Statnett Releases Results for First Quarter 2011 (Norway)

The Statnett group reports a profit after tax of NOK 394 million for the first quarter of 2011, compared to a profit after tax of NOK 840 million for the same period in 2010. The Group’s total operating revenues for the first quarter of 2011 were NOK 1 652 million compared to NOK 2 270 million for the same period in 2010.

The reduced revenues for the first quarter compared to first quarter 2010 are mainly due to reduced congestion revenues from price differences between price areas. Revenues exceeding the overall revenue cap set by the Norwegian Water Resources and Energy Directorate (NVE) will be returned to customers through reduced tariffs. Higher revenues in the first quarter 2011 were NOK 329 million.

The Statnett Group invested NOK 517 million during the first quarter 2011, compared with NOK 209 million during the first quarter 2010.

Outlook

Statnett’s activities will continue to be dominated by the substantial number of major investment projects, either being planned or under implementation. The investment programme aims to maintain security of supply, contribute to value creation and pave the way for better environmental solutions.

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Source: statnett ,May 20, 2011;