Statnett SF Half-year Report (0710K)
27 8월 2021 - 11:38PM
UK Regulatory
TIDM93RX
RNS Number : 0710K
Statnett SF
27 August 2021
(27 .08.2021 )
Statnett - Results first half of 2021
On 27 August 2021, Statnett's Board of Directors approved the
Group's Interim Report for the first half of 2021. The Interim
Report is enclosed and available on www.statnett.no .
The Statnett Group's underlying profit after tax amounted to NOK
862 million in the first half of 2021 (NOK 1 209 million in the
corresponding period of 2020). The reduction in the underlying
profit is mainly attributable to increased costs for system
services as a result of high power prices, and other operating
costs.
The underlying result is based on the regulated permitted
revenue, whereas the recorded result will depend on stipulated
tariffs and congestion revenues. The difference, referred to as
higher or lower revenue, will level out over time through
adjustment of tariffs, ensuring that Statnett's accumulated revenue
corresponds with the regulated permitted revenue. The recorded
profit after tax for the Group was NOK 590 million in the first
half of 2021 (NOK 1 121 million).
The Group's operating revenues for the first half of 2021
amounted to NOK 5 279 million (NOK 4 776 million). Tariff revenues
from the energy component were up by NOK 419 million against the
comparable prior-year period, mainly due to a higher power price.
Congestion revenues were NOK 446 million higher than in the same
period in 2020 due to major differences in power prices between
Norway and Sweden, Denmark, Netherlands and Germany. The planned
decrease in tariff revenue from the fixed tariff component to
alleviate the effects of the coronavirus pandemic reduced total
tariff revenue by NOK 567 million. Statnett has reduced the grid
rental for 2021 to its direct customers by 24 per cent compared
with 2020 to help alleviate the financial consequences of the
Covid-19 pandemic on Norwegian consumers and industry.
The Group's operating costs totaled NOK 4 240 million in the
first half of 2021 ( NOK 3 173 million). The main reasons were
higher costs for system services, transmission losses, increase in
other operating costs as well as increased depreciation as a result
of an increased asset base. Higher costs for system services
amounted to NOK 314 million and are primarily due to an increase in
reserve power following a long period of cold winter weather and
occasionally historically high prices in the capacity market.
Transmission losses rose by NOK 494 million on the back of higher
power prices and a higher volume.
The Statnett Group invested NOK 3 231 million in the first half
of 2021, compared to NOK 3 351 million in the first half of 2020.
The Statnett Group expects to invest a total of NOK 6.8 billion in
2021.
Statnett's higher/lower revenue
Statnett's operating revenues predominantly derive from grid
operations regulated by The Norwegian Regulatory Authority
(NVE-RME), which stipulates a cap (permitted revenue) for
Statnett's revenues. Permitted revenue increased from NOK 4 741
million for the first half of 2020 to NOK 5 492 million for the
first half of 2021. In the first half of 2021, revenues from grid
operations were lower than the permitted revenue, resulting in a
lower revenue for the period. Statnett's lower revenue amounted to
NOK 349 million for the first half of 2021 (lower revenue of NOK
113 million for the first half of 2020). Accumulated lower revenue
including interest was NOK 290 million at the end of the first half
of 2021. Higher/lower revenues are not recognized in the balance
sheet.
Covid-19
The operating situation, duty rosters, staffing levels and
shifts continued predominantly as normal during the first half of
2021, despite the coronavirus situation. The coronavirus pandemic
is however placing an increasing strain on work schedules and
finances in several of our projects due to reduced efficiency of
work operations. Much of this is attributable to travel
restrictions for foreign workers.
Outlook
Extensive electrification and more renewable power production to
achieve adopted climate goals are the most important drivers of the
development of the power system in Norway and its neighboring
countries. Our shared ambition to reach the climate goals, is
facilitated through increased power exchange capacity and shared
regulations and market solutions.
In June, Statnett's board decided the company's new strategy:
Going green faster. Statnett's new strategy addresses how the
company will adapt to the quickening pace of the energy transition,
become a driving force for zero-emissions and maintain efficiency
and Norwegian competitiveness.
This means that Statnett will have to maintain a consistently
high investment level. At the same time, market and system
solutions must be developed to manage larger fluctuations in the
flow of power, more complex operations, new market instruments and
European regulations. Statnett will intensify its efforts to
develop system and market solutions at the national, Nordic and
European levels in the years ahead.
Automated system operations will be essential for maintaining
security of supply in a power system characterised by higher
fluctuations and finer time resolution. Digital solutions and
increased data exchange will also facilitate quicker processing of
connection requests and open the way for new markets and new
business models.
Contact :
Knut Hundhammer
Chief Financial Officer
Mobile: +47 901 65 299
www.statnett.no
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