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Norway

Norway

Statkraft plans wind expansion

NORWAY: State-owned energy company Statkraft plans to ramp up wind and solar development as part of an updated business strategy, the group stated in its second quarter financial report.

The future site of Statkraft's 1GW Fosen wind complex. It invested in the project in Q2
The future site of Statkraft's 1GW Fosen wind complex. It invested in the project in Q2

It also aims to "optimise its hydropower portfolio", "grow its customer business" and "develop new business within decarbonisation and renewable energy", the company added.

The Norwegian energy group stated it aspires to be "a major developer of profitable wind and solar projects in Europe, South American and India".

It currently owns wind farms in the Nordic countries and the UK.

Hydropower currently dominates Statkraft’s power generation segment — producing 10.9TWh of the 11.5TWh generated by its assets in the second quarter of 2018.

Meanwhile, wind production (0.6TWh) in Q2 was at the same level as a year ago.

Statkraft explained the net increase of NOK 108 million (€11.35 million) of revenue in its generation segment was due to its Nordic wind projects producing more power and higher prices in the region’s renewable energy certificate market.

The segment's revenue totalled NOK 4.63 billion (€487 million) in the quarter. 

Investment

Statkraft invested NOK 467 million in new wind capacity in the second quarter.

This was "mainly related" to the six-phase, 1GW Fosen wind farm in Norway, which could be the largest onshore project in Europe when completed, the company added.

Meanwhile, gross revenue in the company’s wind segment increased 45% in Q2 from NOK 162 million to NOK 235 million year-on-year, while operating profit (Ebitda) more than doubled from NOK 44 million to NOK 117 million.

The company’s overall gross revenue in Q2 was down 22% to NOK 8.65 billion (€910 million). It had recorded lower revenues in its European flexible generation, market operations and industrial ownership segments.

Nevertheless, CEO Christian Rynning-Tønnesen said the company had shown a "strong performance" in the first half of 2018 and was in a "solid financial position" to expand more into renewables.

Statkraft had previously stated that divestment of stakes in offshore wind farms such as the 317MW Sheringham Shoal, 860MW Triton Knoll, and 402MW Dudgeon projects off the UK would enable it to pursue future investment in new renewable energy markets.

Announcing its second quarter results, the company said: "The ambition is to maintain the leading position within hydropower, be a major developer of profitable wind and solar projects in Europe, South America and India, grow the business within district heating and market operations and develop new business within decarbonisation and renewable energy."

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