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 385 million in fourth quarter 2009, compared with NOK 728 million in the same period 2008. Investments for the year 2009 were NOK 1 257million, compared with NOK 2 620 million in 2008. The reduction in investments is due to completion of major investment projects like the NorNed-cable and 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 in 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 Q - 2009