Statkraft - norwegischer Versorger mit RE-Ambitionen

Published: 10:31 05.11.2009 GMT+1 /HUGIN /Source: Statkraft /OSE: STAEN /ISIN: NO0010246234

Statkraft - Release of third quarter results 2009

Statkraft will report third quarter results 2009 on Thursday 12 November 2009 at 8:00 a.m. CET.

The quarterly interim report and PowerPoint presentation will be available at Oslo Stock Exchange, www.newsweb.no, and on Statkraft's website www.statkraft.com.

A conference call in English is held at 10:00 a.m. CET, with a presentation of results followed by a Q&A-session.

To participate in the conference call, please dial +47 23 00 04 00 and ask for the Statkraft presentation. Please state your name and company.

To access replay of Statkraft's conference call dial +47 67 89 40 91:
Accountno: 1311 followed by #
Press 1
Conferenceno: 311 followed by #
Press 1 to play.

Contacts:
Stein Dale, CFO, tel.: +47 24 06 72 11 / +47 450 02 111
Yngve Frøshaug, VP Investor Relations, tel.: +47 24 06 78 76 / +47 900 23 021

Published: 08:00 CET 18-02-2010 /HUGIN /Source: Statkraft /OSE: STAEN /ISIN: NO0010246234
Statkraft - fourth quarter and preliminary annual result for 2009


Acceptable result in spite of lower prices



(Oslo, 18 February 2010) Lower power prices and reduced production in Norway resulted in Statkraft's underlying1 operating profit for 2009 falling to NOK 9947 million (NOK 12 029 million)2, and to NOK 3770 million in the fourth quarter (NOK 4072 million). The underlying profit before tax amounted to NOK 10 654 million (NOK 11 960 million), and NOK 3986 million in the fourth quarter (NOK 3541 million).



"2009 was characterised by a substantial drop in power prices, driven by the turbulence in the world economy. Moreover, Statkraft chose to adapt to the market by producing less in Norway than in 2008, when power prices and our results reached record levels. In light of this, the result for 2009 is acceptable," says President and CEO Bård Mikkelsen. "We also had a very high activity level in the organisation, partly driven by the integration of new assets. At the same time, several projects moved decisively towards realisation. This secures a solid basis for the Group to grow further, where the investment level will depend on the Norwegian state's willingness to strengthen Statkraft's equity and change its dividend policy," says Mikkelsen.



On an annual basis, the average Nordic system price fell by 22 per cent to 35.0 EUR/MWh (44.7). The average spot price in the German market (EEX) fell by 41 per cent to 38.9 EUR/MWh (65.8). The reduction is mainly due to weaker demand from industry and lower commodity prices on the Continent. Prices rose towards the end of the fourth quarter, driven by cold weather and higher fuel prices. However, the average prices for the fourth quarter ended up lower than for the same period last year, at 36.6 EUR/MWh (50.8) in the Nordic region, and 38.7 EUR/MWh (68.0) in Germany.



The incorporation of new activities from the asset swap with E.ON AG, as well as the consolidation of SN Power as a subsidiary, resulted in an increase in gross operating revenues to NOK 25 675 million (NOK 25 061 million). However, the drop in power prices, lower production and an increased cost base resulted in lower operating profit. The underlying profit after tax was NOK 5746 million (NOK 8097 million), and NOK 2187 million (NOK 2918 million) in the fourth quarter.



The Group produced 17.8 TWh in the fourth quarter (15.2), and 56.9 TWh over the course of the year (53.4). Norwegian hydropower production was significantly lower as a result of lower power prices and reduced demand, while new assets resulted in an increase in production. Wind power production was on a par with 2008, while the gas-based power production increased somewhat.



The reported accounts are impacted by substantial unrealised changes in value as well as non-recurring items, and the unadjusted annual profit for 2009 was NOK 7716 million after tax (NOK 33 262 million), and NOK 1777 million in the fourth quarter (NOK 28 663 million).



Statkraft is Europe's largest renewable energy company. The group develops and generates hydropower, wind power, gas power and district heating, and is a major player on the European power exchanges. Statkraft also develops marine energy, osmotic power, solar power and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries.

Statkraft opens first solar park in Italy - announces agreement for more solar parks


(Rome, 11 March 2010) Today, Norwegian power generator Statkraft opens its first solar power plant, Casale in Aprilia, Italy. Statkraft also announces an agreement with Siemens Energy to build more solar power plants in Italy.



With a total capacity of 3.3 MW and an annual power production of 4.5 GWh, the Casale solar park will supply approximately 1200 Italian households with renewable energy.



"Developing solar power is part of our strategy to maintain Statkraft's role as Europe's largest renewable energy company", said Bård Mikkelsen, President and CEO of Statkraft.



Statkraft also announces today an exclusive framework agreement with Siemens Energy to build up to 40 MW new solar power capacity in Italy during 2010. The agreement covers Statkraft's project pipeline in Italy and construction of the next solar plant is expected to commence in spring 2010.



Following a comprehensive procurement process involving a number of suppliers, Statkraft has chosen Siemens Energy as an exclusive EPC contractor in Italy. As Engineering Procurement Construction (EPC) contractor, Siemens will handle engineering, project management and turnkey construction of the photovoltaic plants. Siemens will also be responsible for operation and maintenance for the first five years.



"Siemens Energy is a highly competent partner, securing our ability to build several solar parks in parallel and reach the target of commissioning new solar parks before the end of 2010. The time schedule is of great importance, due to the uncertainty regarding future support schemes for solar power," says Olav Hetland, senior vice president solar power in Statkraft.



"After successful execution of the Casale project for Statkraft, we are continuing our cooperation with the implementation of further solar energy projects in Italy," said René Umlauft, CEO of the Renewable Energy Division of Siemens Energy.



Statkraft's goal is to develop 75 MW of solar power generating capacity by 2012. The geographical focus is Italy, Spain and France, based on high solar radiation and established support schemes.



Statkraft is Europe's largest renewable energy company. The group develops and generates hydropower, wind power, gas power, solar power and district heating, and is a major player on the European power exchanges. Statkraft also develops marine energy, osmotic power and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries.

Statkraft upgrades renewable power generation in Norway


(Oslo, 18 March 2010) Statkraft has decided to spend more than NOK 1 billion upgrading hydropower facilities. In western Norway, the new power plants Eiriksdal and Makkoren will replace older facilities, while Nedre Røssåga power plant in northern Norway will be modernised.

"These investments will result in more renewable energy, increased security of supply and significant local, regional and national value creation," says Tron Engebrethsen, Senior Vice President at Statkraft.

Eiriksdal and Makkoren power plants in western Norway will produce around 330 GWh. The development also involves a number of environmental improvements in the area. These include increased water flow in the river below the power plants, and replacing older power cables with buried cables. The new power plants will be constructed underground. The development is estimated to cost NOK 700 million, and represents substantial opportunities for the local and regional business community.

The upgrade of the Nedre Røssåga in northern Norway is the first stage of a major modernisation of the Røssåga facilities. Three of the units will be upgraded first, followed by modernisation or replacement of the support and control systems. This will cost an estimated NOK 400 million. Statkraft is also considering an upgrade of the three other units in the power station, or building a new parallel power station to replace them.

Statkraft owns a total of 149 hydropower plants in Norway. The oldest was constructed in the 1920s, while the majority have been in operation since the 1950s and 60s. The facilities have undergone extensive maintenance investments over the years, and Statkraft spends around NOK 1 billion annually on maintenance. In addition, significant investments are made in upgrades and expansion of the facilities.

Statkraft is Europe's largest renewable energy company. The Group develops and generates hydropower, wind power, gas power and district heating, and is a major player on the European power exchanges. Statkraft also develops marine energy, osmotic power solar power, and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries.

Statkraft powering Turkish homes


(Istanbul/Oslo, 3 June 2010) Statkraft will make its first deliveries of clean and self-made hydropower to the Turkish market this week. The Cakit power plant is Statkraft's first in the country, and it is expected that Turkish demand for energy will double by 2020. Statkraft has plans for more and larger hydropower plants in Turkey.

"Statkraft's venture in Turkey is profitable and contributes to providing Europe with more clean energy. It also creates local jobs and development," says Statkraft CEO Christian Rynning-Tønnesen.

Starting this week, the Cakit power plant will deliver power to the Turkish electricity spot market. Cakit was one of several projects in the company Yesil Enerji, which Statkraft acquired for approx. EUR 80 million at the end of June last year. Over the course of the past year, Statkraft has completed the plant and started operations. Cakit is a run-of-the-river plant, with an installed capacity of 20 MW and will have an average annual production of 95 GWh. This amounts to the electricity consumption of about 32 000 Turkish households.

More power plants in the works
Statkraft is working on another three projects in Turkey. If all are completed, the facilities will have a total capacity of approx. 550 MW and the average production capacity will be approx. 1800 GWh annually. The total investments will amount to EUR 500-600 million. According to plan, the construction of the next power plant in Turkey will start later this year. The Kargi power plant is located in the Black Sea region, and is planned with a 102 MW capacity, five times that of Cakit.

Turkey, a growing electricity market
There is a great potential for developing renewable energy in Turkey, and it could become one of the leading European countries within this field. Turkey uses some 200 TWh of electricity annually, but it is expected that the demand will grow to 400 TWh by 2020. At present, about 20 per cent of the total energy production is based on hydropower, and there is a great potential for hydropower development in Turkey.

The official opening ceremony will take place later this year.

Statkraft is Europe's largest renewable energy company. The group develops and generates hydropower, wind power, gas power, solar power and district heating, and is a major player on the European power exchanges. Statkraft also develops osmotic power and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries.

Elkem becomes one of Statkraft's largest industrial customers


(Oslo, 28 June 2010) Norske Skog today announced the resale of 1.5 TWh of energy annually from 2011 to 2020 to Elkem. The agreement will make Elkem one of Statkraft's largest industrial customers, and Statkraft will continue to deliver 2 TWh annually to Norske Skog.



"Elkem is one of Norway's largest and oldest industrial companies. Statkraft is very pleased to establish a long-term customer relationship with Elkem under this resale agreement. The contract volume is significant and the agreement provides Elkem with predictable energy prices for its smelteries for the coming decade," says Statkraft Executive Vice President Asbjørn Grundt.



"We have for some time now worked to secure our long-term energy needs. We are very pleased to have reached an agreement with Norske Skog to take over part of their contract with Statkraft. This agreement strengthens the competiveness of the Norwegian smelteries," says Elkem CEO Helge Aasen.



The agreement will make Elkem one of Statkraft's largest industrial energy customers, with annual volumes of approx. 1.5 TWh until 2020. Norske Skog and Statkraft will continue their cooperation with an annual volume of 2 TWh, reduced from the previous 3.5 TWh.

(Oslo, 19 August 2010) Following all-time high result in the first quarter of 2010, the result for the second quarter was slightly lower. Underlying profit before tax in the second quarter ended at NOK 2311 million compared with NOK 2295 million in the second quarter of 2009. Statkraft's underlying operating profit amounted to NOK 1119 million in the second quarter, compared with NOK 1420 million in the second quarter of 2009. The result is as expected and mainly reflects normal seasonal variations.



Overall for the first half of 2010, the underlying profit before tax was NOK 7685 million, compared with NOK 5780 million in the first half of 2009. The underlying operating profit for the first half of 2010 amounted to NOK 6612 million, compared with NOK 5363 million for the first half of 2009.



"Results for the first half of the year were good and reflect successful power optimisation and high prices throughout the six months. Moreover, we have achieved good and stable operations and high up-time for the power plants. Statkraft produced far more than normal when the demand for power peaked in January and February, while we have chosen to conserve water in the second quarter due to lower prices and relatively low water levels in the reservoirs. On an annual basis, the current reservoir levels indicate a lower production than last year," says President and CEO Christian Rynning-Tønnesen.



The average system price in the Nordic market was substantially higher in the first half of 2010 than in the corresponding period in 2009, ending at 52.3 EUR/MWh (36.1 EUR/MWh). The average price in the second quarter was 44.9 EUR/MWh (34.0). The average spot price in the German market in the first half of the year was 41.5 EUR/MWh (39.9) and 41.9 EUR/MWh (32.4) in the second quarter.



Statkraft generated 29.0 TWh (27.3) in the first half of 2010. Gas power contributed with increased production, while the production of hydropower was somewhat lower than during the first half of last year. Significantly less was produced in the second quarter than in the first quarter, and production for the quarter ended at 10.6 TWh (10.2 TWh). Relatively low hydropower production is expected for the coming months due to lower than normal reservoir levels. At the end of June, the overall reservoir level for all companies in the Nordic region was 84.3 % of normal, corresponding to 70.1 TWh.



Statkraft generated gross operating revenues of NOK 15 950 million (NOK 12 929 million) in the first six months. The reported accounts are impacted by unrealised changes in value and non-recurring items, and the recognised result for the first half of 2010 was NOK 9759 million before tax (NOK 5294 million), and NOK 5596 million after tax (NOK 3293 million).



In the second quarter, Statkraft decided to focus its growth strategy and scale down the investment plans. The company seeks a positive clarification concerning the capital and dividend policy.