Norway

Norway

Statkraft's wind business profitable again

Statkraft's wind power business returned to profit last year, boosted by new operational capacity, and higher power and tradable electricity certificates.

Statkraft's 256MW Roan wind farm in Norway (above) helped boost its production figures in Q4 2018
Statkraft's 256MW Roan wind farm in Norway (above) helped boost its production figures in Q4 2018

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The Norwegian developer recorded an operating profit of NOK 431 million (€44.1 million) in 2018, up from a NOK 61 million loss the year before.

In the fourth quarter of 2018 this profit was NOK 201 million, up from a NOK 32 million loss in the same period one year earlier.

It stated that this was due to higher power and electricity certificate prices, as well as new capacity from the Fosen wind project.

The 256MW Roan project – the first phase of the 1GW complex in Norway, in which Statkraft owns a 52% stake – was commissioned in the fourth quarter of 2018.

This new capacity meant production from wind power inched up to 0.8TWh in the fourth quarter, from 0.7TWh one year earlier, while generation remained flat at 2.2TWh year on year.

Excluding investments in shareholdings, Statkraft spent NOK 1.6 billion on its wind power business in 2018, up from NOK 512 million in 2017.

This was mostly due to spending on the Fosen complex, which is due to be completed in the third quarter of 2020.

Statkraft also spent NOK 381 million on new shareholdings last year.

This investment was mainly related to the acquisition of the Irish and UK wind development business of the Element Power Group, which had a 1,550MW development pipeline of onshore wind sites.

Statkraft plans to invest about NOK 10 billion (€1.04 billion) in renewable energy each year between 2019 and 2025 in developing a 6GW portfolio of operational onshore wind projects.

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