Statkraft posts larger wind EBITDA loss for Q2 2016

Wind farm in Norway. Author: John Christian Fjellestad. License: Creative Commons, Attribution 2.0 Generic

Norwegian state-owned utility Statkraft’s wind power underlying EBITDA for the second quarter (Q2) of 2016 was a loss of NOK 48 million (USD 5.7m/EUR 5.1m) compared to a deficit of NOK 30 million a year earlier.

The widening of the underlying loss before interest, tax, depreciation and amortisation is attributed to low wind speeds compared with Q2 2015 and a negative contribution from projects under development, including a loss from currency hedges related to the 402-MW Dudgeon offshore wind development.

The following table gives more details about the company’s Q2 and first-half performance.

Results in NOK million	Q2 2016	Q2 2015	H1 2016	H1 2015
Underlying sales	119	133	280	295
Underlying EBITDA (loss)	(48)	(30)	10	86
Underlying operating profit (loss)	(164)	(117)	(202)	(86)
Output (in TWh)	0.4	0.5	0.9	1.1

Overall, Statkraft posted a Q2 net loss of NOK 1.9 billion, mainly due to impairments of German assets. A year earlier the company reported a net loss of NOK 2.04 billion.

(NOK 1.0 = USD 0.118/EUR 0.107)

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