Company Overview of Statnett SF
Statnett SF, a transmission system operator, operates the Norwegian electric power system in Norway. The company’s Norwegian power grid consists of approximately 11 000 kilometers of high-voltage power lines and 150 stations. It is involved in the transmission and distribution of hydroelectric power, as well as owns and operates national power grid. The company primarily serves households. It also operates a heavy transport business on land and sea. The company was founded in 1919 and is headquartered in Oslo, Norway.
Nydalen allé 33
Founded in 1919
Key Executives for Statnett SF
Chief Executive Officer and President
Chief Financial Officer, Chief of Staff and Executive Vice President
Executive Vice President of System Operations, Asset Management and Markets
Executive Vice President of Information & Telecommunication Technologies (ICT)
Compensation as of Fiscal Year 2014.
Statnett SF Key Developments
Statnett SF Reports Consolidated and Standalone Earnings Results for the Year Ended December 31, 2014
Mar 27 15
Statnett SF reported consolidated and standalone earnings results for the year ended December 31, 2014. For the year, the company reported consolidated operating revenue of NOK 5,563 million compared to NOK 4,561 million a year ago. Operating profit was NOK 1,378 million compared to NOK 346 million a year ago. Profit before tax was NOK 1,120 million compared to NOK 89 million a year ago. Profit for the year was NOK 829 million compared to NOK 82 million a year ago. Net cash flow from operating activities was NOK 3,028 million compared to NOK 1,224 million a year ago. Purchase of tangible fixed assets, other intangible fixed assets and plants under construction was NOK 5,809 million compared to NOK 5,546 million a year ago. Return on capital employed before tax, adjusted for higher/lower revenue was 6.9% compared to 5.7% a year ago. Return on equity after tax was 6.7% compared to 0.8% a year ago.
For the year, the company reported standalone operating revenue of NOK 5,625 million compared to NOK 4,570 million a year ago. Operating profit was NOK 1,381 million compared to NOK 319 million a year ago. Profit before tax was NOK 1,097 million compared to NOK 14 million a year ago. Profit for the year was NOK 810 million compared to NOK 12 million a year ago. Net cash flow from operating activities was NOK 2,951 million compared to NOK 1,128 million a year ago. Purchase of tangible fixed assets, other intangible fixed assets and plants under construction was NOK 5,770 million compared to NOK 5,515 million a year ago.
National Grid Intends to Sign an Ownership Agreement with Statnett SF
Mar 26 15
National Grid announced that it is intending to sign an ownership agreement with Statnett SF for the proposed 'NSN link' electricity interconnector project. The 730 km interconnector between the UK and Norway will be the first electricity link between the two countries, with a planned capacity of 1,400 MW - enough to meet the needs of around 750,000 homes. The estimated cost of the project is around €2 billion, with the investment to be shared between National Grid and Statnett. Contracts to build the NSN Link are expected to be awarded during the summer, with the construction phase to begin in 2015. National Grid expects the link to be operational early in the next decade. National Grid has made participation in interconnector projects a strategic priority for the Group. In addition to having the potential to provide attractive growth, returns and long-term earnings benefits, interconnectors have the capability to add significant additional flexibility in managing the GB energy market. A recent study, supported by National Grid, highlighted that 4-5GW of additional new interconnector capacity should materially reduce the wholesale price of electricity in the UK, providing an annual benefit of around £1 billion and helping to reduce consumer bills. Together with the new Nemo Link interconnector to Belgium, announced in February, the NSN link should add 2.4GW of capacity when completed.
Statnett SF Reports Earnings Results for the Fourth Quarter and Full Year 2014
Feb 12 15
Statnett SF reported earnings results for the fourth quarter and full year 2014. For the quarter, the company reported underlying profit after tax amounted to NOK 224 million in the fourth quarter of 2014 against NOK 165 million in the fourth quarter of 2013. The recorded net profit for the Group amounted to NOK 106 million in the fourth quarter of 2014 against net loss of NOK 69 million a year ago. The Group recorded operating revenues of NOK 1,426 million in fourth quarter of 2014 against NOK 1,071 million a year ago.
For the year, the underlying profit for the year 2014 amounted to NOK 1,284 million against NOK 832 million. The profit increase was primarily due to higher regulated permitted revenue following the activity and asset base growth of the enterprise. The recorded net profit for the Group amounted to NOK 829 million for 2014 against NOK 82 million a year ago. The Group recorded operating revenues of NOK 5,563 million for the year 2014 against NOK 4,561 million a year ago. The growth is due to higher tariffs and congestion revenues. The group invested NOK 5,981 million in 2014 against NOK 6,375 million in 2013. The revenues are regulated by the Norwegian water resources and energy directorate which each year calculates the revenue cap of the enterprise based on firm predefined criteria. Total permitted revenue increased from NOK 5,361 million in 2013 to NOK 6,054 million in 2014. Revenues exceeding the revenue cap will be returned to customers over time through tariff reductions. The lower revenue for 2014 was NOK 665 million against NOK 958 million for 2013. In 2014, the Group's profit after tax adjusted for changes in higher/lower revenue after tax and calculated interest on higher revenue was NOK 1,284 million.
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