Statkraft’s latest move is part of its strategy to raise money for investments after first-quarter net profit dropped 87% on the year.
The company said its net profit was $57m in the first quarter, compared to NOK3.22bn ($559m) a year ago, mainly due to unrealized currency losses in the quarter.
Statkraft said the challenges in the European gas-fired power market ‘continue to be considerable,’ with low production margins and stronger competition from coal power due to low coal and carbon prices.
"As a consequence, Statkraft has decided to put the German gas-fired power plant Robert Frank in cold reserve," Statkraft said in a statement.
Statkraft chief executive Christian Rynning-Tonnesen said, "The Group has released capital for own investments by selling all shares in E.ON."
