The result for Eviny ended at NOK 3.8 billion in 2023, which is NOK 2.4 billion higher than the previous year.
The board of Eviny proposes NOK 1.3 billion in dividends to the 17 municipalities in Western Norway, Statkraft and two local power companies that own the company.
– More renewable energy and increased capacity in the power grid are crucial to securing local jobs in Western Norway, says Ragnhild Janbu Fresvik, CEO of Eviny.
Lower power prices
The main reason for the large growth in the result from 2022 to 2023 is reduced basic interest tax as a result of lower power prices in the past year. In addition, there are positive value changes on financial contracts.
Underlying profit – adjusted for value changes on hedging contracts and significant one-off effects – ended up at NOK 2 billion in 2023. That is NOK 0.9 billion lower than in 2022. The main reason is a drop in power prices.
Eviny produced 6.9 TWh of hydropower in 2023, which is 0.8 TWh less than in 2022. Actual production in 2023 was enough to cover the annual electricity consumption of approximately 430,000 homes.
Will invest DKK 40 billion.
Eviny has recently launched a new group strategy, which marks a shift in the search for more renewable energy. The ambition is to invest over NOK 40 billion in new renewable energy, power grids and measures for energy conversion/electrification.
– Investments in renewable energy in Norway are at their lowest since 2010 and have fallen by almost 40 percent since 2018. We are facing a decisive decade to restructure our energy system and avoid a Norwegian power crisis, says Fresvik.
The proposal from the board regarding dividends will be considered at the general meeting on 21 May.
