UK wind sale buoys Statkraft
Underlying EBITDA for division up to Nkr324m for year to date
Statkraft booked an operating profit in its wind division of Nkr1018m for the year to date against red ink of Nkr224m in the same period of 2013.
The Norwegian company was boosted by the sale in July of a 49% stake in three UK wind farms totalling 142MW to Gingko Tree Investment.
The operating profit booked for the third quarter of 2014 stood at Nkr963m compared with a loss of Nkr292m in the year-ago period.
Underlying EBITDA for the wind business was up to Nkr324m for the year to date from Nkr246m in 2013, mainly due to new capacity.
Net operating revenues were Nkr169m for the quarter, up from Nkr167m in 2013, and Nkr805m for the year to date compared with Nkr609m a year ago.
Wind generated 0.3 TWh for the group in the third quarter with 0.2TWh coming from Statkraft’s share of Sheringham Shoal.
Net underlying operating revenues from hydro were reported as Nkr228m for the quarter against Nkr218m in 2013 while for the year to date the figures were Nkr671m and Nkr733m respectively.
Underlying EBITDA in the division was up to Nkr42m for the quarter from Nkr25m previously but down to Nkr172m from Nkr231m for the year to date.
In its overall business, Statkraft achieved an underlying EBITDA of Nkr2282m for the third quarter compared with Nkr1867m in the same period of 2013. Major currency effects and non-recurring items resulted in a net profit after taxes of Nkr4151m against a loss of Nkr1681m in 2013.
The group's overall power production totalled 12.2TWh, an increase of 9%.
"Long-term power contracts and higher hydropower production in the Nordic countries offset the impact of the low power prices,” said Statkraft chief executive Christian Rynning-Tønnesen (pictured).
“The results from market activities were also better than in the third quarter of last year. The financial performance in the quarter is solid and shows the robustness of Statkraft's activities.”