Table of Contents
About Småkraft
Småkraft is a renewable energy producer. Our 238 hydropower plants are spread across Norway and Sweden and deliver a mean annual production capacity of 2.1 TWh, making Småkraft Europe’s largest owner and operator within its field.
Small-scale hydropower borrows water from the river and utilizes the topography of the landscape to produce renewable and sustainable electricity. A minimum water level is maintained in the original river and the borrowed water, used to produce electricity, is returned once it passes through the turbine. The electricity grid transports and distributes our electricity out to consumers.
The value created is also shared with our other stakeholders, including creditors & debt investors, local landowners, local municipalities, and local communities. Småkraft is investing in the production of new renewable energy and our commitment to further growth is our contribution to the energy transition. We enable renewable energy production with minimal impact and careful consideration of the local environment.
Headquartered
Bergen, Norway
Listed Bond loans Oslo Børs Euronext
CEO
Terje Vedeler
Website www.smaakraft.no
Corporate Strategy
Our mission is to create sustainable values for the next generation by investing, developing and operating small-scale hydropower plants.
Quality, Health, Safety and Environment Management are of critical importance to Småkraft, and we strive for high quality performance and safe and secure operations through continuous improvement programs. We aim for organisational robustness, zero injuries and failures, strong cyber and physical security, delivered by a competent and motivated workforce both at Småkraft and by our partners.
We have invested in an operational surveillance centre to operate our power plants, providing technological and management support to back- up operations. This integrated approach delivers tangible benefits, such as increased efficiency, reduced down-time, reduced costs, and improved planning and security.
Core values
Småkraft has identified three core values that help define and lead our business:
Sustainable
- think and act long term
- care about both local and global environment
- conclude our decisions on facts and knowledge
- prioritise security for our employees and business partners
Creative
- seek new and better solutions
- maintain proven processes
- create added value
Honest
- be consistent in our communication and share knowledge
- deliver as promised
- tell the truth
Småkraft at a glance
2024 in brief
Achieving ambitious growth targets
- Increased production capacity with 70 GWh in 2024
- Power revenue and adj. EBITDA further curbed by reduced electricity prices
- Solid pipeline of power stations under construction and planning
Increased renewable power production
Added production capacity of 70 GWh. Total production of 1811 GWh, 20 percent increase compared to 2023.
Upgrading plants for improved sustainability
Implemented new technical solutions securing passage for fish at Fosstveit powerplant.
Decreased system prices
The average monthly Nordpool system price was reduced from 56 EUR/ MWh in 2023 to 36 EUR/ MWh in 2024.
Limited interconnector capacity between north and south still gives significant price differences between the Nordic price areas.
Adding capacity, expanding powerplant pipeline
Ongoing construction program securing additional 289 GWh over the next two years.
Tap issue of EUR 24.5 mill to Green Bond 3.
Key figures for the Group
Alternative Performance Measures (APMs) ref appendix
Adjusted power revenue
EUR million
47.2
-6.5 percent Y/Y
Adjusted EBITDA
EUR million
18.1
-19.1 percent Y/Y
Key metrics
| Amounts in EUR million | 2024 | 2023 |
|---|---|---|
| Power revenue | 54 | 68 |
| Profit (loss) before tax | -21 | 35 |
| Cash flow from operations | 13 | -22 |
| Production volume GWh | 1,811 | 1,504 |
| Avg achieved prices (EUR / MWh) | 30.1 | 45.1 |