Norwegian state-owned utility Statkraft AS on Oct. 24 reported a net profit of 656 million kroner for the third quarter, down from 1.27 billion kroner in the comparable period of 2018.

Underlying EBITDA improved to 3.83 billion kroner, from 3.56 billion kroner in the year-ago quarter. The utility's underlying operating profit was 2.90 billion kroner, up from 2.68 billion kroner in the year-ago quarter.

Third-quarter underlying net operating income grew year over year to 5.94 billion kroner from 5.66 billion kroner.

The average Nordic system price in the quarter was €34.7/MWh, a 31% decrease from the 2018 third quarter.

As of Oct. 23, US$1 was equivalent to 9.15 Norwegian kroner.