Increased renewable power production and improved adjusted EBITDA

27 Feb 2025 07:49 CET

Småkraft, Europe’s largest small-scale hydroelectric producer, is today
releasing its results for the second half of 2024. The company continued its
expansion and was in 2024 once again the company with the greatest contribution
to increased renewable energy production in Norway. In the second half of the
year, capacity increased by 27 GWh, bringing the total capacity increase up to
70 GWh for the full year.

The total production of hydroelectric power reached 951 GWh in the second half
of 2024. This was an increase of 31 percent compared to the same period in 2023.
Electricity prices remained relatively low in Småkraft’s markets in the second
half with an average of 23.5 EUR/MWh, compared to 29.0 EUR/MWh in the second
half of 2023. The adjusted EBITDA ended at EUR 5.3 million, up from 5.0 million
in the second half of 2023.

“In a market characterised by volatility and challenging price levels, we are
pleased to announce improvement in both total production and adjusted EBITDA.
There is a pressing need for new renewable energy in Norway, and we continue to
work actively with landowners, municipalities, grid operators and regulators to
develop new capacity. We have a strong pipeline of power plants under
construction and have undelivered contracts that will add 320 GWh to our
portfolio,” says CEO of Småkraft Terje Vedeler.

Although small-scale hydropower generally has a relatively small environmental
footprint, Småkraft continuously strives to limit environmental risks and
negative impacts during both construction and production. In the second half of
2024 Småkraft re-opened the Fosstveit power plant, following significant
improvements, successfully eliminating the high fish mortality rates.

“Our objective is to develop more renewable energy while preserving nature and
biodiversity. This approach is applied both at existing plants and for new
projects,” says Terje Vedeler.

Facts about Småkraft AS:
• Owns and operates 238 small-scale hydroelectric power plants in Norway and
Sweden.
• Production capacity of 2.2 TWh annually.
• Collaborates with more than 1,150 landowners
• 33 employees across offices in Bergen, Sandnes, Harstad, Verdal, Dale, Førde
in Norway and Gävle in Sweden.


For more information, please contact: Pia Christine Helland, CFO, +47 905 47 989

More information:
Access the news on Oslo Bors NewsWeb site

639864_2025-02-26 Interimreport2H2024.pdf