Norwegian utility Statkraft suffered a net loss in the third quarter when compared to a year earlier amid record low energy prices in the Nordic region and adverse currency effects.

The company made a loss of Nkr39m (€4.2m), down from a profit of Nkr41m (€4.4m) in the same period in 2014. Operating profit before depreciation fell to Nkr11m (€1.2m) down from Nkr23m (€2.5m).

The big fall in prices means Statkraft has decided to reduce the production from its Norwegian hydropower assets.

Total power production fell by 1.1TWh compared to the same period last year.

The company said that a 58% fall in Nordic power prices from €31.8/MWh in the third quarter of 2014 to just €13.4/MWh.

Negative currency effects due to the weak level of the Norwegian Kroner also contributed to the quarterly loss, reducing profit by Nkr52m (€5.5m). There was Nkr1bn (€107m) of equity injected into the company.

Statkraft chief executive Christian Rynning-Tønnesen said: “We have experienced the lowest power prices in the Nordics in 15 years and have therefore held back water in order to produce more electricity when demand and prices are expected to be higher.”

The company is researching a revised 1000MW wind power project in Norway and has recently completed a 172MW hydropower plant in Peru and has started work on constructing the 36MW Andershaw wind farm in the UK.