Statkraft Posts Strong Q2 2026 Results on Higher Nordic Power Prices
Event summary
- Statkraft reported NOK 6.6 billion in underlying EBITDA for Q2 2026, up from NOK 4.5 billion a year earlier, driven by higher Nordic power prices.
- Hydropower generation in Norway was down 0.8 TWh due to tighter hydrological conditions.
- Net profit remained negative at NOK -1.5 billion due to high resource rent tax in Norway, with an effective tax rate of 171%.
- Statkraft completed strategic divestments and announced new investments totaling over 600 MW of renewable capacity in H1 2026.
- ROACE improved to 14.0% from 10.7% at the end of 2025.
The big picture
Statkraft's strong Q2 results reflect broader trends in European energy markets, where higher power prices are offsetting lower hydropower generation due to climatic conditions. The company's strategic focus on renewable investments aligns with global decarbonization efforts, but its profitability remains vulnerable to regulatory tax policies in key markets like Norway.
What we're watching
- Regulatory Impact
- Whether Statkraft can sustain profitability amid Norway's high resource rent tax on hydropower.
- Execution Risk
- The pace at which Statkraft advances its 600 MW of new renewable capacity projects in H2 2026.
- Market Dynamics
- How Nordic power prices will affect Statkraft's financial performance in the coming quarters.
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