Second strongest results ever

Statkraft delivered its second highest result ever in 2023, even as power prices were significantly lower than the previous year. The value contribution from market activities and energy management continued to be strong.

• Net operating revenues were NOK 65.3 billion in 2023 compared to 75.3 billion the year before, when the European energy crisis caused extraordinarily high prices and extreme volatility. Underlying EBIT decreased to NOK 41.4 billion from NOK 54.4 billion in 2022 mostly due to significantly lower power prices, while profit after tax was NOK 26.1 billion compared to NOK 28.6 billion.
• Statkraft signed an agreement to acquire Spanish-based Enerfin for about NOK 21 billion. Enerfin's renewable energy platform includes 1,500 MW wind power in operation and under construction, and a pipeline of projects at various stages of development. Closing of the transaction is expected in the second quarter 2024. After closing, Statkraft will divest Enerfin’s portfolio in Canada, the US, Colombia and Australia, reducing the acquired portfolio to 1,247 MW of wind and solar in operation or under construction and a pipeline of 565 MW in the core markets Spain and Brazil.
• Statkraft announced plans for record-high investments of between NOK 44 and 67 billion in Norwegian hydro and wind power.
• Statkraft signed a record number of long-term agreements with Norwegian industrial companies, totalling 64 TWh. Furthermore, Statkraft signed several power purchase agreements in other markets, including its first long-term power contract in the US.
• The proposed dividend amounts to NOK 13 billion for 2023.
• In October 2023 CEO Christian Rynning-Tønnesen informed the Board of Directors that he wishes to resign after almost 14 years. The Board’s process to find a new CEO is progressing as planned.

“Statkraft delivered its second-best annual result in 2023, as markets continued to stabilise after the extraordinary situation and a record 2022. The results are above historical levels, as the market activities continued to show strong performance even though volatility and prices are much lower. We are seeing signs that the forward prices are stabilising on a level closer to the price levels seen before the energy crisis,” says Statkraft CEO Christian Rynning-Tønnesen.