(Montel) The trading arm of Norway’s Statkraft posted an operating loss of NOK 4bn (EUR 405m) in the third quarter, down from a profit of NOK 110m a year earlier, while group earnings soared on high power prices.
Statkraft’s market operations segment comprises market access, trading and origination.
High power prices
However, the Norwegian utility posted operating profit of NOK 4.6bn for the third quarter, up sharpy from NOK 1.1bn in the same period last year as average Nordic power prices jumped from EUR 9/MWh in July-September last year to EUR 68.50/MWh this year.
“The strong results have a positive impact on our investment capacity and provides us with a solid financial foundation to continue our growth path and reinvest in renewables, contributing to the energy transition," said CEO Christian Rynning-Tønnesen.
The company did not disclose hedging positions.
Profits from its flexible generation segment, which includes Nordic hydropower, rose to NOK 8bn, up from NOK 1.3bn one year ago.
The group generated 15.3 TWh of electricity in July-September, up from 14.5 TWh in the corresponding period last year, of which 13.9 TWh was hydropower.
Power generation from gas-fired power plants in Germany fell from 2.4 TWh in Q3 last year to 0.5 TWh this year due to soaring gas prices.
(EUR 1 = NOK 9.86)