The loss for the first half of 2009 is NOK 249 million, compared with a profit of NOK 614 million for the first half of 2008.

Statnett’s revenues in 2009 are influenced by revenues in 2008 exceeding the overall revenue cap set by the Norwegian Water Resources and Energy Directorate (NVE). Higher revenue in 2008 is returned to customers in 2009 as reduced tariffs, thus reducing the overall Statnett Group revenue for 2009. Moreover, major investments like the NorNed-cable connection and the reserve power plants will not be covered by the tariffs until 2010.

Statnett SF invested NOK 374 million in the second quarter of 2009, compared with NOK 690 million for the same period in 2008. The reduction in investments during second quarter of 2009, compared to the same period of 2008, is due to completion of major investment projects like the NorNed cable connection and reserve power plants in 2008.

Outlook

Statnett’s activities will in the immediate and near future continue to be dominated by the high level of planning and implementation of investments. The changes to the revenue cap regulation made in December 2008 will remove the previous two-year time lag from an investment is put into operation until the revenue cap is increased.

Statnett's Quarterly accounts

Contacts

Marie Jore Ritterberg
Executive Vice President Finance
Phone: +47 95 85 12 04

Tor Inge Akselsen
Senior Vice President Communications
Mobile: +47 950 79 520