Statnett Reports USD 174 Million Profit for 2011 (Norway)

Statnett Q3 Profit After Tax Down to 44.5 Million (Norway)

The Statnett Group reports profit after tax for 2011 of NOK 1 000 million, the corresponding figure for 2010 was NOK 2 198 million. In the fourth quarter of 2011 profit after tax was NOK 226 million, compared to NOK 567 million in the fourth quarter of 2010.

In the fourth quarter of 2011 total operating revenues for the Statnett Group amounted to NOK 1 317 million, compared to NOK 2 012 million for the same period of 2010. The Group’s total operating revenues for 2011 amounted to NOK 5 497 million. The corresponding figure for 2010 was NOK 7 247 million. The reduction in operating revenues and profit after tax in 2011 was mainly due to a planned downward adjustment of tariff revenues.

Statnett’s revenues are regulated by the Norwegian water resources and energy directorate (NVE) which each year calculates the company’s revenue cap based on firm predefined criteria. Revenues exceeding the revenue cap will be returned to consumers over time through a reduction in tariffs. The higher revenue in 2011 was NOK 983 million, compared to NOK 2 177 million for 2010. Accumulated higher revenue was NOK 2 580 million at the end of 2011.

In 2011, the Group’s profit after tax adjusted for changes in higher/lower revenue was NOK 292 million. Profit after tax including calculated interest cost on higher/lower revenue was NOK 260 million.

In 2011, the Statnett Group invested NOK 2 384 million compared with NOK 1 892 million last year.

Offshore Wind Staff , February 17, 2012;  Image: Statnett