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August 29, 2015 8:34 PM ET

Electric Utilities

Company Overview of Statnett SF

Company Overview

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

Oslo,  0423

Norway

Founded in 1919

1,119 Employees

Phone:

47 23 90 30 00

Fax:

47 23 90 30 01

Key Executives for Statnett SF

Chief Executive Officer and President
Age: 57
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)
Age: 52
Executive Vice President of Constructions
Compensation as of Fiscal Year 2015.

Statnett SF Key Developments

Statnett SF Reports Group Earnings Results for the Second Quarter and First Half Ended June 30, 2015; Provides Investments Guidance for the Year 2015

Statnett SF reported earnings group results for the second quarter and first half ended June 30, 2015. For the quarter, the company’s underlying profit after tax amounted to NOK 534 million against NOK 333 million in the second quarter of 2014. The underlying profit or loss is based on the regulated permitted revenue, whereas the recorded profit or loss will depend on stipulated tariffs and congestion revenues. The difference (higher or lower revenue) will level out over time through adjustment of tariffs, ensuring that company’s accumulated revenue corresponds with the regulated permitted revenue. The recorded profit after tax for the group was NOK 410 million in the second quarter of 2015 against NOK 328 million a year ago. The group's operating revenues in the second quarter of 2015 totaled NOK 1,365 million, compared to NOK 1,452 million for the same period in 2014. The reduction in the second quarter is mainly due to the decrease in congestion revenues in the Nordic region, which is a result of lower price differences and a decrease in tariff revenues from energy components. Operating profit was NOK 663 million against NOK 515 million a year ago. Profit before tax was NOK 569 million against NOK 449 million a year ago. The underlying profit for the first half of 2015 amounted to NOK 823 million against NOK 687 million a year ago. The increase is mainly due to a one-off reduction in personnel costs caused by a move from a defined benefit pension plan to a defined contribution pension plan. The recorded profit after tax for the group was NOK 607 million in the first half of 2015 against NOK 499 million a year ago. The group`s operating revenues in the first half of 2015 totaled NOK 2,874 million against NOK 2,776 million a year ago. The increase in operating revenues in the first half of 2015 as a whole was mainly due to higher fixed tariff rates for consumption. The group invested NOK 2,644 million in the first half of 2015, compared to NOK 2,862 million for the same period in 2014. The lower revenue in the first half of 2015 is due to revenues from grid operations being lower than permitted revenue. Operating profit was NOK 808 million against NOK 1,010 million a year ago. Profit before tax was NOK 682 million against NOK 835 million a year ago. Net cash flow from operating activities was NOK 1,122 million against NOK 1,465 million a year ago. Purchase of tangible fixed assets, other intangible fixed assets and plants under construction was NOK 2,596 million against NOK 2,719 million a year ago. The company planned investments total approximately NOK 7 billion for 2015.

Consortium including Credit Suisse Energy Infrastructure Seeks TO Acquire Stake In Statkraft

A consortium led by Credit Suisse Energy Infrastructure Partners AG is seeking to acquire 44.9%-39.9% stake in Statkraft SF, according to Statnett SF. Statnett is expected to have 50.1% stake in Statkraft and Troender Energi As aims at acquiring 5-10% stake in Statkraft.

Statnett SF Reports Earnings Results for the First Quarter of 2015

Statnett SF reported earnings results for the first quarter of 2015. underlying profit after tax amounted to NOK 289 million in the first quarter of 2015 against NOK 354 million in the first quarter of 2014. The reduction was due to reduced growth in permitted revenue as a result of a lower interest rate level, combined with somewhat higher costs due to a higher activity level.   The group's operating revenues in the first quarter of 2015 totalled NOK 1,509 million, compared to NOK 1,324 million for the same period in 2014. The increase was mainly due to higher fixed tariff revenues as a consequence of increased tariff rates for consumption.

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