Statnett SF - Results Q3 2012
Statnett - Results Q4 2012
The Statnett Group reports profit after tax of NOK
115 million in the fourth quarter of 2012. The
corresponding figure for the same period in 2011 was
NOK 226 million. Profit after tax for 2012 was NOK
837 million, compared to NOK 1 000 million for 2011.
The reduction in profit after tax was due to lower
revenues and build-up of resources to handle the
increased project activities in 2012.
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
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
Mobile: +47 901 65 299