Statkraft’s third-quarter profit before tax climbed to NOK 5.9 billion as Nordic power prices more than doubled year over year, offsetting lower electricity output, the Norwegian power company said Thursday.
The company generated 14.7 terawatt-hours (TWh), down from 15.8 TWh in the same quarter of 2025. Norwegian output decreased by 1.4 TWh, partly offset by a 0.3 TWh increase elsewhere. Statkraft attributed the decline in Norwegian hydropower production to tight hydrological conditions.
Statkraft’s Q3 presentation put the Nordic system price at EUR 74.6 per megawatt-hour, compared with EUR 36 a year earlier. Underlying EBITDA — earnings before interest, taxes, depreciation and amortization — rose to NOK 5.2 billion from NOK 3.1 billion.
The Nordics were the company’s largest contributor. Statkraft said trading and origination activity supported its Markets unit, while International benefited from a settlement in a supplier dispute. In Europe, improved generation and operating revenue, along with lower operating expenses, were outweighed by negative hedging effects and project-development costs.
Net profit was NOK 3.5 billion, compared with a NOK 700 million loss a year earlier. Statkraft recorded a NOK 1.2 billion impairment reversal at Chile’s Los Lagos hydropower project; Torsa wind project impairments partly offset it, leaving a NOK 900 million net reversal. The company said positive currency effects also contributed to pre-tax profit.
President and CEO Birgitte Ringstad Vartdal said, “Norway needs to accelerate power and grid development.” She said Norway had added 1 gigawatt of generation capacity since 2021, compared with 10 gigawatts in Sweden.
By the end of the third quarter, Statkraft had made investment decisions for 765 megawatts of new renewable capacity, including solar and wind projects in the United Kingdom and battery storage in Spain. Its financial calendar lists the annual report and fourth-quarter 2026 results for March 4, 2027.
