2018 was a record year for E-CO Energi, which posted an operating profit of NOK 3,669 million. This represents a year-on-year increase of NOK 1,432 million. The improved performance is primarily attributable to higher electricity prices and increased power production.
E-CO Energi earned a consolidated net profit in the first half of 2018 (H1) of MNOK 595, up MNOK 168 from H1 2017. The improvement in performance must generally be seen in the light of higher selling prices and the acquisition of Hafslund Produksjon in August 2017. Adjusted for unrealised results on price hedging contracts the net profit was MNOK 796, an increase of MNOK 418 from H1 last year.
2017 was a very good year for the E-CO Energi Group. Smooth operations, high production availability, successful production management and higher actual power prices, as well as the acquisition of Hafslund Produksjon, contributed to a net profit for the year of MNOK 1 038. Through the acquisition of Hafslund's hydropower production activities, E-CO Energi strengthened its position as Norway's second largest hydropower producer, increasing its mean production to some 14 TWh. The Board of Directors proposes a dividend of MNOK 650.
The net YTD profit after tax was MNOK 256, down MNOK 113 year-on-year. The decline is due to lower contributions from price hedging. Higher power prices towards the end of the quarter and after end-quarter herald better prospects for the net profit for 2016.
Press release 04/16
The profit after tax came to MNOK 293, down MNOK 57 from H1 2015. The decline from last year is ascribable to lower actual selling prices. Higher power production partially offset the decline in selling prices.
Press release 02/16
E-CO reported a profit after tax of MNOK 289 in Q1 2016, compared with MNOK 305 in Q1 2015. High power production largely offset low power prices. Good production management helped the Group obtain a selling price was 11 per cent higher than the area price.
Press release 01/16
E-CO Energi turned in a satisfactory performance for 2015, given the low power prices that prevail. E-CO Energi's operating revenues totalled MNOK 2 511, compared with MNOK 2 863 in 2014. Successful hedging and good production planning helped ensure the Group's selling price was 34 per cent higher than the spot price. The net profit for the year was MNOK 533, compared with MNOK 713 in 2014. The Board of Directors proposes a dividend of MNOK 685. The Group expects lower profits in future in the light of the forward prices for 2016 and later.
Press release 06/15
E-CO Energi reported a net YTD profit after tax of MNOK 369, down MNOK 34 year-on-year. The decline is ascribable to lower selling prices. The Group's hedging was successful as the actual selling price has been 44 per cent higher than the area price thus far this year.
Press release 05/15
The profit after tax came to MNOK 350, up MNOK 51 from H1 2014. The increase is due to higher production. As a result of hedging, the actual selling price was 27 per cent higher than the area price in H1.
Press release 04/15
E-CO reported a profit after tax of MNOK 305 in Q1 2015, compared with MNOK 285 in Q1 2014. The actual selling price was lower than last year, but a larger production volume more than offset the decline in prices. Hedging had a positive effect, entailing that the selling price was 13 per cent higher than the area price in southern Norway.
E-CO Energi earned satisfactory results in 2014. Consolidated operating revenues totalled MNOK 2 863, compared with MNOK 3 228 in 2013. The average selling price was 0.271 NOK/kWh, compared with 0.323 NOK/kWh in 2013. The net profit for the year was MNOK 713, compared with MNOK 876 last year. The Board of Directors proposes a dividend of MNOK 740.
Press release 06/14
E-CO Energi earned an H1 profit after tax of MNOK 299 in 2014, compared with MNOK 504 last year. The decline is largely ascribable to lower prices. Power production was 100 GWh lower than in H1 2013.