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.”