Norway’s state-owned utility Statkraft, which has a significant presence in Ireland’s renewable energy sector, announced a review of its activities as it reported a 23% drop in first quarter operating profit driven by sharply lower power prices.
Underlying earnings before interest and tax fell to 13.5bn Norwegian crowns (€1.1bn) in the first three months of the year from 17.5bn Norwegian crowns in the same period of 2023.
“It is a good result, although the quarter is somewhat down from what we have seen in the record years of 2022 and 2023, when prices were extremely high,” chief executive Birgitte Ringstad Vartdal said.
Lower gas…
