Norway's state-owned utility Statkraft's net profit was around 10.3 billion Norwegian crowns ($1.29 billion) in the first quarter of 2018, four times more compared to the same period of last year, which stood at 2.7 Norwegian crowns, the company said on Thursday.
Statkraft said the average Nordic electricity system price increased by 24 percent in the same period compared with the price level during the same quarter of 2017.
Statkraft's total generation saw a record high in the first quarter and reached 21 terawatt-hours, an increase of 23 percent.
The Norwegian company said that it divested 30 percent of its shareholding in the Dudgeon offshore wind farm with a gain of Norwegian crowns 5.1 billion.
"Statkraft has now completed the exit from offshore wind in line with its strategy. Overall, the divestments from offshore wind have demonstrated high value creation and strengthened financial solidity," the company said.
"We are pleased with a very strong quarterly result, stemming from successful energy management and large gains from divestments. The exit from offshore wind provides a solid financial foundation for new renewable energy investments," said CEO Christian Rynning-Tonnesen.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr
