OSLO, March 5 (Reuters) - Norway's biggest utility, state-owned Statkraft, on Wednesday said its operating profit for the fourth quarter fell by 56%, citing lower power prices and lower electricity generation.

The company's underlying earnings before interest and tax (EBIT) for the October-December period fell to 5.1 billion Norwegian crowns ($459.03 million) from 11.5 billion crowns reported a year earlier.

Net profit fell to 1.5 billion crowns in the fourth quarter from 6.0 billion crowns a year prior.

"Increased geopolitical uncertainty combined with record-high investment levels in 2023 and 2024 makes us prioritise even more strictly in the short term among projects in our large portfolio," CEO Birgitte Ringstad Vartdal said in a statement.

($1 = 11.1103 Norwegian crowns)

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https://www.reuters.com/business/energy/norways-statkraft-posts-lower-q4-earnings-weaker-power-prices-volumes-2025-03-05/