Statnett Announces High 2Q Profit (Norway)

Statnett Announces High 2Q Profit (Norway)

The Statnett Group reports profit after tax of NOK 187 million in the second quarter of 2012. The corresponding figure for the same period in 2011 was NOK 126 million.

Profit after tax for the first half of 2012 was NOK 452 million, compared to NOK 520 million for the first half of 2011. Profit after tax was reduced in the first half of 2012 due to downward adjustment of tariffs for 2012. The reduction was partly offset by higher congestion revenues in the first half of 2012.

In the second quarter of 2012 total operating revenues for the Statnett Group amounted to NOK 1 238 million, compared to NOK 1 189 million for the same period in 2011. The Group’s operating revenues for the first half of 2012 amounted to NOK 2 633 million. The corresponding figure for 2011 was NOK 2 841 million. The reduction in operating revenues for the first half of 2012 was due to downward adjustment of tariffs for 2012, somewhat offset by an increase in congestion revenues in 2012.

Statnett’s revenues are regulated by the Norwegian water resources and energy directorate (NVE) which each year calculates the company’s revenue cap based on firm predefined criteria. Revenues exceeding the revenue cap will be returned to consumers over time through a reduction in tariffs. The higher revenue for the first half of 2012 was NOK 390 million, compared to NOK 490 million for the same period in 2011. Accumulated higher revenue was NOK 3 031 million at the end of first half of 2012.

In the first half of 2012, the Group’s profit after tax adjusted for changes in higher/lower revenue after tax and calculated interest cost on higher revenue was NOK 154 million.

In the first half of 2012, the Statnett Group invested NOK 1 257 million compared to NOK 1 399 million for the same period in 2011.

Press Release, August 24, 2012

Share this article

Follow Subsea World News

Events>

<< Feb 2016 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 1 2 3 4 5 6

FPSO Europe Congress

 

Pursuing Cost-Optimization & Project Excellence across Europe’s FPSO Value Chain!

Launched to great success in 2015, the FPSO Europe Congress is set to return on 24-25 February 2016 in London for yet another exciting gathering of Europe’s leading oil operators, FPSO contractors, EPCs, shipyards and solution providers to discuss the most topical and critical FPSO developments in the North Sea, Latin America, Brazil and West Africa market.

 

Why Attend the 2nd Annual FPSO Europe Congress?

  • Discover how FPSO leaders are embracing the new realities of a low oil price environment – what are the strategies to adopt in pursuit of viable economical FPSO projects?
  • Brainstorm with industry experts on innovative FPSO engineering, construction and technology breakthroughs leading to significant CAPEX and OPEX savings
  • Review, refine and optimize your existing FPSO operations – how can we enhance oil recovery and extend FPSO asset lifetime?
  • Learn from FPSO experts on the ins-and-outs of delivering successful FSPO projects in North Sea, West Africa, Latin America and Brazil – how can we comply with local content and form effective native partnerships?
  • Engage and form sustainable partnerships with European-based oil companies and FPSO contractors that are leading offshore E&P and FPSO projects in the region

 

2016 FPSO Distinguished Speakers Include:

  • Curtis Lohr, Stones Project Manager, Shell
  • David Hartell, Senior Development Manager, Premier Oil
  • Terry Hughes, Project Director, Tullow Oil
  • Sid Sircar, Facilities Delivery Manager – Catcher Development, Premier Oil
  • Michael Wyllie, Group Technology Director, SBM Offshore
  • Chris Brett, President, Teekay Offshore
  • Puneet Sharma, Vice President, MODEC
  • Eirik Barclay, CEO, Yinson Production

 

The FPSO Europe Congress 2016 is proud to bring you an updated program offering fresh perspectives, creative solutions and critical market intelligence fundamental to FPSO business sustainability as we discuss just HOW and WHAT you can do in pursuit of a viable, efficient and safe FPSO strategy.

For more information please visit the website at http://goo.gl/uvYsrk or email rani.kuppusamy@fpsonetwork.com

 

read more >

Topsides Platforms & Hulls

Topsides, Platforms & Hulls Conference & Exhibition is the offshore industry’s only event dedicated to the topsides, platforms and hulls…

read more >

The 16th North Sea Decommissioning Conference

The 2016-programme has been composed to shed light on the effect of the current low oil-price environment on the decommissioning market…

read more >

Substructures for UK Offshore Wind

Design, construction and installation

Optimising offshore substructures is one of the key challenges for reducing LCOE. Foundation designers have produced a variety of different solutions: monopiles, GBS, jackets, suction buckets and floating foundations. Looking at U.K. projects – different soils, water depths,fabrication timelines and installation challengescreate many questions for the industry to solve. We’re entering uncharted territory; projects arelarger, farther and more complex than ever completed.

Now is the time to have a close look at lessons learnt and define the room for improvement for the U.K. wind industry.

More Info

read more >