Strong operational performance, but lower prices – refocused strategy for continued profitable growth
(Oslo, Norway, 22 July 2025), Statkraft delivered strong operational performance in the second quarter of 2025, despite lower prices, especially in the northern price areas of Norway and Sweden. Net results were negatively impacted by impairments, mostly due to lower estimated future power prices in certain regions, and currency effects. Statkraft continues to refocus for profitable growth.
Power generation in the second quarter 2025 was 15.2 TWh (14.4), and generation was record-high at 36.9 TWh in the first half of 2025 (33.7).
Power prices were 26.5 EUR/MWh in the Nordic region in the quarter, down 8.8 EUR/MWh from the second quarter 2024. The average base price in Germany fell by 2.1 EUR/MWh from the second quarter of 2024 to 69.8 EUR/MWh in the quarter.
Net operating revenues were NOK 9.3 billion in the second quarter 2025 compared to NOK 11.2 billion in the second quarter last year. Underlying EBITDA was NOK 4.5 billion (NOK 6.5 billion).
Statkraft had impairments of NOK 6.3 billion in the second quarter, mainly caused by lower estimated future power prices, particularly in the northern part of the Nordics, following Statkraft's annual update of the long-term price forecast. This included NOK 2.5 billion in impairments related to Swedish wind power assets and NOK 0.5 billion related to Norwegian wind power assets.
Net financial items were NOK -2.4 billion (NOK 1.6 billion), including net currency losses of NOK 2.1 billion, while profit before tax was NOK -5.1 billion (NOK 1.0 billion) and net profit was NOK -6.5 billion (NOK -1.0 billion).
Statkraft announced further plans for investments in Norwegian hydropower, including license applications for large capacity upgrades of the Nore and Aura hydropower plants.
Final investment decisions were made for two hybrid solar projects (203 MW) in connection to the Jerusalém and Boqueirão wind complex in Brazil, and the 97 MW Necton rotating stabiliser project in the UK.
Statkraft's largest solar farm to date, the 450 MW Khidrat solar farm in India reached commercial operation.
Statkraft signed a number of power purchase and sales agreements, including its first two long-term power purchase contracts of renewable electricity in the US.
Statkraft signed an agreement to sell the Enerfin assets in Colombia in the quarter. In July Statkraft sold the development activities in Croatia.
Statkraft further sharpened its strategy and announced an aim to decrease complexity and reduce costs with around NOK 2.9 billion annually by 2027, compared to the estimate for 2025.
"Statkraft had high power generation and record-high realised price-margin contributing to strong operational performance in the quarter. Power prices were lower in the Nordics, especially in the northern price areas of Norway and Sweden. Lower estimated future power prices in this region contributed to impairments of NOK 3.0 billion related to our Swedish and Norwegian onshore wind portfolio," says Statkraft President and CEO, Birgitte Ringstad Vartdal.
Refocused strategy
After a period of high energy prices following the Russian war on Ukraine, prices are now down. The cost per MW has increased across several technologies, financing costs are higher, and global uncertainty has reached extraordinary levels. All these developments are impacting our investment capacity and cost base, as well as negatively affecting investor confidence, leading to delays in some investment decisions and in Statkraft's planned divestments.
After Birgitte Ringstad Vartdal took over as CEO in April 2024, Statkraft announced to streamline the portfolio and operations, ...
