Learnings from Covid-19: a glimpse into a low carbon future?
Statkraft, our parent company and Europe’s largest generator of renewable energy, have just released their annual report for 2019. From a strong financial performance to their reinvestment into renewables, we’ve summarised the key findings and what they mean for your business.
A safe, secure and sustainable company
Statkraft achieved record-high earnings in 2019 of 17.6 billion NOK (£1.5 billion) before interest and taxes (EBIT), the highest result in its history. Their net profit ended at an impressive 11.3 billion NOK (£930 million), all whilst retaining their A- credit rating1.
Other highlights in 2019 include selling their first data centre site to Google, ensuring energy-intensive industries are powered by renewable energy. Statkraft have also confirmed their position as leaders in the European power purchase agreement market by signing several new long-term power contracts in 2019.
Investing in a renewable future
Statkraft have continued to reinvest in renewable energy generation and technology. They invested 3.7 billion NOK in 2019 (£300 million), developing new renewable energy production in Norway, Europe, South America and India.
As part of this, over the year they maintained, upgraded and expanded around 140 hydropower projects in the Nordic region. Combined, they create Europe’s largest reservoir capacity and a fleet of flexible power plants that can be optimised to meet demand.
Statkraft have also continued to grow their solar and wind generation, acquiring nine Irish solar projects as well as UK onshore wind developer Airvolution Clean Energy. Three more wind farms have opened in Norway whilst another three will be in full production during 2020, helping to complete the largest onshore wind project in Europe! Together, they help Statkraft towards their target of 6 GW of onshore wind and 2 GW of solar power by 2025.
In addition to renewable energy, Statkraft have expanded their electric vehicle charging business, acquiring German EV charging company E-Wald and increasing their ownership of Grønn Kontakt, a Norwegian EV charging company.
Sustainability is in our DNA
Statkraft are a member of the UN Global Compact and have committed to several UN Sustainable Development Goals (SDGs), to ensure their work has a positive impact on the world around them. Their particular focus is on providing affordable renewable energy (Goal 7) and taking Climate Action to reduce greenhouse gas emissions (Goal 13), however their activities impact a variety of the 17 connected goals.
As well as the SDGs, Statkraft are continually working to reduce the negative impacts renewable generation can have on biodiversity & ecosystems. Whilst renewable energy is crucial for reducing C02 emissions, Statkraft are working to understand, manage and reduce any of their impact on land, marine and aviation life.
How does this benefit your business?
Statkraft's recent developments and financial performance reinforces our parent company as a secure and growing business, with sustainability at its heart. As a customer of Bryt Energy, backed by Statkraft, you can have the peace of mind that you're with a safe and trusted zero carbon electricity supplier.
You can also be confident that you’re working with a company who are continually reinvesting in renewable energy generation. These investments help to tackle climate change, reduce emissions and work towards the UK’s net zero by 2050 target.
By being a customer of Bryt Energy, you are part of a much bigger picture, helping the move towards a low carbon, sustainable future.
To read Statkraft’s full report, visit here.
- 1. Standard & Poor's credit rating