The Group's operating revenues in the third quarter of 2013 was NOK 1 105 million, compared to NOK 1 360 million for the same period in 2012. The Group's operating revenues for the first three quarters of 2013 amounted to NOK 3 490 million. The corresponding figure for 2012 was NOK 3 993 million. The reduction in operating revenues for the first three quarters of 2013 was mainly due to lower tariff revenues and lower congestion revenues.

 

The Group's operating costs totaled NOK 922 million in the third quarter of 2013 (NOK 933 million). The Group's operating costs for the first three quarters of 2013 totaled NOK 3 114 million, compared to NOK 2 787 million for the first three quarters of 2012. There are several reasons for the increased costs for the first three quarters of 2013, of which the most important are increased system services costs, transmission losses and increased depreciation.

 

The Statnett Group invested NOK 4 465 million in the first three quarters of 2013, compared to NOK 2 238 million for the same period in 2012.

 

Revenues and results adjusted for higher/lower revenue

Statnett’s revenues are regulated by the Norwegian water resources and energy directorate (NVE) which each year calculates the revenue cap of the enterprise based on firm predefined criteria. Revenues exceeding the revenue cap will be returned to customers over time through tariff reductions. The lower revenue for the first three quarters of 2013 was NOK 620 million, compared to higher revenue of NOK 764 million for the same period in 2012. Accumulated higher revenue was NOK 2 738 million at the end of the third quarter of 2013.

 

In the first three quarters of 2013, the Group’s profit after tax adjusted for changes in higher/lower revenue after tax and calculated interest on higher revenue was NOK 667 million.

 

Outlook

Statnett's Grid Development Plan 2013 form the basis for the next generation central grid, which will be completed by 2030. Statnett will invest considerably in new capacity in the main grid during the next decade. Extensive construction activity is ongoing, and several projects will be completed in 2013 and the following years. Furthermore, Statnett is working to realize the construction of interconnectors to Germany and the UK, which are scheduled for completion in 2018 and 2020 respectively. The investment program aims to maintain the future security of supply, contribute to value creation and pave the way for better environmental solutions in Norway.

 

Download Q3-2013.

Contact:
Knut Hundhammer
Chief Financial Officer
Mobile: +47 901 65 299