Statnett SF Annual Financial Report (0618U)
24 3월 2023 - 12:22AM
UK Regulatory
TIDM93RX
RNS Number : 0618U
Statnett SF
23 March 2023
(23 .03.2023 )
Statnett SF - Annual and Sustainability Report 2022
On 23 March 2023, the Board of Directors of Statnett approved
the Group's Annual and Sustainability Report for 2022. The Annual
Report is enclosed and available on www.statnett.no .
The Statnett Group's underlying profit after tax amounted to NOK
592 million in 2022 (NOK 1 474 million in 2021). The reduction in
the underlying profit is mainly due to increased system operating
expenses. The increased cost for system services in 2022 will
contribute to increased permitted revenue in 2024. High congestion
revenues (NOK 22,662 million) contributed to a recorded result
significantly above the underlying result. This higher revenue will
benefit Norwegian grid customers, and Statnett has repaid a total
of NOK 11.3 billion to grid customers in 2022 through reduced
tariffs and extraordinary repayments.
The underlying result is based on the regulated permitted
revenue, whereas the recorded result will depend on stipulated
tariffs and congestion revenue. The difference, referred to as
higher or lower revenue, will level out over time through
adjustment of tariffs, ensuring that Statnett's revenue corresponds
to the regulated permitted revenue. The recorded profit after tax
for the Group was NOK 5 949 million in 2022 (NOK 3 307
million).
The Group's operating revenues for 2022 amounted to NOK 22 993
million, compared to NOK 14 412 million in 2021. The increase is
mainly due to significantly higher congestion revenues due to large
price differences relative to Europe, as well as within Norway.
Revenues from tariffs decreased as a result of the fixed component
being set to zero. As a result of extraordinarily high revenues in
2022, Statnett decided to set the fixed component of the tariff to
zero from April, and the energy component of the tariff was set to
zero in September and October. In November, RME established a
maximum price for the energy component of 35 øre /kWh. Tariff
revenues from the fixed component decreased by NOK 3 059 million
compared to 2021, while tariff revenues from the energy component
increased by NOK 179 million.
The Group's operating costs totaled NOK 14 560 million in 2022
(NOK 9 566 million). The increase is mainly due to higher costs for
system services and transmission losses. Costs for system services
increased by NOK 2 283 million compared to last year. Transmission
losses increased by NOK 2 174 million compared to the year before,
due to substantially higher electricity prices.
The Group invested NOK 4 985 million in 2022, compared to NOK 6
121 million in 2021. The investments included both completed and
ongoing grid infrastructure projects, purchase of grid assets and
digital development.
Statnett's higher/lower revenue
Statnett's operating revenues mainly derive from grid operations
regulated by the Norwegian Energy Regulatory Authority (RME), which
stipulates a cap (permitted revenue) for Statnett's revenues.
Permitted revenue increased from NOK 11 275 million in 2021 to NOK
15 154 million in 2022. The increase is attributable to an increase
in tangible assets following the completion of multiple projects,
higher interest rates and power prices.
In 2022 revenues from grid operations were higher than the
permitted revenue, resulting in a higher revenue of NOK 6 868
million (higher revenue of NOK 2 350 million) for the period. This
was caused by record breaking congestion revenues. At the end of
2022, the accumulated higher revenue, including interest, amounted
to NOK 9 278 million.
Outlook
The war in Ukraine has put the European energy system to a test
at a time when the transition to a zero-emission society is
gathering pace. Europe has set ambitious goals aimed at solving
energy challenges by developing large volumes of new renewable
power. The transition is also gaining momentum in Norway, where
Statnett is being contacted by numerous players who want to connect
new green businesses to the grid or to electrify or expand their
existing operations. This will require Statnett to adapt to deliver
greater capacity in a shorter time. In the past decade, Statnett
has invested more than NOK 70 billion in the grid and plans to
invest up to NOK 100 billion by 2030.
Statnett is central to the development of the Norwegian and
Nordic power system. In addition to sufficient grids, it is
important to continue the development of systems, market solutions
and digitalisation in order to accommodate a future with increasing
dependence on electricity. These areas will remain important moving
forward, both for Statnett alone and in collaboration with the
other Nordic TSOs.
Statnett exercises an important social responsibility in
operating and developing the transmission grid in a
socioeconomically rational way, so that we meet the expectations of
the owner and our sectoral policy objectives. Given the major
changes and pressing need for grids, this places major demands on
Statnett in terms of tempo, efficiency and our ability to execute,
adapt and innovate. Statnett is well prepared to meet these
requirements in close cooperation with the authorities and other
players.
http://www.rns-pdf.londonstockexchange.com/rns/0618U_1-2023-3-23.pdf
Contact :
Cathrine Lund Larsen
CFO
Mobil: +47 979 75 867
www.statnett.no
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