English summary – fiscal year 2023

Salten Kraftsamband AS (SKS) is a private limited company, at year end 2023 owned by Bodø Kommune, NTE Energi AS, Jämtkraft AB, Nordlandskraft AS, Fauske Kommune, Bodø Energi AS, and Bodø Pensjonskasse.  

SKS mission is to run power-related business based on natural resources in the region of Northern Norway. SKS is the largest power producer with corporate headquarter located in the region of Northern Norway. The main office is located at Fauske, and its hydroelectric power production stations in the municipalities of Fauske, Gildeskål, Beiarn, Bodø, Rødøy, Hattfjelldal, and Hemnes.

SKS aims to be an active contributor to the development of a sustainable society. By using new technology and knowledge, and by strengthening our competence within hydropower, SKS will be an attractive partner in the energy market development. Through internal efficiency and reinvestment in the organization SKS wish to create further activity and build long term values for the region, the society, and our stakeholders. 

SKS holds the wholly owned subsidiaries SKS Produksjon AS and SKS Handel AS. SKS partly owns the subsidiary Rødøy-Lurøy Kraftverk AS (73.1 %). SKS provides the subsidiaries with financial and administrative services such as management, accounting, IT, HR, communication, ESG, strategic planning, and business development. 



SKS Produksjon AS is the largest energy production company in Northern Norway, owning 20 hydroelectric power stations. The annual production is about 2 067 GWh. 

SKS Produksjon AS holds 50 percent of the shares in Smisto Kraft AS and Siso Energi AS, both energy production companies. It also holds 72 percent of shares in Krutåga Kraft AS and 92 percent of the shares in Hattfjelldal Kraft AS. These companies both aim to build and operate new power plants. In 2023 Hattfjelldal started building Mølnhusbekken Kraftverk with a planned production of 19 GWh. SKS Produksjon AS holds 50 percent of the shares in Vakinn AS; an operation center for power production.  

SKS Produksjon AS experiences risk exposure through fluctuations in electricity prices. To hedge against such exposure the company engages in forward- and future contracts, and contracts for difference according to a defined risk strategy. 



SKS Handel AS engages in the power market, offering a wide range of products and services, including energy trading of both physical and financial contracts, portfolio management, and settlement services. 

Well-built systems and employees with years of experience make the company able to efficiently manage, and increase the value of, energy resources owned by partners and municipalities. 

The department of Portfolio Management is managing energy portfolios for external customers, creating significant value for its clients. It has also become a player in the renewable energy certificate market, providing certificates to buyers both domestically and internationally. 


Rødøy-Lurøy Kraftverk AS (RLK) is a power production company with an annual production of about 75 GWh.



In March 2023 a stock issuance provided the company with 1 billion in new capital and 50 percent ownership of Siso Energi AS. In this transaction NTE Energi AS became one of SKS shareholders. Ownership in Siso Energi AS and a new shareholder agreement contributes to strengthening SKS’s position as a leading player in power production and green transition in Northern Norway. 

Globally, the year 2023 was marked by several significant events and trends within the energy sector. Geopolitical tension, particularly linked to the war in Ukraine and subsequent energy crises in Europe, heightened concerns about energy supply security. Focus was also drawn to sustainability and technological innovation. Many countries sought to diversify their energy sources and increase storage capacity to reduce dependence on imported energy, especially natural gas. 

Energy prices stayed volatile through the year. This affected both consumers and the investment climate in the energy sector. A notable theme in 2023, both domestically and in Europe, was the need for grid capacity to accommodate new consumption in the power grid. While electricity prices decreased in most areas in 2023, challenges in grid capacity persisted, influencing regional price disparities. Although there are still periods of high prices, there is now better control over energy supply in Europe. Average system-price in the Nordic region decreased from record high of 1,371 NOK/MWh in 2022 to 642 in 2023. The main reasons for the price decrease were lower gas prices and higher reservoir levels, especially in southern Norway. Power prices in SKS’ price area; NO4, increased compared to 2022, but remained low compared to other regions, with an average price of 342 NOK/MWh.  

Total precipitation in our production area was well below normal level in 2023. Total water inflow in our area corresponded to a production of 1,790 GWh. Total hydropower production in 2023 amounted to 1,906 GWh, while the corresponding figure for 2022 was 2,577 GWh. The filling of water reservoirs were 68 percent as we entered 2023 and 67 percent at year end. Normal reservoir level by year-end is 68 percent. Snow reservoirs were calculated to 168 GWh by year end, about 49 percent less than normal level. 

SKS Produksjon AS had a power production of 1,830 GWh, compared to 2,536 GWh in 2022. Due to increased prices operating profit increased to 420 MNOK in 2023, compared to 412 MNOK in 2022. Net income after taxes was 172 MNOK in 2023, compared to 157 MNOK in 2022. 

Rødøy-Lurøy Kraftverk AS had a power production of 77 GWh. Operating profit were 18 MNOK, compared to 9 MNOK in 2022 when production was low due to maintenance. Net profit was 14 MNOK, compared to 7 MNOK in 2022. 

SKS does not include power production from Smisto Kraft AS (210GWh) and SISO Energi AS (1,100 GWh) when compilating company group power production.  

SKS Handel AS’ operation profit in 2023 was 47 MNOK, compared to 96 MNOK in 2022. Net profit was 37 MNOK, compared to 75 MNOK in 2022.  

The parent company reports its result according to NRS (Norwegian reporting standards) and had a Net Profit of 100 MNOK, compared to 61 MNOK in 2022. 



The Annual Statement for SKS is compiled according to IFRS. 

Gross Operating Income of SKS company group was at the same level as in 2022; 820 MNOK. Operating Profit was 446 MNOK and Result Before Taxes 455 MNOK. Taxes was 243 MNOK, compared to 251 MNOK in 2022. Net Profit was 212 MNOK, increased from 87 MNOK in 2022. 

Unrealized change in value of energy- and interest derivates is recognized at real value according to IFRS, where changes in value are to be recognized in other comprehensive income. The changes in value contributed to the Net Profit by positive 31 MNOK. The company groups Total Comprehensive Income for 2022 was positive 242 MNOK compared to 313 MNOK in 2022. 

Total equity by year-end was 4,465 MNOK, compared to 2,233 MNOK in 2022, including a share capital of 134 MNOK.