Reported figures (IFRS)
Reported figures (IFRS) |
2018 |
2019 |
2020 |
2021 |
2022 |
| Revenue | 9 138 | 9 641 | 10 761 | 14 412 | 22 993 |
| EBITDA | 5 062 | 5 366 | 6 688 | 7 926 | 11 479 |
| EBIT | 3 120 | 3 027 | 3 868 | 4 846 | 8 433 |
| Profit after tax | 2 213 | 1 906 | 2 697 | 3 307 | 5 949 |
Adjustments
Adjustments |
2018 |
2019 |
2020 |
2021 |
2022 |
|
Accumulated higher revenue* |
59 | -732 | 60 | 2 410 | 9 278 |
|
Adjustments for changes in acc. Higher/lower revenue (+/-) |
362 | -791 | 792 | 2 350 | 6 868 |
*Please see note 4 in annual report for yearly changes in accumulated higher/lower revenue
Adjusted figures
Adjusted figures |
2018 |
2019 |
2020 |
2021 |
2022 |
|
Adjusted revenues |
8 776 | 10 432 | 9 969 | 12 062 | 16 124 |
|
EBITDA |
4 699 | 6 157 | 5 896 | 5 576 | 4 610 |
|
EBIT |
2 758 | 3 818 | 3 076 | 2 496 | 1 564 |
|
Profit after tax |
1 934 | 2 523 | 2 079 | 1 474 | 592 |
Statnett's revenues
The reported revenues in Statnett’s financial statements are made up of the transmission charges paid by customers of the transmission network, balancing fees received and congestion revenues. Congestion revenues arise when power is transmitted from areas with a low power price to areas with a high power price in Norway and via transnational interconnectors to other countries. The transmission charge (tariff) is established ahead of each calendar year.
Statnett’s revenues are regulated and controlled by the Norwegian Energy Regulatory Authority (RME), which establishes an revenue cap (allowed revenue). Allowed revenue is intended to cover operating costs of exercising the system responsibility and grid owner role as well as provide a reasonable return on investments. The prerequisite is that the grid is built, operated and utilized in a cost-effective manner.
During a year, the actual revenues received from regulated operations will differ from the allowed revenue that RME sets after the year’s close. These differences are known as higher or lower revenue and are equalised over time through adjustment of future transmission charges. Consequently, higher/lower revenues represent temporary amounts in Statnett’s financial statements, which in accordance with IFRSs are not recognised in the balance sheet.