Statkraft’s results in the third quarter of 2025 decreased despite higher production. The results were impacted by low prices in Northern Norway, reduced contribution from Markets, and negative hedging effects. Statkraft signed agreements to sell assets for around NOK 13.5 billion in the third quarter, executing on the refocused strategy and freeing up capital for continued growth.
- Power generation in the third quarter 2025 was 15.8 TWh (13.3 TWh), and generation was record-high at 52.7 TWh in the first nine months of 2025 (47.1 TWh).
- Net operating revenues in the quarter were NOK 8.0 billion (NOK 9.8 billion). Underlying EBITDA was NOK 3.1 billion (NOK 4.9 billion).
- Net financial items were NOK 0.6 billion (NOK -3.4 billion), including net currency gains of NOK 1.1 billion (NOK-2.6 billion) while profit before tax was NOK 0.9 billion (NOK 1.5 billion). Net profit was NOK -0.7 billion (NOK -0.2 billion).
- In the quarter, Statkraft made significant progress on its announced plans to decrease complexity and reduce costs.
- Statkraft signed agreements to divest the district heating business, transmission lines in Peru, as well as renewable energy assets and development activities in Canada, Croatia, India, Nepal, and the Netherlands for a total enterprise value of NOK 13.5 billion in the quarter. Year to date the enterprise value for signed agreements is NOK 15.5 billion. As a result of these divestments, around 330 employees will leave Statkraft to new owners by the end of 2025.
- In Norway, Statkraft submitted the license application for a third unit in the Alta hydropower plant, made the final investment decision for a refurbishment of the Mår hydropower plant and Hyttfossen dam, and announced plans for wind power development in Åsnes municipality.
- Statkraft also made an investment decision for the Cardonal BESS 2 battery project (20 MW) in Chile.
- After the quarter Statkraft decided to build the Lupi solar farm (182 MWp) in Peru with an expected investment of NOK 1.5 billion.
'I am pleased with the solid progress we have made in executing our sharpened strategy in the third quarter. We have sold a portfolio of businesses, our skilled teams will have new owners, and the divestments contribute to reduce complexity and cost and free up capital for further profitable growth in prioritised technologies and markets going forward,' says Statkraft President and CEO, Birgitte Ringstad Vartdal.
Executing refocused strategy
In the quarter, Statkraft agreed to sell the district heating business, as well as transmission lines in Peru, and renewable energy assets and development activities in Canada, Croatia, India, Nepal, and the Netherlands. In line with the refocused strategy launched in June, Statkraft is reducing the number of countries and technologies, including offshore wind, green hydrogen and biofuels, and is seeking new owners to the EV charging company Mer.
Based on market developments and business models, Statkraft is planning for a long-term investment capacity of NOK 16-20 billion per year.
In the coming years, Statkraft will continue to grow in market operations and will keep investing in solar, wind, battery storage, and grid services in Europe and South America, where there are significant investment opportunities also near term. A substantial share of the investments will gradually also be allocated to hydropower refurbishments and capacity upgrades in Norway and new onshore wind power developments in Norway and Sweden.
Prices, market development, and generation
'Statkraft had high power generation in the third quarter and solid underlying results in Nordics, even though most of the increased power generation was in Northern Norway (NO4) where prices were very low. Results were impacted by negative hedging effects due to rising forward prices and lower contribution from Markets. Our market activities experienced a lower activity level in the quarter compared to a very strong quarter last year. The results will vary over time, driven by changes in volatility and market conditions,' says Vartdal.
The average system price in the Nordic region was 36 EUR/MWh, up 16.2 EUR/MWh from the third quarter of 2024 and 9.6 EUR/MWh higher than second quarter of 2025. The average base price in the German market (EEX) was 82.8 EUR/MWh in the period, up 6.7 EUR/MWh from the third quarter of 2024 and up 13 EUR/MWh from the second quarter of 2025.
Statkraft’s generation was 15.8 TWh in the third quarter of 2025, 2.5 TWh higher than the same quarter in 2024. The increase in hydropower generation was mainly due to much higher generation in the northern part of Norway and full operation of the solar farm Khidrat in India from June 2025. Total wind power generation was 2.3 TWh in the quarter (2.5 TWh), while hydropower generation was 12.8 TWh (10.0 TWh).
Financial development
Underlying EBITDA was NOK 3.1 billion in the third quarter (NOK 4.9 billion), driven by increased power generation and better realised power prices, but with negative hedging effects in Nordics and Europe, and reduced contribution from Markets. Nordics was the main contributor to the results with an underlying EBITDA of NOK 3.0 billion (NOK 2.8 billion). The increase was due to higher power generation, particularly in the Northern price areas of Norway, despite very low area prices.
Markets delivered an underlying EBITDA of NOK 20 million in the quarter (NOK 1.4 billion), as the contribution from both trading and origination was lower. The third quarter of 2024 was very strong for Markets, and the market activity level has been lower this year. Historically, our market activities have delivered strong results, and it is as expected that this business segment will vary over time.
Europe had an underlying EBITDA of NOK -345 million (NOK -25 million) impacted by hedging losses, while the contribution from International was NOK 0.6 billion (NOK 0.6 billion), on par with last year.
Profit before tax was impacted by a strengthening of the NOK in the quarter, offset by impairments and negative unrealised value changes from embedded EUR derivatives, resulting in a profit before tax of NOK 0.9 billion (NOK 1.5 billion). Considering the income tax expense of NOK 1.6 billion, mainly driven by resource rent tax on hydropower generation in Norway, the net loss for the quarter amounted to NOK 714 million (NOK 225 million).
Source: Statkraft
