Renewable energy producer Statkraft writes down assets in Europe and India

Heavyweight in hydroelectricity, the group 100% owned by the Norwegian state is present in around twenty countries, where it is also active in wind power, solar power, gas and storage batteries.

Like the rest of the renewable energy sector, it is suffering from a deterioration in its profitability due to high interest rates and a fall in electricity prices.

On Tuesday, it reported a net loss of 1 billion crowns (84 million euros) in the second quarter compared to a profit of 5,5 billion crowns a year earlier, due to large provisions.

In Albania and Turkey, it depreciated its hydroelectric assets by 3,1 billion due to a downward revision of expected production.

In Germany, 841 million crowns were made to reflect lower than expected future prices in wind power, and another 348 million was made in hydropower in India.

Quarterly turnover fell to 11,2 billion crowns compared to 12,9 billion a year ago, weighed down in particular by a fall in the price of electricity in northern Europe and Germany (-38% and - 46% respectively).

Although prices fell, electricity generation over the entire quarter increased by 1,3 TWh year-on-year, to 14,4 TWh.

Underlying operating profit came to 4,9 billion, down 34%.

Statkraft, which has just bought the Spanish Enerfin (wind and solar), announced in June a slowdown in its growth rate.

It now plans to install between 2 and 2,5 GW of new capacity in onshore wind, solar and battery storage from 2026 compared to an annual range of 2,5 to 3 GW initially planned from 2025 and 4 GW from 2030.

In offshore wind power, it now aims to install between 6 and 8 GW by 2040 compared to 10 GW planned until then.