Statkraft

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Statkraft AS

Type	State owned
Founded	1992
Headquarters	Oslo, Norway
Area served	Norway
Key people	Bård Mikkelsen (CEO) Arvid Grundekjøn (Chairman)
Industry	Electricity
Revenue	▲ NOK 16,021 million (2005)
Operating income	NOK 8,325 million (2005)
Net income	NOK 5,620 million (2005)
Employees	1,965 (2006)
Parent	Norwegian Ministry of Petroleum and Energy
Subsidiaries	Trondheim Energi
Website	www.statkraft.com

Statkraft is a Norwegian state owned electricity company. With a total energy production of 44.9 TWh in 2007 ^[1], the Statkraft Group is the third largest producer of power in the Nordic region, as well as the second largest producer of power based on renewable energy sources in Europe, consisting of 40% of the production in Norway. Including the subsidiaries Skagerak Energi and Trondheim Energi, the group has some 2100 employees. The company has its headquarters in Oslo, Norway.

Hydroelectric power is the largest productional area for Statkraft who owns 133 plants in Norway, 12 in Sweden and four in Finland. The company also operates two windfarms in Norway, Smøla Wind Farm and Hitra Wind Farm, in addition to district heating in Trondheim and gas power in Germany.

Statkraft owns 100% of Trondheim Energi. In addition it has partial ownership of Skagerak Energi (66,62%), Naturkraft (50%), SN Power (50%), Bergenshalvøens Kommunale Kraftselskap (49,9%), Agder Energi (45,5%), E.ON Sverige (44,6%) and Småkraft.

[edit] History

The state bought its first power plant, at Paulafossen, in 1895. In 1921 Norges vassdrags- og energiverk is created with among other things, responsibility for operating the states power plants. In 1986 the power plants and central power grid is demerged into Statkraftverkene which again is split in Statkraft and Statnett in 1992 with Statkraft SF being created as a government enterprise. Through the 1990s and 2000s Statkraft acquired a number of local power plants in Norway in addition to expanding abroad. In 2004 Statkraft was reorganised as a limited company, Statkraft AS, still wholly owned by the state.

In 2007 Statkraft and E.ON have signed a letter of intent to swap Statkraft's shares in E.ON Sverige in exchange for flexible power production assets and shares in E.ON. The total value of the asset swap is € 4.4 billion. A final agreement is expected to be signed during the first quarter of 2008.