In the fourth quarter of 2012 total operating revenues for the Statnett Group amounted to NOK 1 341 million, compared to NOK 1 317 million for the same period in 2011. The Group's operating revenues for 2012 amounted to NOK 5 334 million. The corresponding figure for 2011 was NOK 5 497 million. The reduction in operating revenues was due to planned tariff adjustment downwards for 2012, somewhat offset by increased congestion revenues.
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 consumers over time through a reduction in tariffs. The higher revenue for 2012 was NOK 1 065 million, compared to NOK 1 021 million for 2011. Accumulated higher revenue was NOK 3 455 million at the end of 2012.
The Group's operating costs totaled NOK 1 114 million in the fourth quarter of 2012 (NOK 973 million). The increase was mainly due to buildup of resources and staff, increased activity related to international interconnectors, and preparedness measures for the Ytre Oslofjord subsea connection. Lower system services costs reduced the deviation somewhat.
In 2012, the Group’s profit after tax adjusted for changes in higher/lower revenue after tax and calculated interest on higher revenue was NOK 234 million.
In 2012, the Statnett Group invested NOK 3 152 million compared to NOK 2 384 million in 2011.
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. In the next ten years, Statnett will invest NOK 50-70 billion in new capacity in the main grid. Consequently, the years to come will be characterized by further buildup of resources, strengthening of the supplier capacity and implementation of a comprehensive project volume. 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.
Chief Financial Officer
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