In the first quarter of 2013 total operating revenues for the Statnett Group amounted to NOK 1 261 million, compared to NOK 1 395 million for the same period in 2012. The reduction in operating revenues was mainly due to planned tariff adjustment downwards for 2013 and lower congestion revenues in 2013.
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 quarter of 2013 was NOK 158 million, compared to higher revenue of NOK 201 million for the same period in 2012. Accumulated higher revenue was NOK 3 170 million at the end of first quarter 2013.
The Group's operating costs totaled NOK 1 089 million in the first quarter of 2013 (NOK 959 million). The increase was mainly due to increased system services costs, and increased other operating costs which are partly based on one-off costs.
In the first quarter 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 289 million.
In the first quarter of 2013, the Statnett Group invested NOK 919 million compared to NOK 585 million for the same period in 2012.
Statnett's Grid Development Plan 2011 and updated investment plan 2012 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.
The increased investments will result in higher tariffs in the years to come. Statnett has a higher revenue balance which will be partly returned to Statnett's customers through reduced tariffs in 2013. This will also curb the increase in tariffs somewhat in the coming years.
Chief Financial Officer
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