Reported figures (IFRS) 

Reported figures (IFRS)

2017

2018

2019

2020

2021

Revenue 7 401 9 138 9 641 10 761 14 412
EBITDA 3 585 5 062 5 366 6 688 7 926
EBIT 1 312 3 120 3 027 3 868 4 846
Profit after tax 813 2 213 1 906 2 697 3 307

 

Adjustments

Adjustments

2017

2018

2019

2020

2021

Accumulated higher revenue*

-303 59 -732 60 2 410

Adjustments for changes

in acc. Higher/lower revenue (+/-)

-646 362 -791 792 2 350

*Please see note 4 in annual report for yearly changes in accumulated higher/lower revenue

 

 

Adjusted figures

Adjusted figures            

2017

2018

2019

2020

2021

Adjusted revenues

8 047 8 776 10 432 9 969 12 062

EBITDA

4 231 4 699 6 157 5 896 5 576

EBIT

1 958 2 758 3 818 3 076 2 496

Profit after tax

1 304 1 934 2 523 2 079 1 474

 

Statnett's revenues

The reported revenues in Statnett’s financial statements are made up of the transmission charges paid by customers of the transmission network, balancing fees received and congestion revenues. Congestion revenues arise when power is transmitted from areas with a low power price to areas with a high power price in Norway and via transnational interconnectors to other countries. The transmission charge (tariff) is established ahead of each calendar year.

Statnett’s revenues are regulated and controlled by the Norwegian Energy Regulatory Authority (RME), which establishes an annual revenue cap (allowed revenue). Allowed revenue is intended to cover system and grid operating costs, and provide a reasonable return on investment, provided that the grid is built, operated and utilised in a cost-efficient manner.

During a year, the actual revenues received from regulated operations will differ from the allowed revenue that RME sets after the year’s close. These differences are known as higher or lower revenue and are equalised over time through adjustment of future transmission charges. Consequently, higher/lower revenues represent temporary amounts in Statnett’s financial statements, which in accordance with IFRSs are not recognised in the balance sheet.