OSLO, July 22 (Reuters) - Norway's biggest utility, state-owned Statkraft, reported on Tuesday a deeper net loss for the second quarter, driven primarily by impairments due to lower expectations for future power prices.

The net loss for the April-June period stood at 6.5 billion Norwegian crowns ($638.56 million), against a year-ago loss of 992 million crowns, its report showed.

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Statkraft, which has continued this year to scale back its growth ambitions amid rising costs, said on Tuesday it will concentrate on its core competitive advantages and prioritise investments in near-term profitable opportunities.

"Given the current market situation and geopolitical realities, combined with Statkraft's recent high activity and investment level, we are adjusting our strategic ambitions," CEO Birgitte Ringstad Vartdal said in a statement.

Ratings agency Fitch earlier this month cut Statkraft's credit rating by one notch to BBB+ from A-, citing weakening performance and financial metrics.

($1 = 10.1791 Norwegian crowns)

https://www.reuters.com/sustainability/climate-energy/norwegian-utility-statkraft-books-640-mln-q2-loss-after-impairments-2025-07-22/