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Financial Performance - Adjusted EBITDA for the full-year 2025 was EUR 546.1 million, representing a 3.4% increase year-over-year, exceeding the guidance range of EUR 510–540 million, driven by strong performance in Green Capacities and Networks [2] - Total Investments in 2025 amounted to EUR 720.3 million, a decrease of 11.3% year-over-year, within the guidance range of EUR 700–800 million, with 53.1% allocated to Networks and 39.7% to Green Capacities [3] - Net Debt increased to EUR 1,912.0 million as of December 31, 2025, an 18.6% increase from EUR 1,612.3 million in 2024, leading to a decrease in FFO/Net Debt ratio to 21.0% from 29.7% [4] Business Development - Installed capacity in Green Capacities increased to 2.1 GW from 1.4 GW, with key milestones including Final Investment Decisions for several projects in Lithuania [5] - A 10-year Investment Plan for Networks was set at EUR 3.5 billion, with a 40% increase, and the completion of a mass smart meter roll-out with 1.3 million smart meters installed [6] - The company won a Polish capacity mechanism auction for 381 MW in Q1 2026 and signed a 7-year PPA with Lithuanian TSO at a fixed price of EUR 74.5/MWh [7] Sustainability - The Green Share of Generation was 70.2%, a decrease of 11.3 percentage points year-over-year, attributed to higher electricity generation at Elektrėnai Complex [8] - Total GHG emissions in 2025 were 4.49 million t CO2-eq, a 10.1% increase year-over-year, with Scope 1 emissions rising by 54.7% due to new services [9] - Carbon intensity (Scope 1 & 2) increased to 248 g CO2-eq/kWh, a 24.5% rise year-over-year, driven by intensified electricity generation from natural gas [10] Shareholder Returns and Outlook - The proposed total dividend for 2025 is EUR 1.366 per share, a 3.0% increase year-over-year, amounting to EUR 98.9 million, representing a yield of 6.2–6.4% for shareholders [14] - For 2026, the company expects Adjusted EBITDA to be between EUR 550–600 million and Investments to be between EUR 590–690 million [15] Key Financial Indicators - Adjusted EBITDA for 2025 was EUR 546.1 million, up from EUR 527.9 million in 2024, while Net profit decreased to EUR 163.9 million from EUR 276.2 million [16] - Investments in Networks increased by 13.5% to EUR 382.5 million, while Investments in Green Capacities decreased by 34.2% to EUR 285.9 million [16] - FFO decreased by 16.2% to EUR 400.9 million, and the Adjusted ROE fell to 9.2% from 11.8% [16]

Core Insights - Statkraft has signed a power purchase agreement (PPA) for two battery energy storage systems (BESS) with OX2 in Finland to manage wind power volatility and ensure supply reliability [1] - The installed wind power capacity in Finland has nearly tripled from 3,257 megawatts (MW) in 2021 to 9,433 MW in 2025, accounting for 28% of total power generation [1] - The number of hours with negative power prices in Finland has surged from five in 2021 to a peak of 724 hours in 2024, indicating increased electricity market volatility [1] Company Developments - Statkraft will optimize the use of two large-scale battery systems of 110 MW and 125 MW being developed by OX2, with the deal starting in 2028 and lasting for seven years [1] - The battery systems will be co-located with OX2's wind farm projects, sharing a grid connection point to enhance efficiency [1] - OX2 is also expanding its battery systems in other countries, including Australia, Poland, Italy, and Sweden, indicating a broader strategy in energy storage solutions [1] Industry Trends - Finland's electricity storage capacity is currently around 1,050 MW, with grid operator Fingrid emphasizing the importance of suitable connection points to prevent bottlenecks [1] - The rapid expansion of wind power in Finland has led to increased price volatility, necessitating the integration of large-scale battery systems to stabilize the grid [1] - The trend of negative power pricing reflects the challenges faced by renewable energy markets, highlighting the need for innovative solutions like battery storage to manage supply and demand effectively [1]

Core Insights - Statkraft and OX2 have signed a seven-year, 235-MW battery energy storage agreement in Finland, marking Statkraft's largest BESS PPA in the Nordics to date [1][2] Group 1: Agreement Details - The PPA includes two BESS facilities with capacities of 110 MW (220 MWh) and 125 MW (250 MWh), currently under construction [2] - Statkraft will optimize the batteries over a seven-year term starting in 2028, featuring an innovative revenue floor structure to support financing [2] Group 2: Strategic Importance - The agreement emphasizes Statkraft's commitment to enhancing battery energy storage in the Nordics, which is vital for improving system flexibility, stability, and renewable energy integration [3] - Battery energy storage is essential for managing intermittent renewable energy generation, ensuring supply reliability, and facilitating the energy transition [3] Group 3: Executive Insights - Hallvard Granheim from Statkraft highlighted the importance of long-term optimization agreements for predictable revenues, which aid in financing battery energy storage projects [4] - Heikki Herttuainen noted that the agreement reflects the increasing role of battery storage in Finland's energy market, particularly in managing wind power intermittency [4] - Mehmet Energin from OX2 described the agreement as a significant commercial milestone, enhancing the competitiveness of their portfolio and accelerating the growth of flexible energy solutions in the Nordics [4] Group 4: Previous Achievements - Statkraft has previously closed significant battery PPAs, including the 300 MW (600 MWh) Thurrock Storage in the UK, the largest operational BESS scheme in Great Britain [4] - Another notable agreement is with Fidera Energy for the 1.4 GW Thorpe Marsh battery energy storage scheme, which will be the largest facility in the UK once operational [4]

Core Viewpoint - European clean-energy producers are facing potential volatility as a rally driven by AI-related power demand expectations encounters policy risks, particularly regarding carbon pricing and energy affordability [1]. Group 1: Market Dynamics - The clean energy sector had previously surged due to expectations of increased electricity demand from data center expansions, mirroring trends in the U.S. where demand is now driven by firm market conditions rather than subsidies [1]. - Recent discussions among European governments about reforming the EU carbon-trading system have led to a decline in carbon prices by over 20%, impacting generator earnings [1]. - The International Energy Agency (IEA) forecasts that European electricity demand will not return to 2021 levels until 2028, following significant declines in 2022-2023 and a projected modest recovery thereafter [1]. Group 2: Policy Risks - Analysts suggest that renewed debates over carbon policy could lead investors to reassess their assumptions regarding valuations and earnings in the clean energy sector [1]. - Germany and other countries are prioritizing energy affordability and security over green initiatives, indicating a shift in policy focus that could affect the clean energy market [1]. - The upcoming review of the Emissions Trading System (ETS) is expected to create uncertainty in carbon prices and utility stocks until clearer policy signals are provided [1]. Group 3: Valuation Trends - The utilities index in Europe has seen a significant increase of over 40% in the past year, despite earnings forecasts for 2025-2027 remaining largely unchanged [1]. - Some utility stocks in Spain, Italy, Germany, and Britain are perceived to have stretched valuations, reflecting investor optimism that may not align with actual demand growth [1]. - Bank of America warns that if the EU were to eliminate carbon cost pass-through to power prices, long-term earnings for renewable developers could decline by more than 30% [1].

Clean Energy Fuels (NasdaqGS:CLNE) Q4 2025 Earnings call February 24, 2026 04:30 PM ET Company ParticipantsAndrew Littlefair - President and CEOBetty Jiang - Managing DirectorCraig Shere - Director of ResearchDerrick Whitfield - Managing Director and Head of Energy Equity ResearchMatthew Blair - Managing DirectorRobert Vreeland - CFOConference Call ParticipantsEric Stine - Senior Research AnalystRobert Brown - Senior Research AnalystOperatorHello, welcome everyone joining today's Clean Energy Fuels Fourth Q ...

Clean Energy Fuels (NasdaqGS:CLNE) Q4 2025 Earnings call February 24, 2026 04:30 PM ET Company ParticipantsAndrew Littlefair - President and CEOBetty Jiang - Managing DirectorCraig Shere - Director of ResearchDerrick Whitfield - Managing Director and Head of Energy Equity ResearchMatthew Blair - Managing DirectorRobert Vreeland - CFOConference Call ParticipantsEric Stine - Senior Research AnalystRobert Brown - Senior Research AnalystOperatorHello, welcome everyone joining today's Clean Energy Fuels Fourth Q ...

Clean Energy Fuels (NasdaqGS:CLNE) Q4 2025 Earnings call February 24, 2026 04:30 PM ET Speaker6Hello, welcome everyone joining today's Clean Energy Fuels Fourth Quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star 1 on your telephone keypad. Please note this call is being recorded. We are standing by if you shou ...

Google announced Tuesday that it will build a data center in Minnesota that’s backed by 1.9 gigawatts of clean power, including a massive 300-megawatt battery made by startup Form Energy.The new data center, Google’s first in Minnesota, will be located in Pine Island, about an hour southeast of Minneapolis. The tech company is working with Xcel Energy to build 1.4 gigawatts of wind power and 200 megawatts of solar power. Both will feed Form’s battery, which will be capable of delivering its rated power for ...

Key Takeaways CWEN reported a Q4 loss of 89 cents per share, missing estimates despite 21% revenue growth. Clearway Energy's 2025 operating income fell 18% as costs and interest expenses climbed. CWEN added 1.3 GW in 2025, plans $1B 2026 investment, and guides higher EBITDA and CAFD.Clearway Energy Inc. (CWEN) recorded a fourth-quarter 2025 loss of 89 cents per share, which missed the Zacks Consensus Estimate of a loss of 21 cents by 323.81%. In the year-ago quarter, the company reported earnings of 3 cents ...