Renewable energy developer Statkraft boosted by ‘very high’ Nordic power prices

Norwegian developer Statkraft’s net profits more than doubled in the first quarter of the year.

It recorded net profit of NOK 11.4 billion (€1.1 billion) in the first quarter of 2022, up from NOK 4.8 billion in the same period last year.

The developer explained that its results were boosted by “very high Nordic power prices”: The average Nordic system price was €109/MWh compared with €42/MWh in the same quarter in 2021.

Power prices have soared across Europe following Russia’s invasion of Ukraine and a squeeze on gas supply.

CEO Christian Rynning-Tønnesen said: “The urgent need to reduce Europe’s dependency on Russian energy and the increasing climate challenges call for a further acceleration in renewable energy investments.”

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