Statkraft Q1 Profit Rises to 11.6 Billion Crowns
Statkraft posted a Q1 underlying profit of 11.6 billion crowns as cold weather and low reservoir levels lifted power prices. Benchmark rates nearly doubled.
Xurve View
Xurve View
Statkraft reported a 28.8% rise in Q1 underlying operating profit to 11.6 billion crowns ($1.25 billion). The state-owned utility earned 9.0 billion crowns during the same period last year. Surging regional power prices and market volatility offset lower hydroelectric and wind generation volumes.
Nordic power prices nearly doubled to an average of 90.5 euros per megawatt hour during the quarter, up from 46.0 euros per megawatt hour a year ago. Cold weather, low wind output, and a dry outlook drove the price spike.
