Increased production of renewable energy


Increased production of renewable energy in a challenging market in the second half of 2023.

Bergen, February 28, 2024

Småkraft, Europe’s largest small-scale hydroelectric producer, is today releasing its results for the second half of 2023. The company continued its expansion and was in 2023 the company with the greatest contribution to increased renewable energy production in Norway. In the second half of the year, capacity increased by 79 GWh.

In August 2023 the storm “Hans” had a major impact on the hydrological balance, power prices and therefore revenues for Småkraft AS for the second half of 2023. A strong first half of the year was thus followed by a second half with lower underlying results. The Group achieved an adjusted operating profit (adj. EBITDA) of EUR 22.4 million for the year overall. Impacted by power price hedging and currency effects, the country’s profit after tax for the year was EUR 27.2 million. In the second half of the year in isolation, adjusted earnings were EUR 5.0 million. The company’s net profit, impacted by effects of price hedges and foreign exchange, was EUR 27.8 million in the second half of the year.

Despite the production and price volatility that Småkraft experienced throughout the second half of 2023, the Group is robust and well equipped for the future. The Group ended the year with an equity ratio of 44% and a liquidity reserve of EUR 40 million.

Småkraft collaborates closely with landowners and local communities to sustainably develop new power generation in smaller waterstreams. In addition to increasing production capacity by 79 GWh in the second half of the year through the purchase of ten hydropower plants, the company had 18 power plants with annual production totalling 227 GWh under construction at year-end. Furthermore, during 2023, Småkraft signed 26 contracts with landowners for development of small-scale power plants on their properties. The Group applied for 20 new permits with a total production capacity of 236 GWh during the year.

“We leave behind us a year where we continued our expansion while at the same time working relentlessly to further improve efficiency and stability of our production on nature’s terms. Norway needs more renewable energy, and we are working hard to contribute to the green transition while creating value for both landowners, local communities and our owners,” says CEO Terje Vedeler in Småkraft.

Småkraft currently has a total of 2 090 GWh in production capacity.

Småkraft did not record any significant negative incidents neither related to health, safety nor the environment. Throughout the year, the Group made significant investments to reduce the negative impact of recently purchased power plants on biodiversity and the environment.

Facts about Småkraft AS:

  • Småkraft owns and operates 232 small-scale hydroelectric power plants in Norway and Sweden.
  • Produces 2.1 TWh renewable electricity annually.
  • Småkraft collaborates with more than 900 landowners.
  • 32 employees across offices in Bergen, Sandnes, Harstad, Flatanger, Verdal, Dale, Førde and Oslo, Norway and Gävle, Sweden.

To read the Interim report,  click here.

For more information, please contact: Terje Vedeler, CEO, + 47 907 26 568

Småkraft interim report second half of 2023


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