Statnett – Third quarter 2009 results
(11/12/2009)
The Statnett Group reports a loss after tax for the third quarter of 2009 of NOK 116 million compared to NOK 159 million profit for the same period in 2008. The loss for the first three quarters of 2009 is NOK 365 million, a profit reduction of NOK 1 138 million from the same period in 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 307 million in the third quarter of 2009, compared with NOK 739 million for the same period in 2008. The reduction in investments during third quarter of 2009, compared to the same period in 2008, is due to completion of major investment projects like the 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 Q3 20009
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
