts Statkraft
Earnings up to Nkr5.2bn in first quarter from Nkr4bn last year
Nordic power prices boosted Statkraft earnings in the first quarter of 2017 to almost Nkr5.2bn up from just over Nkr4bn in the same period of 2016.
Power prices were up 30% on the first three months of 2016 to average of €31.2 per megawatt-hour and helped offset a drop in hydropower output, which was down 2.8 terawatt-hours to 15.8TWh.
Output from wind power was up 0.2TWh to 0.8TWh in the first quarter of 2017, compared with the same period last year.
The Norwegian company’s net profit grew to almost Nkr2.75bn from about Nkr2.4bn in the first three months of 2016.
Statkraft said its “performance improvement programme is progressing according to plan and will result in a stronger and more competitive company going forward”.