Wind power hit plunges Statkraft deep into red
Norwegian giant takes impairment of almost $300m against Nordic onshore wind operations
Norwegian power giant Statkraft plunged deep into the red after taking a big hit over future expectations from its Nordic wind power operations.
State-run Statkraft announced a second quarter impairment of NKr3bn ($295m) against future power price and generation expectations at its Swedish and Norwegian onshore wind plants.
That helped propel the company to a NKr6.5bn net loss, way higher than the NKr992m deficit posted in Q2 2024.
Statkraft – which claims to be Europe’s largest renewable energy producer thanks to its huge hydropower base – said the second quarter was one in which “Nordic markets were characterised by high volatility of daily prices and considerably lower power prices”.
Its annual report said the average system price in the Nordic region was €26.5/MWh, down €8.8/MWh from the second quarter of 2024 and €19.5/MWh lower than in Q1 of 2025.
CEO Birgitte Ringstad Vartdal said: “The energy markets are characterised by continuous change, with higher volatility and more geopolitical uncertainty than before.
“While the current conditions are challenging for the entire industry and all businesses, the energy transition will prevail with continued opportunities for profitable growth, especially in solar, onshore wind and batteries.
“We will manage and leverage this by reducing complexity and cost. Unfortunately, the changes we are making will include redundancies,” she added.
(Copyright)