Norwegian energy giant Statkraft said its performance in 2024 was “among the best” in its history despite “substantially lower power prices” which hit profits.
The state-owned utility said its operating profit for the fourth quarter fell by 56% while net profit fell to NOK 1.5 billion (£140 million) in the fourth quarter from NOK 6bn the year prior.
Nevertheless the firm insisted its underlying EBIT was “among the best in Statkraft’s history” despite having achieved “substantially lower power prices”.
In 2024, Statkraft revealed plans to “sharpen” its strategy, focusing on the Nordics, Europe and South America.
Since it opened its first UK office in 2006, Statkraft has invested billions in renewable energy infrastructure projects, including onshore wind, battery storage and pumped storage hydro across Scotland and England.
© Supplied by StatkraftThe company has a UK investment pipeline of more than £4bn, with almost 20 consented projects including two BESS schemes at Coylton and Neilston in Scotland.
Statkraft said total power generation was up to 66.3 TWh in 2024 compared to 61.9 TWh in 2023. The seven per cent increase year-on-year was primarily related to new wind power assets in Brazil and Spain and higher generation from the gas-fired power plants in Germany. The hydropower generation in the Nordics was 0.7 TWh lower than in 2023.
Statkraft president and chief executive Birgitte Ringstad Vartdal said: “Statkraft delivered one of our strongest annual results, only outperformed by results driven by the exceptionally high prices during the energy crisis.
“I am proud of the results the organisation has achieved in 2024, driven by solid operations, record-strong energy management and continued high value-creation in our market activities.
“We are investing heavily in maintaining and upgrading our Norwegian hydropower assets, while developing and optimising a portfolio of renewable energy projects to build scale and profitability in high-potential markets.
“Both the markets and the world around us are changing rapidly, making it more difficult to predict what the future will look like.
“While the underlying drivers of the energy transition continue to be strong and favourable for Statkraft, increased geopolitical uncertainty combined with record-high investment levels in 2023 and 2024 makes us prioritise even more strictly in the short term among projects in our large portfolio.”
Last year the firm completed the acquisition of Spanish-based renewable energy company Enerfin, for NOK 18bn but sold off the firm’s US operations in the final quarter of the year.
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