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
Underlying EBITDA (loss)
Underlying operating profit (loss)
Output (in TWh)
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.