Statnett Annual report ESEF

1 
Annual report 2021 
The green change of pace

2 
A word from the CEO 
Statnett’s strategy 
Group management 
Board of Directors’ report 
Board of Directors 
This is Statnett 
Financial framework conditions 
Group structure 
Corporate governance 
Risk management and internal control 
Sustainability report 
Financial reporting 
Comprehensive income 
Balance sheet 
Changes in equity 
Cash flow 
Notes 
Auditor’s report
Sustainability accounts 
Alternative performance measures 
Page 4 
Page 6 
Page 8 
Page 11 
Page 25 
Page 27 
Page 31 
Page 34 
Page 36 
Page 40 
Page 49 
Page 77 
Page 77 
Page 78 
Page 79 
Page 80 
Page 81 
Page 146 
Page 151 
Page 159 
Content 

3 
A secure power supply and sustainable value creation 

Ånnual Report 2021 
A Word from the CEO
4 
Norway 
is 
in 
the 
middle 
of 
the green 
change of 
pace 
– Statnett is ready 
The power 
system is 
on its 
way to 
becoming the 
new 
energy 
system. 
More 
and 
more 
of 
our 
energy 
consumption is 
based on 
emission-free 
electricity. 
In 
addition, 
there 
is 
currently 
uncertainty 
due 
to 
the 
geopolitical 
situation 
giving 
large 
fluctuations 
in 
energy prices. This 
will require a 
clear direction and 
a 
major collective effort 
to put in 
place renewable energy 
production 
and 
a 
grid 
that 
facilitates 
the 
transition.
Statnett makes our contribution to this transition clear 
through 
an 
ambitious 
operational 
strategy 
and 
by 
adapting our organization. 
2021 was in 
many ways a 
special year. 
It started with 
low 
power prices and full reservoirs 
and ended with less water 
than 
normal 
and 
a 
price 
level 
few 
could 
have 
imagined. 
Europe was hit 
by a “perfect 
storm” in the 
energy markets 
when activities resumed after the 
pandemic and extensive 
shutdowns. 
Combined 
with 
record-high 
prices 
for 
CO2 
emissions, an increase in demand for 
gas and geopolitical 
conditions 
that 
have 
affected 
the 
supply 
side, 
this 
has 
resulted in unusually high energy prices. 
Auke Lont was congratulated 
after stepping down 
after 12 
years as CEO in March 2021. He 
left a company delivering 
impressive results from a highly competent staff. 
Statnett has a very important social mandate 
and is central 
to the development 
of society in 
the time ahead. We 
have 
an 
organisation 
with 
incredibly 
competent 
people 
who 
contribute to 
deliver on 
our mission 
every single 
day. 
We 
must 
ensure 
secure 
power 
supply 
at 
all 
times, 
while 
developing 
a 
power 
system 
that 
facilitates 
sustainable 
value creation for the country. 
The 
past 
year 
started 
with 
a 
new 
high 
in 
power 
consumption, 
and 
the 
old 
record 
from 
2016 
was 
broken 
three 
times 
during 
January 
and 
February 
with 
a 
consumption of 25,230 MWh during a 
single hour. Norway 
also set a new production record, 
generating 27,698 MWh 
in a 
single hour 
in January. 
There has 
never been 
a year 
that we 
have produced 
more power 
than we 
did in 
2021, 
with a total of 157 TWh. 
The 
Vestre 
Korridor 
(Western 
Corridor) 
was 
completed 
after 8 
years of 
construction, building 
300 km 
power lines 
and 
8 
new 
substations. 
The 
project 
is 
important 
for 
the 
security 
of 
supply 
in 
southern 
and 
western 
Norway 
and 
enables 
integration 
of 
the 
newest 
interconnectors 
in 
the 
Norwegian power system. 
In 
May, 
Prime 
Minister 
Erna 
Solberg 
and 
German 
Chancellor Angela 
Merkel officially 
opened NordLink. 
The 
interconnector has a 
capacity of 1 
400 MW and is 
the first 
direct 
power 
link 
between 
Norway 
and 
Germany. 
In 
October 
the 
North 
Sea 
Link, 
connecting 
Norway 
and 
the 
UK, went into trial 
operation. North Sea Link 
has a capacity 
of 1 400 MW and is 
the longest interconnector in the world. 
Power 
prices 
in 
Southern 
Norway 
have 
been 
high, 
but 
the 
price 
in 
other 
countries 
has 
been 
even higher. 
The price differences 
, 
which are 
the biggest 
factor 
affecting 
Statnett’s 
congestion 
revenues, 
have 
been 
even 
greater 
than 
before. 
In 
2021, 
Statnett 
set 
a 
new 
high 
with 
total 
congestion 
revenues 
of 
more 
than 
NOK 
5.6 
billion. 
This 
trend continued into 2022, and in January, 
Statnett had an 
income of more 
than NOK 1.4 
billion. These revenues 
will 
be 
used 
in 
their 
entirety 
to 
reduce 
the 
grid 
tariffs 
for 
Statnett’s customers. 
In 
June, 
we 
launched 
a 
new 
operational 
strategy 
for 
the 
company. 
This 
points 
the 
way 
for 
how 
to 
solve 
ever-
increasing 
and important 
tasks 
in a 
challenging 
time. We 
have 
taken 
several 
important 
steps 
in 
the 
past 
year. 
We 
spent 
the 
autumn 
reorganising 
the 
company 
and 
worked 
intensively 
on 
how 
we 
collaborate 
internally 
and 
how 
we 
should 
interact 
with 
our 
surroundings, 
partners 
and 
customers. 
Statnett’s 
Board of 
Directors has 
adopted six 
overarching 
goals 
for 
the 
company. 
An 
important 
goal 
to 
highlight 
is 
sustainability 
and safety 
in 
everything 
we do. 
We 
have a 
long-term perspective in our business, both in terms of our 
employees 
and 
in 
terms 
of 
the 
climate 
and 
environment. 
While 
restructuring 
the 
company, 
we 
have 
established 
a 
separate 
staff 
area 
for 
People 
& 
Sustainability 
and 
have 
hired 
a 
dedicated 
executive 
vice 
president 
with 
responsibility 
for 
this 
key 
area 
for 
Statnett’s 
further 
development. 
A word from the CEO 

Ånnual Report 2021 
A Word from the CEO
5 
Our 
strategy 
places 
great 
demands 
on 
Statnett. 
We 
will 
ensure 
socio-economically 
rational 
operation 
and 
development of the 
transmission grid. 
At the same 
time, it 
is important to acknowledge 
that the world and 
the energy 
system are changing rapidly, 
which places other demands 
on the way we work and the tempo of our deliveries. 
Statnett have also pointed 
out that restrictions on 
access to 
new 
power 
production 
could 
put 
a 
damper 
on 
plans 
for 
industrialisation. 
Statnett 
emphasised 
in 
our 
Short-Term 
Market 
Analysis 
2021-2026, 
released 
in 
December, 
that 
the 
current 
Norwegian 
power 
surplus 
will 
move 
towards 
zero by 
the mid 
2020's and 
there is 
need for 
more power 
production. 
Norwegian 
offshore 
areas 
have 
some 
of 
the world’s 
best 
wind 
resources 
A 
prerequisite 
for 
cuts 
in 
Norwegian 
greenhouse 
gas 
emissions, 
further 
electrification 
of 
domestic energy 
consumption and 
green industrialisation, 
is that energy resources must be developed and utilised in 
a good way. 
We 
have 
created 
a 
separate 
business 
area, 
Offshore 
Development, 
which 
will 
be 
central 
to 
our 
work 
with 
the 
developments taking 
place off 
the coast. 
This will 
require 
us to see new offshore production in close connection with 
power needs on 
land and necessary 
grid development both 
on- and offshore. 
We 
are 
in 
an 
extraordinary 
period. 
Statnett’s 
analyses 
make it clear that current prices are not the new normal. 
At 
the 
same 
time, 
we 
know 
that 
we 
are 
now 
building 
for 
a 
future with great uncertainty and major challenges. We will 
facilitate 
the 
sustainable 
value 
creation 
of 
the 
future 
and 
the 
transition 
to 
an 
energy 
system 
that 
facilitates 
a 
zero-
emission 
society. 
This will 
require new 
power production, 
major investments and major changes to the systems. 
In recent 
weeks, we 
have seen 
acts of 
war in 
Europe for 
the 
first 
time 
in 
decades 
with 
the 
Russian 
invasion 
of 
Ukraine. 
Energy 
is 
playing 
a 
significant 
role 
in 
what 
is 
unfolding, and we 
are seeing increasing 
uncertainty in the 
energy 
markets. 
This 
is 
a 
situation 
Statnett 
is 
closely 
in 
collaboration 
with 
the 
Norwegian 
authorities, 
and 
our 
Nordic and European colleagues. We 
are in the midst of a 
major 
change 
in 
the 
energy 
systems, 
and 
the 
war 
has 
created a 
new and 
increased unease. 
Europe's answer 
is 
to 
strengthen 
the 
green 
shift 
and 
to 
make 
the 
continent 
more 
independent 
of 
unstable 
fossil 
fuels 
as 
an 
energy 
resource. 
In 
this 
situation 
the 
Norwegian 
energy 
system 
plays an important role. 
Statnett is ready 
for the tasks 
ahead of us. 
Our investments 
over the last 
ten years 
have taken 
us a 
long way, 
and we 
are well 
underway with 
the next 
stage. 
Nevertheless, 
the 
company will continuously improve our 
own processes and 
our 
relationship 
with 
the 
world 
around 
us, 
where 
the 
company’s new 
organisation and 
operational strategy 
are 
important elements. 
As we have said for many years, the future is electric, and 
the green change of pace is happening now. Statnett is 
ready. 
Hilde Tonne

Statnett’s strategy 
6 
The green change of pace 
The transition 
to a zero-emissions society is accelerating – 
we are experiencing a 
green change of pace. 
Norway has 
committed 
to 
reducing 
its 
emissions 
by 
55 
per 
cent 
by 
2030. This matches the 
EU’s legally binding 
target of a 55 
per cent emissions reduction. 
Record-high 
electricity 
prices 
made 
2021 
extremely 
challenging 
for 
both 
commercial 
and 
private 
consumers. 
The 
year 
taught 
us 
that 
the 
green 
change 
of 
pace 
will 
present 
a 
number 
of 
challenges. 
These 
include 
unstable 
supplies 
of 
natural 
gas, 
fluctuations 
in 
precipitation 
and 
carbon pricing. In addition, 
the fact that countries 
which are 
linked 
together 
in 
an 
integrated 
power 
system 
choose 
different approaches 
has also 
been problematic. 
Demand 
for renewable energy is increasing, and a growing 
number 
of enterprises want to connect new business 
operations to 
the grid or increase their existing consumption. 
Statnett’s 
analyses 
assume 
that 
consumption 
in 
Norway 
could 
grow 
significantly 
from 
today’s 
140 
TWh 
to 
around 
220 TWh 
in 
2050. 
The potential 
increase 
in consumption 
cannot 
be 
precisely 
estimated. 
Nevertheless, 
the 
power 
industry is facing major changes and important 
tasks in the 
time ahead. Although new technology and 
digital solutions 
make 
the 
transition 
possible, 
Norway 
quickly 
needs 
to 
establish more 
renewable electricity 
production. 
Statnett’s 
short-term 
market 
analysis 
indicates 
that 
Norway 
will 
experience an electricity deficit by the mid-2020s. 
To 
meet 
this 
transition, 
Statnett 
has 
developed 
a 
new 
strategy 
called 
“the 
green 
change 
of 
pace.” 
The 
strategy 
shows the level of 
ambition necessary to develop a 
robust 
power 
system 
that 
ensures 
Norway 
is 
well 
positioned 
to 
meet the green transition. Its goals are to: 
● 
support national 
electrification and 
value creation 
through 
integrated 
development 
of 
the 
power 
system. 
● 
facilitate the desired pace 
of the green change by 
adapting 
investment 
levels 
and 
adopting 
and 
an 
integrated approach to planning and execution. 
● 
ensure 
predictability 
for 
customers 
and 
stakeholders. 
● 
maintain our efficiency 
in order to keep 
the power 
system competitive. 
Statnett develops tomorrow’s power grid 
The power 
system is 
the mainstay 
of the 
transition and 
is 
vital 
for 
future 
sustainable 
value 
creation. 
The 
power 
system 
must 
support 
security 
of 
supply 
and 
effective 
delivery. 
The grid 
is 
becoming 
even 
more important, 
and 
the speed of strengthening 
and refurbishing must increase. 
 
Statnett will 
ensure secure 
operations and 
a cost-efficient 
power supply by continuing 
to develop the grid, 
market and 
operating 
solutions 
of 
the 
future 
in 
a 
socio-economically 
optimal manner. Important deliveries are: 
● 
Secure power supply 24/7 
● 
Electrification and green value creation 
● 
The power system of 
the future, both on 
land and 
offshore 
 
To 
keep up with 
the green change 
of pace, we 
must plan 
in 
a 
more 
holistic 
fashion, 
automate 
systems 
operations, 
utilize 
the 
power 
system, 
market 
and 
grid 
even 
more 
effectively 
and 
employ 
new 
technologies 
and 
digital 
processes in our work. Statnett depends on having a good 
dialogue 
and 
collaboration 
with 
customers, 
stakeholders 
and regional grid operators. 
Strategic priorities 
Two factors always underlie our activities: systematic work 
to 
prevent 
all 
accidents 
and 
injuries, 
and 
systematic 
sustainability 
efforts 
through 
specific 
action 
plans. 
In 
addition, 
we 
are 
stepping 
up 
the 
pace 
and 
preparing 
for 
consumption levels of up to 220 TWh by 2050 by: 
● 
establishing 
comprehensive 
area 
plans 
and 
increase the pace of 420 kV voltage upgrades. 
● 
systematizing 
the 
grid 
connection 
process 
and 
facilitating new production and new consumption. 
● 
utilizing grid capacity by intensifying reinvestment, 
maintenance 
and 
emergency 
preparedness 
in 
vulnerable areas. 
● 
preparing Statnett for an active role offshore. 
● 
leveraging 
innovation 
and 
digitalisation 
opportunities. 
Statnett’s strategy 

Statnett’s strategy 
7 
Area plans provide holistic solutions 
Holistic 
grid- 
and 
system 
development 
will 
be 
ensured 
through the adoption of area plans 
in all regions. The area 
plans 
will 
describe 
system, 
market 
and 
installation 
level 
measures 
necessary 
to 
implement 
a 
420 
kV 
standard 
voltage 
target 
grid. 
Individual 
measures 
are 
placed 
in 
a 
broader context, which 
contribute to rational 
use of national 
resources, enable the right 
measures to be prioritised 
and 
increase implementation 
efficiency. The area plans 
will also 
facilitate dialogue and 
joint development with 
stakeholders. 
Facilitating 
new 
production 
and 
new 
consumption 
Statnett 
is 
instrumental 
in 
the 
continued 
Norwegian 
industrial development, and 
in ensuring rational 
connection 
of 
new 
production 
and 
new 
consumption. 
Extensive 
national waters and favorable wind conditions give Norway 
a substantial potential for 
offshore wind power generation. 
As 
system 
operator, 
Statnett 
must 
view 
both 
on- 
and 
offshore grid as a part of an 
integrated system. An offshore 
grid 
should 
be 
developed 
in 
a 
holistic 
and 
long-term 
manner. 
Statnett 
is 
prepared 
to 
be 
awarded 
the 
roles 
of 
system operator 
and planning authority 
for a 
future offshore 
grid in 
the North 
Sea, and 
we must 
be prepared 
for rapid 
developments. 
Utilizing current grid capacity 
We must ensure 
high uptime at 
our installations and 
good 
security 
of 
supply 
for 
our 
customers. 
Flexibility 
from 
consumers 
and 
producers 
is 
important 
to 
safeguard 
reserves 
for 
system 
balancing. 
Statnett 
will 
assess 
the 
potential for flexibility. 
Decisions in system 
operations and 
grid 
planning 
will 
be 
based 
on 
solutions 
to 
develop 
and 
utilize this flexibility. 
Digitalisation and innovation 
Targeted 
and 
business-oriented 
digitalisation 
and 
innovation is pivotal in our new strategy. 
We 
will 
accelerate 
utilization 
of 
new 
knowledge 
and 
technologies. We will become increasingly data-driven and 
build a strong digital foundation providing 
access to shared 
data, 
solutions 
and platforms. 
We 
will 
ensure 
early 
value 
creation 
from 
digital 
initiatives 
and 
will 
further 
develop 
partnership driven 
service models 
that seek 
cost-effective 
solutions. 
We 
cooperate 
actively 
with 
other 
transmission 
system 
operators 
(TSOs) 
and 
stakeholders 
to 
transform 
the 
energy 
system 
in 
Norway, 
the 
Nordic 
region 
and 
Europe as 
a whole. 
Development 
and 
application 
of 
new 
technology 
are 
vital 
to 
ensure 
that 
the 
significant 
investments 
triggered 
by 
electrification 
are 
both 
future-
oriented, cost-effective and sustainable. 
Reports and investigations are available 
To 
satisfy society’s 
needs, Statnett 
performs a 
number of 
analyses and investigations to provide a basis for potential 
measures. 
These 
may include 
choice-of-concept 
studies, 
analyses related 
to specific 
projects, or 
background work. 
In 
2021, 
Statnett 
produced 
the 
following 
documents: 
Updated 
Long-Term 
Market 
Analysis 
2020–2050 
(LMA), 
Short-term Market 
Analysis 2021–2026 
(only published 
in 
Norwegian), 
Grid 
Development 
Plant 
2021 
(GDP) 
and 
Systems Operation 
and Market 
Development Plan 
2022–
2030 (SOMDP). 
Published reports can be viewed at 
www.statnett.no

Annual Report 2021 
Group management
8 
Hilde Tonne 
President and CEO 
Appointed in March 2021 
Education/qualifications: 
Master 
of 
Science 
from 
the 
Norwegian 
University 
of 
Science 
and 
Technology 
(NTNU) and RWTH Aachen, Germany. 
Previous 
experience: 
Executive Director 
and 
Chief Innovation 
Officer 
at 
Rambøll 
Group and 
various 
group 
management 
positions 
at 
Telenor 
Group. 
Tonne 
has 
also 
held 
a 
variety 
of 
management 
positions 
in 
the 
oil 
and 
energy 
sector, 
including 
as 
Head 
of 
Technology 
& 
Research at Norsk Hydro Oil & Energy. 
Directorships: 
Chair 
of 
the 
Research 
Council 
of 
Norway. 
She 
has 
previously 
served 
on 
the 
boards of several energy companies, including Statkraft, Vattenfall and Danske Bank. Tonne is 
one of the founders of Digital Norway.
Elisabeth Vike Vardheim 
EVP Grid & Asset Management 
Employed in 2007 and a member of Group Management since 2014. Education/qualifications: 
Master’s in Engineering from the Norwegian University of Science and Technology (NTNU), 
Degree in Business Administration, Master’s in Board Governance from the Norwegian 
Business School (BI). 
Education/qualifications: Master’s in Engineering from the Norwegian University of Science 
and Technology 
(NTNU), Degree in Business Administration, Master’s in Board Governance 
from the Norwegian Business School (BI). 
Previous 
experience: 
Several 
management 
positions 
at 
Statnett, 
public 
sector, 
construction 
projects/client organisation. 
Directorships: Chair of NordLink Norge AS and Statnett Transport AS.
Peer Olav Østli 
EVP System Operations 
Employed and a member of Group Management since 2007. 
Education/qualifications: 
Master’s 
in 
Computer 
Science 
and 
postgraduate 
studies 
in 
management from Henley Business School in the UK. 
Previous experience: Director at Telenor, 
Schibsted Nett and Scandinavia Online 
AB, Head of 
Technology 
at NRK. 
Directorships: Board member at Fifty AS. 
Group Management 

Annual Report 2021 
Group management
9 
Gunnar G. Løvås 
EVP Markets and System Development 
Employed 
in 
Statnett 
in 
the 
period 
1994-2014 
and 
a 
member 
of 
Group 
Management 
in 
the 
period 
2007-2014. 
2019-2021: 
EVP 
System 
and 
Markets, 
2021- 
EVP 
Markets 
and 
System 
Development. 
Education/qualifications: Master’s in Engineering 
from the Norwegian University 
of Science and 
Technology 
(NTNU) and a doctorate in mathematical statistics from the University of Oslo. 
Previous 
experience: 
2014–2016: 
Deputy 
Director 
General 
of 
the 
Norwegian 
National 
Rail 
Administration. From 2017 to 2018 he was an independent consultant. 
Directorships: Chair of Elhub AS. He has previously served 
on the boards of Fifty AS, NordLink 
Norge and Glitre Energi. 
Håkon Borgen 
EVP Offshore Development 
Employed in 1995 and a member of Group management since 2004. 
Education/qualifications: Master’s in Engineering 
from the Norwegian University 
of Science and 
Technology 
(NTNU) and Technische 
Hochschule Darmstadt (THD) in Germany, 
postgraduate 
studies in management from the International Institute for Management Development (IMD). 
Previous experience: Several management positions at 
Statnett and BKK in the 
areas of power 
supply, planning and construction, as well as responsibility for planning and development. 
Directorships: Chair 
of ENTSO-E 
Research Development 
and Innovation 
Committee (RDIC),
member of 
the boards 
of Fred. 
Olsen Windcarrier 
(FOWIC). Former 
Chair of 
NordLink Norge 
and Statnett Transport, in addition member of the boards of Sway and Nordpool spot.
Knut Hundhammer 
EVP Finance & Corporate Affairs 
Employed and a member of Group Management since 2011. 
Education/qualifications: 
Norwegian 
Military 
Academy 
and 
MBA 
from 
Wharton 
School 
of 
Business in the USA. 
Previous 
experience: 
Company 
Commander 
in 
the 
Norwegian 
Armed 
Forces, 
consultant 
at 
McKinsey 
& 
Co, 
Director 
at 
HUAL 
AS, 
CFO 
of 
Finansbanken 
ASA, 
President 
of 
Klavenes 
Gruppen and President of the Norwegian Defence and Security Industries Association (FSi). 
Directorships: Chair of 
Statnett’s pension fund 
and chair 
of Ringerike 
Sparebank’s pension fund
. 
Former chair of 
Delphi Forvaltning AS 
og Morningstar AS, 
and member of 
the boards of 
Cool 
Carriers AB and Bank of Copenhagen. 

Annual Report 2021 
Group management
10 
Beate Sander Krogstad 
EVP Transformation & Digital 
Employed in 2009 and a member of Group management since 2019. 
Education/qualifications: Master 
of Science 
in Physics 
and Mathematics 
from the 
Norwegian 
University 
of 
Science 
and 
Technology 
(NTNU) 
and 
post-graduate 
studies 
in 
international 
leadership from FGV in Rio de Janeiro, Brazil. 
Previous 
experience: 
Manager 
at 
Accenture, 
several 
management 
roles 
and 
executive 
positions at Statnett. 
Directorships: Chair of Fifty AS, member of the boards of Helse 
Vest IKT and Digital Norway –
business competence centre. 
Bente Monica Haaland 
Acting EVP People & Sustainability 
Employed in 1993, a member of Group management 
from 2014 to 2019. SVP Strategy, People 
& Transformation from 2019 to 2021. 
Education/qualifications: Master’s in Engineering from the University of Aberdeen and 
Master’s 
in Management from the Norwegian Business School (BI). 
Previous experience: Executive and management positions at 
Statnett and Statkraft. Partner at 
Eclipse Energy Group. 
Directorships: 
Member 
of 
the 
boards 
of 
Statnett 
Forsikring 
and 
of 
RGI 
(Renewables 
Grid 
Initiative). 
Member of the board of Polyteknisk forening. 

 
 
Report from the Board of Directors 
11 
The power 
market in 
2021 was 
characterised by 
large 
contrasts 
with 
the 
highest 
consumption 
ever, 
unusually 
high 
electricity 
prices 
and 
major 
price 
differences. 
At the 
same 
time, 
the 
green 
transition 
is 
increasingly 
impacting 
the 
energy 
supply 
business. 
Despite the fact that 2021 was also somewhat affected 
by 
the 
coronavirus 
pandemic, 
we 
have 
succeeded 
in 
our main goal of maintaining a secure power supply. 
Profit after tax, Group 
Results for the year 
The Statnett 
Group posted 
an underlying 
profit in 
2021 of 
NOK 
1,474 
million 
(NOK 
2,079 
million 
in 
2020). 
The 
recognised 
net 
profit 
for 
the 
year 
came 
to 
NOK 
3,307 
million (NOK 2,697 million). 
The reduction in the 
underlying 
profit 
is 
mainly 
due 
to 
increased 
system 
operating 
expenses 
as 
a result 
of 
higher power 
prices. 
But 
overall, 
the 
underlying 
profit 
has 
helped 
maintain 
the 
necessary 
equity. 
The 
large 
price 
differences 
have 
resulted 
in 
record-high 
congestion 
revenues 
in 
2021 
and 
into 
2022. 
As 
a 
result, 
Statnett will be setting the consumption tariff to zero 
from 1 
April 2022 until the end of the year. 
A dividend 
of NOK 
737 million 
has been 
proposed for 
the 
2021 financial year. This corresponds to 
50 per cent of the 
dividend 
basis. 
In order 
to secure 
access 
to financing 
on 
competitive 
terms, 
Statnett 
attaches 
importance 
to 
maintaining a robust A-rating. 
Satisfactory operating performance 
Delivery reliability 
and security 
of supply 
in the 
transmission 
grid were satisfactory in 2021. There was 
significantly less 
non-delivered 
energy 
as 
a 
result 
of 
operational 
interruptions 
compared 
with 
the 
last 
ten 
years, 
with 
the 
exception 
of 2018. 
Despite the 
fact 
that less 
precipitation 
led to lower reservoir levels in Norway, 
the power situation 
is now considered to be normal. 
The 
year 
as 
a 
whole 
was 
characterised 
by 
high 
power 
prices. Both 
at the 
beginning and 
the end 
of the 
year, 
we 
saw cold 
weather and 
high power 
prices. The 
high power 
prices 
on 
the 
continent 
also 
affected 
Norwegian 
power 
prices, 
especially 
in 
southern 
Norway. 
High 
power 
prices 
have 
to 
a 
large 
extent 
also 
affected 
Statnett’s 
costs 
associated 
with 
the 
purchase 
of 
various 
regulatory 
reserves 
to 
handle 
system 
operations. 
Such 
costs 
are 
compensated for in the company’s revenue regulation with 
a two-year lag. 
Solid progress in projects 
Despite the 
coronavirus pandemic, 
Statnett’s construction 
projects have seen good progress. 
The 
Western 
Corridor 
is 
an 
umbrella 
term 
for 
the 
transmission 
grid 
in 
south-western 
Norway 
and 
extends 
from Kristiansand in the south to Sauda 
in the north. Work 
has been underway 
to upgrade to 
420 kV voltage 
and the 
last section of 
power lines 
was put 
into operation 
in October 
2021. 
This 
marks 
the 
end 
of 
an 
eight-year 
construction 
period in 
which 300 
kilometres of new 
power lines 
and eight 
new substations have been completed. 
The Western Corridor 
provides a significant 
and important 
boost to capacity 
in Southern Norway 
and facilitates secure 
operations, in 
addition to 
providing sufficient 
grid capacity 
to 
accommodate 
the 
expected 
new 
renewable 
electricity 
production in South Norway and enabling 
high utilisation of 
interconnectors. 
The NordLink subsea interconnector between Norway and 
Germany 
went 
into 
normal 
operation 
in 
March 
and 
was 
officially 
opened 
in 
May. 
The 
623-kilometre 
cable 
has 
a 
capacity of 
1,400 MW. 
Work on 
laying the 
North Sea Link 
(NSL) subsea interconnector between Norway and the 
UK 
was 
completed 
in 
June 
and 
testing 
was 
conducted 
throughout 
the 
summer. 
In 
October, 
the 
connection 
went 
into 
trial 
operation 
with 
a 
capacity 
of 
700 
MW. 
At 
720 
kilometres, the interconnector 
is the world’s 
longest subsea 
power cable. 
The new exchange capacity with the UK and Germany will 
contribute 
to 
increased 
value 
creation 
and 
security 
of 
supply and 
is part 
of the 
transition to 
a more 
climate-friendly 
European energy system. 
Report from the Board 
Report from the Board of Directors 

Report from the Board of Directors 
12 
Statnett works safely and sustainably 
Through our social mandate, Statnett is a key player in the 
green transition 
and a 
facilitator for 
a sustainable 
society. 
This 
means 
facilitating 
the 
electrification 
of 
society 
and 
performing 
its 
tasks 
in 
a 
sustainable 
fashion. 
We 
have 
prioritised six key areas: 
● 
Ensuring 
all 
employees 
enjoy 
a 
safe 
working 
environment 
● 
Taking 
broad 
responsibility 
for 
the 
environment 
and 
preserving biodiversity 
● 
Reducing 
greenhouse 
gas 
emissions 
and 
managing 
climate risk 
● 
Fighting corruption, human 
rights abuses and 
unethical 
behaviour in all areas of our business 
● 
Increasing 
workforce 
diversity 
with 
respect 
to 
competence, background and gender 
● 
Ensuring 
decent 
employment 
and 
working 
conditions 
throughout the supply chain 
The measures implemented and 
results achieved in 
these 
areas are described in Statnett’s Sustainability Report. 
Ensuring 
all 
employees 
enjoy 
a 
safe 
working 
environment 
Statnett’s 
goal 
is 
for 
everyone 
who 
works 
in 
and 
for 
the 
company to have 
a safe 
working day. 
Statnett’s work 
with 
personal safety is founded 
on a “zero vision” and 
is based 
on 
compliance 
with 
the 
comprehensive 
regulations 
that 
have been developed to prevent injuries in the workplace. 
Taking broad responsibility for the environment and 
preserving biodiversity 
Statnett’s 
ambition 
is 
to 
reduce 
its 
environmental 
impact 
beyond 
statutory 
requirements. 
Statnett 
places 
particular 
emphasis 
on 
the 
preservation 
of 
biodiversity 
and 
landscapes, which 
includes trying 
to avoid 
construction in 
bog 
areas. 
This 
requires 
active 
efforts 
to 
preserve 
biodiversity 
in 
and around 
our 
facilities 
and including 
this 
aspect as an 
integral part of 
the way we 
plan and operate 
them. 
Reducing greenhouse gas emissions and 
managing 
climate risk 
Statnett’s goal 
is to 
reduce greenhouse 
gas emissions 
by 
50 per 
cent by 
2030 and 
with a 
goal of 
zero emissions 
in 
the power 
system by 
2050. 
This includes 
emissions from 
the 
company’s 
own 
operations 
and 
from 
those 
of 
its 
contractual counterparties. The company aims 
to have cut 
its own greenhouse gas emissions by 25 per cent 
by 2025 
compared to 2019. 
Greenhouse 
gas 
emissions 
have 
decreased 
in 
recent 
years. This is due 
to the fact that emissions 
related to grid 
transmission losses have 
been sharply reduced, 
as a result 
of a larger 
share of renewable 
electricity imported into 
the 
Norwegian power 
grid. We 
have also 
paid close 
attention 
to reducing SF6 gas leaks 
from our facilities, in 
addition to 
implementing other measures in 2021. 
Fighting 
corruption, 
human 
rights 
abuses 
and 
unethical behaviour in all areas of our business 
To 
create value 
in a sustainable 
way, 
we must maintain 
a 
high ethical standard and make clear demands on our own 
employees and 
our suppliers. 
This will 
become more 
and 
more 
important 
due 
to 
increasing 
globalisation 
and 
less 
transparency in the supplier market. 
Increasing 
workforce 
diversity 
with 
respect 
to 
competence, background and gender 
Statnett is a knowledge-intensive company and aims to be 
an attractive employer for people at 
all stages of their lives, 
irrespective of gender, 
age, sexual orientation and 
cultural 
or 
religious 
background. 
Different 
backgrounds 
and 
expertise provide a broader 
perspective, which in turn 
has 
a 
positive 
effect 
on 
the 
company’s 
ability 
to 
develop 
and 
manage risk. 
Statnett 
aims 
to 
raise 
the 
proportion 
of 
women 
in 
the 
workforce 
and 
increase 
diversity 
in 
terms 
of 
background 
and expertise. This 
is important for 
making use of 
all talents 
in 
different 
fields. 
Renewal, 
transformation 
and 
diversity 
have 
been 
the 
key 
words 
for 
the 
organisational 
changes 
that Statnett implemented in the autumn 
of 2021. This has 
resulted in 
a marked 
increase in 
the proportion 
of women 
in management 
positions at 
all levels 
– from 
25 to 
30 per 
cent. 
For 
Statnett, 
it 
is 
important 
to 
be 
an 
attractive 
employer, 
irrespective of employees’ 
background or gender. We must 
safeguard employee diversity 
in terms of 
gender, age 
and 
background. 
Women 
and 
men 
with 
approximately 
the 
same 
education/training, 
work 
and 
experience 
must 
receive equal pay. Our work with gender equality, 
diversity 
and inclusion of all backgrounds is further described in our 
sustainability report 
under the 
main section 
related to 
our 
social contributions. 
Ensuring 
decent 
employment 
and 
working 
conditions throughout the supply chain 
Statnett 
safeguards 
human 
rights 
and 
acts 
in 
a 
socially 
responsible 
manner. 
We 
expect 
contracting 
parties 
in 
all 
countries 
to 
comply 
with 
our 
requirements 
for 
pay 
and 
working 
conditions 
and 
our 
partners 
and 
suppliers 
to 
respect the right to organise and human rights. 

 
 
 
 
Report from the Board of Directors 
13 
Risk management and internal control 
Statnett’s risk management 
reflects the 
fact that 
we operate 
critical 
infrastructure 
on 
behalf 
of 
society. 
Sound 
risk 
management and a high level of emergency preparedness 
are critical at a 
time when the 
company is investing heavily, 
while striving to keep an ageing 
power grid, with little spare 
capacity, 
operating 
reliably. 
Statnett’s 
risk 
management 
and internal control framework 
is based on the 
Norwegian 
Code of Practice 
for Corporate Governance 
issued by the 
Norwegian Corporate 
Governance Board 
(NUES), and on 
the guidelines 
set out 
in ISO 
31000 Risk Management. 
Risk 
management 
also 
complies 
with 
guidelines 
given 
in 
ISO 
55001, Asset management, 
and ISO 
14001, Environmental 
management systems. 
For further 
details, please 
see the 
chapter 
on 
risk 
management 
and 
internal 
control 
in 
the 
Annual Report. 
Corporate governance 
Sound 
corporate 
governance 
is 
a 
prerequisite 
for 
stable 
long-term 
value-creation 
and 
helps 
ensure 
that 
Statnett 
delivers 
products 
and 
services 
that 
satisfy 
all 
relevant 
requirements and expectations. 
Statnett complies with 
the 
government’s 
principles 
for 
corporate 
governance 
and 
relevant 
portions 
of 
the 
Norwegian 
Code 
of 
Conduct 
for 
Corporate Governance. For further details about corporate 
governance 
at 
Statnett 
and 
the 
Board’s 
roles 
and 
responsibilities, 
please 
see 
the 
chapter 
on 
corporate 
governance in the Annual Report. 
Health, safety and the environment (HSE) 
SIF-indicator (rolling 12 month) Group 
3)
H-indicator (rolling 12-month) 
for the Group 
1) and 2)
The company has a “zero vision” as a basis for continuous 
improvement 
and 
works 
systematically 
to 
prevent 
all 
accidents and injuries. 
Safety requirements must 
form the 
basis of Statnett’s 
activities, and time, 
cost or quality 
shall 
never be prioritised at the expense of personal safety. 
In 
the 
2021 
strategy 
process, 
the 
company 
placed 
emphasis on 
incorporating 
safeguarding of personal 
safety 
and 
the 
working 
environment 
into 
Statnett's 
prioritised 
sustainable development goals. 
To 
enable 
the 
organisation 
to 
implement 
the 
strategy, 
major organisational 
changes have 
been made 
to ensure 
increased resource 
utilisation, improved 
collaboration and 
increased efficiency. At the same 
time, Statnett has 
worked 
specifically 
to strengthen 
both 
management 
capacity 
and 
operational 
capacity. 
A 
survey 
of 
the 
safety 
climate 
at 
Statnett in the summer of 2021 showed good results, but it 
also lays 
a good 
foundation for 
targeted measures 
where 
necessary. 
Emphasis has been placed on 
maintaining close follow-up 
of unwanted 
incidents and 
hazardous conditions, 
in order 
to 
be 
able 
to 
convey 
learning 
points 
across 
the 
organisation. 
Following 
the 
reorganisation 
this 
autumn, 
several 
arenas 
have 
been 
established 
that 
provide 
for 
ongoing 
contact 
between 
the 
professional 
environments 
within 
HSE, 
OHS, 
electrical 
safety 
and 
the 
external 
environment. 
Reduction in 
lost-time injuries and 
serious incidents 
In 2021, there was a significant reduction 
in the number of 
incidents with a 
serious potential 
for harm, compared 
with 
2020. 
The 
result 
of 
this 
is 
that 
the 
SIF 
indicator 
(serious 
injury frequency) has dropped from 6.2 to 2.3 in the last 12 
months. This positive development is probably 
the result of 
improved 
quality 
of 
follow-up 
of 
implemented 
initiatives 
through goal management, clearer 
expectations related to 
HSE 
management 
practice, 
as 
well 
as 
strengthening 
of 
processes 
related 
to 
learning 
and 
interaction 
between 
specialist and line environments. 
1)
 
Lost-time injury frequency, number of lost-time injuries per million 
hours worked 
2
) Injury frequency, number of lost-time and non-lost-time injuries 
per million hours worked. 
3)
 
Number of serious (red) incidents involving 
injuries, near misses, environmental 
impact and hazardous conditions relating 
to electrical safety and 
working at height per million hours worked. 

Report from the Board of Directors 
14 
Our 
internal 
lost-time 
injury 
statistics 
continue 
to 
show 
a 
positive 
trend, and 
at 
the end 
of 
2021, 
we 
registered 
the 
lowest 
value in 
five 
years. In 
2021, 
we noted 
the longest 
interval without internal lost-time injuries since 2013. 
There 
has 
also 
been 
a 
steady 
improvement 
in 
the 
H1 
indicator (long-term injury frequency rate) in our projects. 
Stable low sickness absence 
rate 
The 
total 
sickness 
absence 
rate 
in 
Statnett 
remains 
at 
a 
stable, low 
level and 
was 3.0 
per cent 
at the 
end of 
2021 
(rolling 12 
months). This 
is an 
increase of 
0.2 percentage 
points compared to 2020. We 
note that there has 
been an 
increase in sick leave 
from the summer of 
last year and to 
the 
end 
of 
the 
year. 
Over 
the 
past 
year, 
the 
majority 
of 
employees 
have 
worked 
from 
home 
to 
varying 
degrees. 
We have no evidence to say whether this has affected sick 
leave figures or not. Through 2021, we continued, adapted 
and 
introduced 
new 
Covid-19 
measures. 
We 
have 
had 
cases of 
infection both 
among our 
own employees 
and in 
our projects, without major negative consequences. 
For further information on Statnett’s 
HSE activities, please 
see the Sustainability Report. 
Operating and market information 
Hydrological conditions and reservoir situation 
The average 
temperature in 
Norway was 
normal in 
2021, 
while 
there 
was 
approximately 
10 
per 
cent 
less 
precipitation than normal 
during the year. 
In total, 
there was 
precipitation corresponding to 118.5 TWh in the catchment 
areas of 
our Norwegian 
power plants, 
which corresponds 
to 
17.5 
TWh 
less 
than 
normal 
(source: 
the 
Norwegian 
Water Resources and Energy Directorate (NVE)). 
The 
lack 
of 
precipitation, 
which 
in 
turn 
led 
to 
low 
inflow, 
contributed to Norwegian reservoir levels being 
well below 
the 
median 
for 
the 
last 
half 
of 
the 
year. 
In 
particular, 
Vestland and Rogaland 
experienced a 
lack of 
inflow. Based 
on this, Statnett reported 
a strained power 
situation in parts 
of NO2 and NO5 on 
27 September. The situation improved 
until 
mid-November, 
and 
Statnett 
chose 
to 
announce 
a 
normal 
power 
situation 
throughout 
the 
country 
on 
18 
November. At the start of 2021, the water 
level in Norway’s 
reservoirs was 
82.2 per cent 
of capacity, 
15.1 percentage 
points above the 
median. At the 
end of the 
year, reservoir 
levels were at 56.0 per cent, 12.0 percentage points below 
the median. Norwegian 
power production and 
consumption 
totalled 156 TWh and 139 TWh, respectively, in 2021. This 
resulted in a net export of about 17 TWh. 
Delivery reliability and security of supply 
Delivery reliability 
and security 
of supply 
in the 
transmission 
grid were satisfactory in 2021. There was 
significantly less 
non-delivered 
energy 
(NDE) 
as 
a 
result 
of 
operational 
interruptions than 
in the 
last ten 
years, with 
the exception 
of 
2018 
which 
also 
had 
a 
very 
low 
NDE. 
The 
frequency 
quality 
was 
poorer 
than 
last 
year, 
but 
better 
than 
in 
preceding 
years. 
Total 
time 
with 
frequency 
variances 
closed a little outside the Nordic target. 
The year was relatively 
calm in terms of 
weather, and there 
was 
only 
one 
named 
extreme 
weather 
event 
during 
the 
winter, 
Frank. Another 
storm with 
strong winds 
at the 
end 
of 
November 
led 
to 
many 
power 
line 
outages 
and 
island 
mode operations. 
During both storms, several of 
Statnett’s 
power 
lines 
experienced 
outages, 
but 
no 
incidents 
led 
to 
black-outs 
in 
large 
areas. 
The 
biggest 
consequences 
of 
these 
two 
storms 
for 
end 
customers 
came 
as 
a 
result 
of 
faults in the regional and distribution grids. 
During 
testing 
of 
the 
NSL 
cable, 
the 
system 
failed 
on 
2 
September, 
leading 
to 
an 
import 
loss 
of 
1,300 
MW. 
This 
outage resulted in a 
Nordic frequency drop 
to 49.44 Hz, 
the 
start-up of 400 MW 
of gas turbines in 
Sweden and 300 
MW 
of emergency power 
on the 
Konti-Skan, Estlink 
and Baltic 
connections. 
Trading capacity and market 
conditions 
Unusually 
high 
power 
prices 
characterised 
2021, 
especially 
in 
the 
last 
quarter. 
Exponentially 
rising 
gas 
prices, high CO2 
prices and 
low reservoir 
levels in southern 
and 
western 
Norway 
pushed 
prices 
to 
unusually 
high 
levels. 
Exchange 
with 
neighbouring 
countries 
played 
a 
certain 
role, 
and Statnett’s 
analyses indicate 
that the 
two 
newest cables alone accounted for around one 
tenth of the 
high prices we saw in 2021. 
At the same 
time, the year 
was also characterised by 
major 
fluctuations 
in 
several 
areas. 
Records 
were 
set 
for 
both 
production and consumption 
of power, and individual hours 
saw 
very high 
power exchange, 
even though 
net exports 
for the year were 
at a relatively normal 
level compared with 
previous years. 
There 
have 
been 
abnormally 
large 
price 
differences 
between the north and the south in Norway and the Nordic 
countries. The 
northern areas 
have a large 
power surplus 
and limitations in the transmission capacity between areas 
at 
the 
same 
time 
as 
the 
unusual 
situation 
in 
the 
power 
market is 
contributing to 
high prices 
in the 
south. Statnett 
is 
working 
to 
prioritise 
solutions 
that 
can 
remedy 
this 
situation. 

 
 
 
 
Report from the Board of Directors 
15 
Reservoir water levels Norway, per week 
Production and Consumption in Norway, per week 
The high prices have 
also affected Statnett’s costs to cover 
the 
transmission 
loss 
and 
the 
purchase 
of 
various 
regulatory reserves for system operation. 
For large parts of the year, there was limited 
capacity from 
Sweden 
to 
southern 
Norway. 
Since 
the 
autumn 
of 
2021, 
Svenska 
kraftnät 
and 
Statnett 
have 
had 
a 
close 
collaboration 
with 
a 
view 
to 
improving 
transmission 
capacity. 
This 
has 
resulted 
in 
increased 
capacity 
and 
measures 
that 
will 
further 
increase 
capacity 
during 
2022. 
The 
companies 
have 
also 
established 
a 
closer 
collaboration on long-term plans for grid development. 
Capacity limitations for connections with other countries: 
● 
The NorNed connection was disconnected 
due to cable 
faults in 
the Netherlands 
from 18 
January to 
30 March 
and 
from 
23 
August 
to 
13 
September 
due 
to 
reconstruction work at the Feda substation. 
● 
The capacity of 
the Skagerrak connection 
was reduced 
throughout 2021 due to faults on the Danish side. 
● 
After 
the 
NordLink 
connection 
between 
Norway 
and 
Germany 
was 
put 
into 
commercial 
operation 
in 
2020, 
Statnett has 
mainly provided full 
trading capacity, 
while 
TenneT 
often reduces capacity to/from 
Germany based 
on 
internal 
conditions 
in 
the 
German 
grid. 
During 
the 
year, 
the 
NordLink 
connection 
experienced 
multiple 
short-term 
outages, 
mainly 
related 
to 
faults 
in 
the 
converter 
substations 
on 
the 
Norwegian 
and 
German 
side. 
● 
The 
1,400 
MW 
cable 
connection 
to 
the 
UK 
was 
completed, 
with 
the 
first 
power 
flow 
in 
June. 
Trial 
operations started 
on 1 
October with 
700 MW, 
and the 
capacity was increased to 1,050 MW in November. Due 
to 
a 
fault 
in 
the 
converter 
system 
on 
the 
UK 
side 
in 
November 2021, capacity was 
reduced to 700 
MW while 
repairs were carried out. The entire facility was put back 
into operation on 7 February 2022 with a capacity set at 
1,050MW. 
Additional 
increases 
to 
capacity 
are 
being 
considered on an ongoing basis. 
 
Important project-related events 
Completed 
● 
NordLink (cable 
to Germany): The 
subsea power 
cable 
between Norway and Germany, as well as the 
converter 
stations 
on 
the 
Norwegian 
and 
German 
sides, 
were 
completed and went into normal 
operation. 
● 
The 
Western 
Corridor: 
In 
October, 
the 
last 
420 
kV 
section 
was 
put into 
operation in 
the Western 
Corridor 
and the project is thus completed. 
● 
Other 
projects 
completed 
in 
2021 
are: 
Kristiansand 
Reinvestment 
300 
kV, 
Skien 
Port 
Terminal 
new 
transformer 
bearing, 
Kobbvatnet 
new 
transformer 
substation and Samnanger substation. 
Under construction 
● 
North Sea Link 
(cable to UK): 
Work on laying the 
subsea 
power 
cable 
between 
Norway 
and 
the 
UK 
was 
completed in June. 
The project went 
into trial operation 
in October as planned. 
● 
Decision taken 
to start 
execution phase: 
Sogn – 
Ulven 
new 
cable 
connection, 
Klæbu 
new 
facilities 
centre, 
Moskog 
increased 
transformation, 
Liåsen 
substation 
and refurbishment of the Tokke 
substation. 
● 
Hadselfjorden 
– 
refurbishment 
of 
cable 
installation: 
Licence received from NVE in January. 
Digital development 
● 
The programme for the development and introduction of 
a 
new 
Nordic 
balancing 
model 
(NBM) 
is 
progressing 
well, 
the 
work 
is 
extensive 
and 
complex, 
and 
co-
operation in the Nordic region is working well. 

 
 
 
 
Report from the Board of Directors 
16 
● 
Digital management 
and trading 
solutions for 
the North 
Sea 
Link 
and 
NordLink 
interconnectors 
were 
successfully put into operation in 2021. 
● 
A 
new 
ERP 
system 
was 
put 
into 
operation 
as 
an 
important measure 
for streamlining construction 
projects 
and facilities management. 
● 
An investment 
decision 
has been 
made for 
the roll-out 
project 
for 
a 
new 
operations-critical 
communication 
network. 
An overview 
of projects 
with a 
total cost 
greater than 
MNOK 
500 
is shown in the appendix to the Annual Report. 
Development 
of 
the 
power 
system 
and 
power 
market 
Statnett 
is responsible 
for the 
socio-economically 
rational 
operation and 
development of the 
power system 
and power 
market in Norway. 
The ongoing restructuring 
of the power 
system 
is 
necessary 
to 
handle 
a 
greater 
volume 
of 
renewable 
energy 
production 
and 
increased 
integration 
through additional international interconnectors, 
as well as 
the 
introduction 
of 
a 
uniform, 
Europe-wide 
regulatory 
environment. This 
is being done 
through the 
expansion and 
refurbishment of 
power transmission 
grids, as 
well as 
the 
development of 
system operation 
and market 
solutions at 
the 
national, 
Nordic 
and 
European 
levels. 
Statnett 
is 
collaborating directly with other TSOs and through forums, 
such 
as 
the 
European 
Network 
of 
Transmission 
System 
Operators (ENTSO-E). 
The 
Grid 
Development 
Plan 
2021 
describes 
which 
measures 
will 
be 
prioritised 
in 
the 
coming 
period. 
The 
transmission 
grid 
will 
be 
enhanced 
and 
refurbished 
internally 
and 
between 
regions. 
In 
2022, 
we 
will 
draw 
up 
area 
plans 
that 
specify 
initiatives 
in 
various 
parts 
of 
the 
country. 
These 
will 
describe 
system, 
market 
and 
construction measures towards a target grid. 
The 
System 
Operation 
and 
Market 
Development 
Plan 
(SMUP) 
describes 
key 
issues 
relating 
to 
current 
system 
operation, 
the 
consequences 
of 
changes 
and 
prioritised 
measures going forward. The measures are described in a 
separate 
action 
plan, 
which 
was 
published 
together 
with 
the SMUP in the autumn of 2021. 
A 
major 
increase 
in 
power 
consumption 
will 
eventually 
require 
increased 
production 
of 
renewable 
power. 
The 
authorities have opened 
two areas in 
Norwegian territorial 
waters 
for 
the 
development 
of 
offshore 
wind. 
This 
new 
power 
must 
be 
connected 
to 
land, 
which 
will 
require 
a 
reinforcement of 
the onshore 
grid and 
the construction 
of 
offshore 
grids. Offshore 
developments must 
be viewed 
in 
the context of developments on land. 
Investments by Statnett, Group 
Facilities under construction, Group 
Statnett’s 
total 
investments 
and 
commissioned 
grid facilities 
Statnett 
invested 
a 
total 
of 
NOK 
6,121 
million 
during 
the 
reporting 
period 
(NOK 
7,299 
million). 
The 
investments 
included 
both 
completed 
and 
ongoing 
grid 
infrastructure 
projects, 
cables, 
the 
purchase 
of 
grid 
installations 
and 
digital development. 
Investments in new grid 
capacity have been 
reduced from 
NOK 6,754 
million to 
NOK 4,355 
million as 
a result 
of the 
planned 
completion 
of 
major 
grid 
investments 
such 
as 
Balsfjord–Skaidi, the Western Corridor and NSL. 
Investments 
related 
to 
digital 
development, 
especially 
within 
the 
systems 
and 
market 
area 
but 
also 
facilities 
management, show an 
increase of approximately 
NOK 250 
million 
to 
NOK 
960 
million 
compared 
with 
2020. 
Commissioned facilities amounted to NOK 
9,534 million in 
2021 
(NOK 
8,670 
million), 
of 
which 
the 
largest 
is 
NSL, 
which was put into trial operation 
in October. At 
the end of 
2021, 
the 
value 
of 
facilities 
under 
construction 
was 
NOK 
6,197 million (NOK 10,103 million). 

 
 
Report from the Board of Directors 
17 
Financial results 
The 
Group’s 
underlying 
profit 
for 
the 
year, 
including 
higher/lower revenues, totalled NOK 1,474 million in 2021, 
compared 
with 
NOK 
2,079 
million 
in 
2020. 
Operating 
revenues from 
regulated activities 
increased sharply 
as a 
result 
of 
high 
congestion 
revenues. 
The 
increased 
congestion revenues 
will be 
used to 
reduce the 
tariff both 
in 2022 
and future 
tariffs. At the 
close of the 
year, the Group 
had an equity ratio of 
25.4 per cent. A 
dividend of NOK 737 
million 
has 
been 
proposed 
(50 
per 
cent 
of 
the 
year’s 
underlying profit). 
Operating revenues 
● 
In 2021, the Group posted record operating revenues of 
NOK 
14,412 
million 
(NOK 
10,761 
million). 
Operating 
revenues 
from 
regulated 
activities 
amounted 
to 
NOK 
13,944 
million 
(NOK 
10,522 
million), 
while 
other 
operating revenues 
totalled NOK 468 
million (NOK 
240 
million). 
The 
adopted 
reduction 
in 
tariff 
revenues 
from 
the fixed component for 2020 
as a result of the 
Covid-19 
situation 
had 
the 
opposite 
effect. 
High 
power 
prices 
compared 
with 
the 
same 
period 
last 
year, 
which 
was 
characterised by very 
low power prices, 
increased tariff 
revenues from the energy component. 
● 
Permitted 
income 
from 
grid 
operations 
amounted 
to 
NOK 
11,275 
million 
in 
2021 
(NOK 
9,285 
million). 
The 
increase is due to higher 
interest rates, increased power 
prices, increased activity in the company 
and increased 
grid capital as a result of several completed projects. 
● 
Overall congestion 
revenues rose to 
NOK 5,658 million 
(NOK 2,408 
million). The 
increase is 
due to 
large price 
differences 
with 
Sweden 
and 
with 
Europe, 
as 
well 
as 
within Norway. The 
trial operation of the North Sea 
Link 
from 
the 
third 
quarter 
of 
2021 
has 
also 
contributed 
to 
increased congestion revenues. 
● 
The 
increase 
in 
other 
operating 
revenues 
is 
mainly 
attributable 
to 
increased 
insurance 
claims 
compared 
with 
last 
year, 
including 
payments 
related 
to 
the 
Oslofjord 
connection, 
as 
well 
as 
SK1 
and 
SK2, 
which 
were damaged in accidents in previous years. 
● 
Statnett achieved a higher 
revenue of NOK 
2,350 million 
in 2021, 
including interest, 
(lower revenue 
of NOK 
792 
million). 
At 
the 
close 
of 
2021, 
the 
accumulated 
higher 
revenue, 
including 
interest, 
amounted 
to 
NOK 
2,410 
million (NOK 60 
million). Higher/lower revenues are 
not 
recognised in the balance sheet. The increase is mainly 
attributable 
to 
the 
sharp 
increase 
in 
congestion 
revenues. For 
further details, see 
Note 4 
and the 
chapter 
on financial framework conditions. 
Revenue development, Group 
Operating expenses 
The Group’s operating 
expenses in 
2021 amounted 
to NOK 
9,566 million, up from NOK 6,893 million in 2020. 
● 
System 
services 
are 
costs 
relating 
to 
Statnett’s 
maintenance of an 
instantaneous balance in the 
power 
system 
and 
satisfactory 
security 
of 
supply. 
Costs 
for 
system 
services 
increased 
by 
NOK 
905 
million 
compared with 
last year. 
Occasionally extremely 
high 
prices in 
the capacity 
market resulted 
in higher 
costs 
compared 
with 
the 
previous 
year, 
which 
was 
characterised 
by a 
mild winter, 
low power 
prices and 
good access 
to reserve 
power. 
In addition, 
the costs 
for special 
regulation increased, 
mainly related 
to the 
upgrade of the Western Corridor. 
● 
Transmission 
losses 
increased by 
NOK 1,493 
million 
compared 
with 
the 
year 
before, 
due 
to 
substantially 
higher electricity prices. 
● 
Salary and payroll 
costs increased by 
NOK 128 million. 
The increase is 
mainly due to 
full-year effects of 
having 
a larger workforce through 2020 and somewhat higher 
employers' National Insurance 
contributions in 2021 
as 
a result of the reduced rate in 2020. 
● 
Depreciation, amortisation and impairments increased 
by NOK 246 million compared to last year. 
This is due 
to major 
capitalisations 
towards the 
end of 
2020 and 
further into 2021 
related to NSL, 
Balsfjord–Skaidi, the 
Western 
Corridor as 
well as 
the purchase 
of facilities 
as 
a 
result 
of 
a 
Third 
Electricity 
Market 
Package. 
Capitalisations related 
to the 
Nordic Balancing 
Model 
(NBM) 
and 
other 
IT 
projects 
also 
contributed 
to 
the 
increase. 
● 
Other operating expenses were 
reduced to NOK 
1,995 
million in 2021 (NOK 2,030 million). This is mainly due 
to fewer and smaller scale breakdowns in 2021, which 
resulted in lower operating expenses. Costs 
related to 
digitalisation, 
system 
management 
and 
agreements 
for 
operations, 
maintenance 
as 
well 
as 
emergency 
preparedness 
increased. 
Insurance 
premiums 
increased as a 
result of the 
commissioning of NordLink 

 
 
Report from the Board of Directors 
18 
and several accidents at offshore cable installations in 
2020. 
In 
addition, 
property tax 
increased 
by 
NOK 
47 
million as 
a result 
of several 
completed projects, 
and 
new valuations in several municipalities have led to an 
increased property tax base and 
thereby increased tax 
Financial performance 
Statnett 
posted 
a 
consolidated 
operating 
profit 
of 
NOK 
4,846 million 
in 2021 
(NOK 3,869 
million). The 
underlying 
operating 
profit 
(adjusted 
for 
the 
change 
in 
the 
year’s 
uncapitalised higher/lower 
revenues) came 
to NOK 
2,496 
million (NOK 3,077 million). 
The decrease in the 
underlying 
operating 
profit 
is 
mainly 
explained 
by 
increased 
system 
operating expenses as a result of 
higher power prices and 
some increases in other operating expenses. 
Consolidated 
net 
financial 
items 
closed 
on 
NOK 
-607 
million (NOK -449 million). 
● 
Interest costs 
were reduced 
as a 
result of 
lower interest 
rates. 
● 
Changed ownership in the Nordpool Group resulted in 
recognised 
dividends 
and 
a 
high 
financial 
income 
of 
NOK 135 million in 2020. 
● 
The 
remaining 
increase 
in 
net 
financial 
expenses 
is 
mainly 
attributable 
to 
a 
net 
loss 
(disagio) 
of 
NOK 
14 
million. 
In 2021, 
Statnett posted 
a consolidated 
net profit 
of NOK 
3,307 million (NOK 
2,697 million). The 
increase in profit 
is 
attributable 
largely 
to 
higher 
operating 
revenues. 
The 
underlying 
net 
profit, 
adjusted 
for 
the 
change 
in 
uncapitalised higher/lower revenues, closed 
at NOK 1,474 
million (NOK 2,079 million). 
Development total assets and equity ratio, Group 
Cash flow and balance sheet 
Net 
cash 
flow 
for 
the 
period 
totalled 
NOK 
1,329 
million 
(NOK -269 million). 
● 
The 
cumulative 
cash 
flow 
from 
operating 
activities 
closed the year 
at NOK 8,211 (NOK 
5,899 million). The 
increase is due to improved operating profit. 
● 
Net 
cash 
flow 
from 
the 
Group’s 
investment 
activities 
came to NOK -6,335 million (NOK - 8,600million). 
● 
Investments 
in 
new 
grid 
capacity 
were 
reduced 
compared with 
last year 
as a 
result of 
the completion 
of several large projects. 
● 
Interest-bearing 
liabilities 
amounting 
to 
NOK 
13,716 
million were repaid (NOK 8,484 million). 
● 
Receipts 
of 
new 
interest-bearing 
liabilities 
totalled 
NOK 16,782 million (NOK 10,254 million) 
● 
At 
the 
reporting 
date, 
consolidated 
cash 
and 
cash 
equivalents and market-based securities totalled 
NOK 
3,794 million (NOK 2,693 million). 
● 
Total 
unused 
drawdown 
facilities 
amounted 
to 
NOK 
8,000 million at the close of 2021. 
At the 
reporting date, 
the Group 
had total 
assets 
of NOK 
84,446 million (NOK 82,885 million). 
● 
Interest-bearing 
liabilities 
amounted 
to 
NOK 
53,920 
million (NOK 56,169 million), including collateral under 
Credit 
Support 
Annex 
(CSA) 
of 
NOK 
4,032 
million 
(NOK 
6,608 
million). 
The 
market 
value 
of 
capitalised 
interest 
and 
currency 
swaps 
(fair 
value 
hedges) 
relating to interest-bearing liabilities amounted to NOK 
4,322 
million. 
Interest-bearing 
liabilities 
excluding 
these hedges totalled NOK 49,598 million. 
● 
Equity 
closed 
the 
year 
at 
NOK 
21,467 
million 
(NOK 
18,938 million). The equity ratio in the Group was 25.4 
(22.8). 
The 
equity 
ratio 
adjusted 
for 
higher/lower 
revenues was 23.7 (22.8). 

Report from the Board of Directors 
19 
Cost efficiency 
Statnett’s developments 
and investments 
have reached 
a 
historically 
high 
level 
in 
the 
last 
decade, 
and 
the 
green 
change of 
pace will contribute 
to a continued 
high level of 
investment in 
the years 
ahead. This challenges 
the Group’s 
efficiency, 
including its regulatory 
efficiency. 
This situation 
will 
continue 
through 
the 
2020s. 
Statnett’s 
business 
is 
a 
natural 
monopoly 
and 
costs 
are 
distributed 
between 
producers 
and 
consumers 
through 
the 
grid 
rental 
charge 
(tariff setting). The regulation of Statnett is intended 
to help 
ensure that the company 
performs its duties efficiently, and 
an efficiency 
factor is 
therefore included 
in the 
calculation 
of its permitted income. 
The 
Norwegian 
Energy 
Regulatory 
Authority 
(NVE-RME) 
has 
adopted 
a 
new 
model 
for 
calculating 
the 
company’s 
efficiency 
and revenue 
ceiling with 
effect from 
2021. This 
replaces 
the 
previous 
objectives 
of 
Statnett’s 
efficiency 
programme. 
The 
model 
is 
described 
in 
the 
chapter 
on 
financial framework conditions. 
Statnett’s efficiency goal 
Statnett has 
established 
a goal 
of 100 
per cent 
efficiency 
over 
time, 
based 
on 
a 
new 
regulatory 
model 
from 
NVE-
RME..This replaces previous 
goals developed as 
part of an 
internal efficiency programme. 
Specific targets for 
efficiency improvements and 
reductions 
in 
operating 
expenses 
and 
investments 
have 
been 
established 
and 
are 
followed 
up 
on 
an 
ongoing 
basis. 
At 
year-end, Statnett 
achieved an 
efficiency of 
100 per 
cent, 
adjusted 
for 
increased 
transmission 
losses. 
Overall 
efficiency in 2021 was 99.3 per cent. 
Throughout 
2021, 
Statnett 
developed 
and 
began 
implementing 
a 
new 
strategy 
and 
internal 
management 
processes 
have been 
adjusted. In 
the latter 
part of 
2021, 
the company was reorganised 
to secure an organisational 
structure 
that 
supports 
Statnett’s 
core 
business 
and 
facilitates the delivery of the ambitions in the new strategy. 
Central 
aspects 
of 
the 
reorganisation 
included 
strengthening management capacity, reducing the number 
of 
hierarchical 
levels, 
enhancing 
cooperation 
across 
business 
areas 
and 
staff 
units 
and 
achieving 
uniform 
deliveries. With a clearer organisation of the 
company, the 
organisation’s 
efficiency 
and 
delivery 
capacity 
will 
increase. The new organisational 
structure will also speed 
up the pace 
of the transformation 
of the company 
and will 
put the company in a 
better position to deliver on the 
green 
pace 
of 
change 
at 
the 
same 
time 
as 
realising 
efficiency 
targets. 
In 
recent 
years, 
project 
activity 
at 
Statnett 
has 
been 
at 
a 
record 
level. 
Simplifications 
of 
the 
project 
process 
for 
development 
projects 
and 
better 
resource 
management 
have made it possible to increase project activity 
without a 
higher headcount. 
In 2021, 
we also 
worked on 
increasing 
the 
level 
of 
outsourcing 
in 
order 
to 
further 
increase 
execution 
capacity. 
The 
company 
delivered 
secure 
and 
stable digital services in 2021. Office 
support services and 
collaboration 
platform 
have 
worked 
well 
through 
the 
pandemic and made it possible to continue to 
haveefficient 
working days 
even during 
the period 
with fully 
or partially 
imposed remote working. 
Digitalisation contributes 
to increased 
efficiency 
and high grid utilisation 
The 
pace 
of 
electrification, 
the 
transition 
to 
a 
renewable 
power system as well as increased demands 
for efficiency 
and 
security 
of 
supply 
create 
a 
need 
for 
new 
ways 
of 
working, more data-driven processes, as well as increased 
automation and 
innovation within 
Statnett’s 
core areas. 
A 
large part 
of the 
restructuring involves 
digitalisation in 
the 
form 
of 
implementation 
of 
new 
digital 
solutions 
and 
new 
technology 
together 
with 
significant 
changes 
in 
work 
processes. This 
work is 
underway at Statnett, 
and we 
are 
investing significant resources in the automation of system 
operations 
and 
in 
key 
digital 
solutions 
for 
building 
and 
construction management. 
System operation 
is becoming 
increasingly challenging 
to 
handle without a significant 
element of automation. This 
is 
due 
to 
increased 
complexity 
in 
the 
power 
system, 
partly 
due to 
the significant 
amount of 
wind power 
in the 
Nordic 
power 
system, 
and 
increased 
exchange 
capacity 
for 
electricity between Norway, the Nordic countries and other 
synchronous 
areas. 
The 
work 
emphasises 
efficient 
development 
of 
necessary 
solutions 
in 
a 
way 
that 
meets 
strict requirements for resilience and safety. 
The company has 
continued to work 
with Statnett’s 
digital 
transformation 
agenda. 
A 
new 
strategy 
and 
the 
development of 
a comprehensive roadmap 
for digitalisation 
and 
innovation 
has 
helped 
to 
clarify 
plans 
and 
prioritise 
focus areas moving forward. Important focus areas include 
the 
establishment 
of 
a 
Nordic 
balancing 
model, 
the 
establishment 
of 
better 
operational 
coordination 
and 
digitalisation 
for 
efficiency 
in 
building 
and 
construction 
management, 
as 
well 
as 
investment 
in 
more 
data-driven 
decision-making processes. 
The focus within 
innovation and technology 
development is 
to 
promote 
knowledge 
and 
solutions 
that 
facilitate 
an 
electrified and emission-free society. 

Report from the Board of Directors 
20 
Growing importance of new knowledge and new 
technology 
Through 
the 
reorganisation 
of 
Statnett 
in 
2021, 
we 
have 
strengthened our 
ability to 
identify opportunities 
and drive 
transformation through digitalisation. Business developers, 
innovation capacity 
and digital 
talents are 
gathered under 
one management 
team to 
help 
Statnett 
as a 
whole 
be at 
the forefront of automation of work processes, and support 
business activities with data-driven decisions, develop and 
take into use more 
environmentally friendly materials in the 
construction process and 
keep pace with developments 
in 
offshore grid technology. 

Report from the Board of Directors 
21 
Outlook 
The 
war 
in 
Ukraine 
has 
put 
Europe 
in 
a 
new 
and 
challenging 
security 
situation. 
This 
is 
causing 
uncertainty 
about the 
energy supply to 
Europe, which 
is affecting 
gas 
and electricity prices. This in turn affects the power market 
and 
the 
energy 
situation 
in 
Norway. 
We 
assume 
that 
Europe’s 
need 
to 
transition 
to 
renewable 
energy 
will 
be 
affected by this, but the pace of 
this transition is uncertain. 
Statnett is closely monitoring the situation. 
The 
zero-emission 
society 
will 
result 
in 
radical 
changes 
in 
the 
European 
and 
Norwegian 
power 
systems 
Europe 
is 
transitioning 
to 
a 
zero-emission 
society, 
at 
a 
constantly accelerating pace. 
● 
The 
EU 
has 
adopted 
a 
significantly 
more 
ambitious 
emissions target for 2030 (55 per cent). 
● 
The 
finance 
sector 
has 
become 
an 
important 
driver 
of 
the transition. 
● 
Technological 
and industrial 
developments in 
wind and 
solar 
power, 
batteries, 
electrolysis 
and 
other 
energy 
storage solutions are steadily reducing costs. 
● 
The 
Norwegian 
authorities 
have 
opened 
up 
for 
the 
development of 
offshore wind 
in two 
areas in the 
North 
Sea. 
These three 
factors are 
all accelerating the 
pace of 
change, 
and the overall effect is considerable. 
Wind and 
solar power 
will both 
replace current 
coal and 
gas 
power 
production 
and 
contribute 
large 
volumes 
of 
zero-
emission energy 
in other 
sectors. A 
doubling of 
European 
power consumption 
is expected 
by 2040–50. 
In the 
years 
to come, power 
prices will fluctuate 
significantly more in 
the 
short 
term 
than 
we 
are 
used 
to. 
Increased 
variation 
in 
trading 
volume, 
power 
production 
and 
consumption 
will 
reinforce 
the 
need 
for 
automated 
and 
digitalisationoperations. 
There 
are 
two 
important 
drivers 
for 
growth 
in 
Norwegian 
power consumption and production: 
● 
Electrification 
will 
drive 
significant 
growth 
in 
consumption. 
This 
growth 
will 
be 
much 
larger 
than 
savings through 
energy efficiency improvements 
and will 
contribute to a significant net growth in consumption. 
● 
We also expect a lot of 
new industrial consumption such 
as 
from 
more 
data 
centres, 
battery 
factories, 
onshore 
aquaculture 
and 
growth 
in 
traditional 
power-intensive 
industries. 
Scenarios 
for 
development 
in 
Norwegian 
consumption. 
Source: Long-term market analysis – updated July 2021 
Today’s 
power surplus and wind power under construction 
will 
cover 
a 
significant 
portion 
of 
the 
power 
required 
for 
electrification, 
but 
increased 
consumption 
will 
reduce 
the 
Norwegian power surplus and trigger a need for 
increased 
power 
production. 
Statnett’s 
short-term 
market 
analysis 
from late 2021 assumes that the power surplus 
could drop 
to 
zero 
as 
early 
as 
2026. 
This 
situation 
should 
lead 
to 
Norway 
increasing 
the 
pace 
of 
development 
of 
new 
renewable energy. 
Including offshore 
wind where 
Statnett 
has been 
given responsibility 
for ensuring 
comprehensive 
planning of the network at sea. 
Closer integration between countries and sectors 
The power system 
is already closely 
interconnected across 
countries 
and 
regions. 
Following 
the 
commissioning 
of 
NSL, 
Norway 
is 
directly 
connected 
to 
seven 
other 
countries. 
This 
contributes 
significantly 
to 
Norwegian 
security of 
supply and 
value creation. 
Norway is therefore 
dependent 
on 
close 
international 
cooperation. 
The 
green 
transition 
further reinforces 
this need 
in terms 
of physical 
infrastructure, market 
solutions 
and the 
legal and 
political 
framework. 
The 
green 
transition 
will 
result 
in 
a 
Nordic 
power 
system 
with 
different 
physical, 
technical 
and 
economic 
characteristics. 
This 
means 
that 
the 
stabilising 
characteristics 
of 
the 
system 
will 
be 
reduced, 
while 
the 
fluctuations in production, consumption and power flow will 
increase. 
There 
will 
therefore 
be 
a 
need 
for 
closer 
interaction with the distribution 
system operators (DSOs) in 
grid planning and operational coordination. 
New 
technology 
and 
digital 
solutions 
make 
the 
transition possible 
Automated 
system 
operations 
will 
be 
essential 
for 
maintaining 
security 
of 
supply 
in 
a 
power 
system 
characterised 
by 
higher 
fluctuations 
and 
finer 
time 
resolution. 
Digital solutions 
and increased 
data exchange 
will 
also 
facilitate 
quicker 
processing 
of 
connection 

Report from the Board of Directors 
22 
requests 
and 
open 
the 
way 
for 
new 
markets 
and 
new 
business models. 

 
 
 
 
 
 
 
 
Report from the Board of Directors 
23 
New CEO 
Hilde Tonne 
took over 
as CEO 
in March 
2021 from 
Auke 
Lont. The Board thanks Auke Lont for 
his efforts during 12 
years as the company’s top executive. 
Liability insurance for directors and officers 
The 
Board 
and 
senior 
executives 
are 
covered 
by 
the 
company’s 
current 
liability 
insurance 
for 
directors 
and 
officers. 
This 
insurance 
also 
covers 
subsidiaries 
where 
Statnett has more than 50 per cent ownership. The liability 
insurance is placed with insurers with a solid rating. 
Equity and dividends 
In line with the government’s 
proposed national budget for 
2022, it is proposed that 
the dividend for 2021 equal 
50 per 
cent of the dividend basis. The 
dividend basis is defined as 
the 
Group’s 
profit 
for 
the 
year 
after 
tax, 
adjusted 
for 
the 
change 
in 
the 
year’s 
post-tax 
higher/lower 
revenue. 
The 
proposed dividend is 
consistent with the 
adopted dividend 
policy 
for 
thecompany, 
and 
is 
deemed 
to 
be 
reasonable 
based 
on 
Statnett’s 
equity 
and 
liquidity. 
At 
the 
close 
of 
2021, the 
company’s equity totalled 
NOK 21,467 
million (an 
equity ratio of NOK 25.4 per cent). 
Going concern 
In 
accordance 
with 
Section 
3-3a 
of 
the 
Norwegian 
Accounting 
Act, 
the 
Board 
confirms 
that 
the 
annual 
financial 
statements 
have 
been 
prepared 
in 
accordance 
with the going concern assumption. 
Appropriation of profit for the year 
The Group posted 
a net profit 
of NOK 3,307 
million in 2021. 
The 
parent 
company 
posted 
a 
net 
profit 
of 
NOK 
3,201 
million. 
Accordingly, 
the 
Board 
proposes 
the 
following 
appropriation of Statnett SF’s net profit for the year: 
Proposed dividend 
737 
Transferred to other equity 
2,464 
Total appropriations 
3,201 
Declaration from 
the Board 
of Directors 
and CEO 
We declare that, to the best of our knowledge, 
● 
The financial statements for 2021 have been prepared 
in 
accordance 
with 
IFRSs, 
including 
such 
supplementary disclosures required by the Norwegian 
Accounting Act. 
● 
The disclosures 
in 
the financial 
statements 
provide a 
true 
and 
fair 
view 
of 
the 
assets, 
liabilities, 
financial 
position 
and 
results 
of 
the 
parent 
company 
and 
the 
Group as a whole. 
● 
the disclosures in the 
Annual Report and 
Sustainability 
Report, 
including 
the 
presentation 
of 
Statnett’s 
sustainability performance 
figures, provide 
a true 
and 
fair 
view 
of 
the 
parent 
company 
and 
the 
Group’s 
development, 
results 
and 
position, 
as 
well 
as 
a 
description 
of 
the 
most 
important 
risk 
factors 
and 
uncertainties facing the Group. 

Report from the Board of Directors 
24 
Oslo, 24
th
 
March 
2022 
Statnett’s Board of Directors 
 
Jan Fredrik Baksaas 
Chairman 
Tove Pettersen 
Board member 
Maria Sandsmark 
Board member 
Egil Gjesteland 
Board member 
Wenche Teigland 
Board member 
Christian Reusch 
Board member 
Ingeborg Ligaarden 
Board member 
Ole Bjørn Kirstihagen 
Board member 
Steinar Jøråndstad 
Board member
 
Hilde Tonne 
President and CEO
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report from the Board of Directors
25
Attachements: list of investment projects with a total cost of more than NOK 500 million*
)
See 
www.statnett.no
 
for further details about the projects. 
Project 
Region 
Expected investment 
(NOK mill) 
Under construction 
Balsfjord–Skaidi, 420 kV power line 
North 
4,090–4,230 
Sogn–Ulven, new 420 kV power line 
East 
2,020–2,520 
Lyse–Fagrafjell, new power line and substation 
2) 
South 
2,050–2,110 
Smestad–Sogn substation and cable installation 
East 
1,530–1,570 
Hamang, new transformer substation 
East 
900–960 
Rød, refurbishment of control gear and switchgear 
equipment and increased 
transformation capacity 
East 
750–780 
Sogn, transformer substation reinvestment 
East 
640–670 
Kvandal–Kanstadbotn Refurbishment 
North 
620–650 
Salten, new substation solution 
North 
595–620 
Sylling, reinvestment 
East 
585–605 
Cable to UK (North Sea Link) 
1)
EUR mill. 750–850 
Final licences granted 
Åfjord–Snilldal, new 420 kV power line and cable 
installation 
Central 
 
1,900–2,700 
Aurland–Sogndal, voltage upgrade 
West 
1,345–1,490 
Aura/Viklandet–Surna, voltage upgrade 
Central 
 
500–700 
Digital development 
Roll-out of operations-critical grid 
473–507 
New Nordic Balancing Model (NBM) 
520–620 
1)
 
Statnett’s share Exposure mainly in Euro.
2)
 
Cost range does not include clearance of the Stokkeland 
substation. 
*
)
 
The total value of ongoing projects over NOK 500 million amounts 
to around NOK 30–35 billion, in addition to which 
NSL is stated in EUR in the table above. 
The amounts in the table show the expected intervals 
for project costs. 
All costs for “Projects under construction” are shown 
at the current exchange rate, other projects are shown 
at 2021 rates, excl. interest on construction loans 
and 
currency hedging 

Annual Report 2021 
The Board of Directors
26 
Jon Fredrik Baksaas 
Board member since 2018, Chair since 
2018. 
Chair of the Compensation Committee. 
Directorships: Chair of DNV, member of 
the boards of LM Ericsson AB and 
Handelsbanken AB. 
Previous experience: Adviser for 
technology start-ups in Norway, CEO of 
Telenor 
2002–2015, various key 
positions at Telenor 
since 1989, other 
work experience from Aker, Stolt-Nielsen 
Seaway and Det norske Veritas.
Tove 
Elisabeth Pettersen 
Board member since 2018, Deputy Chair 
since 2019. 
Chair of the Audit Committee. 
Previous experience: CEO and CFO of 
the Norwegian Red Cross, CEO of Bane 
NOR SF and Executive Vice President of 
Hafslund ASA. 
Directorships: NRC Group ASA 
Wenche Teigland 
Board member since 2020 
Member of the Audit Committee. 
Previous experience: Investor and 
advisor for start-up companies, 
Executive Vice President at BKK 2006–
2020, CEO of Naturgass Vest and 
various management positions at 
Shell/Gasnor, Aibel and Aker 
Engineering. 
Directorships: VY-gruppen AS, 
Quantafuel ASA, Powerzeek AS, 
Mocean Invest AS.
Egil Gjesteland 
Board member since 2012 
Head of the Project Committee. 
Previous experience: Owner of 
Gjesteland Consulting, IT Director and 
Project Director for a number of 
Equinor’s oil and gas projects.
Statnett’s Board of Directors 

Annual Report 2021 
The Board of Directors
27 
Christian Reusch 
Board member since 2020 
Member of the Compensation 
Committee. 
Previous experience: Lawyer with the 
Attorney General’s Office, Specialist 
Director at the Office of the Prime 
Minister, Lawyer/Partner at the law firm 
Advokatfirmaet Simonsen Vogt Wiig. 
Steinar Jøråndstad 
Employee-elected board member since 
2004, employee since 1980. 
Member of the Compensation 
Committee. 
Previous experience: Team 
coordinator 
in Statnett’s division for Systems 
Operations, Asset Management and 
Markets, leader of the nationwide 
Electrician and IT Workers Union and 
member of Statnett’s Working 
Environment Committee.
Maria Sandsmark 
Board member since 2013 
Member of the Project Committee. 
Previous experience: Researcher at 
Møreforskning Molde AS, associate 
professor at Molde University College 
and consultant at ECON Analyse. 
Ole Bjørn Kirstihagen 
Employee-elected board member since 
2018, employee since 1986. 
Member of the Audit Committee. 
Previous experience: Procurement and 
operations for Statnett’s operating 
centres, Operator at Norsk Hydro’s 
operating centre, Chief Employee 
Representative and leader of NITO 
Statnett. 
Ingeborg Ligaarden
Employee-elected board member 
since 2020, employee since 2015. 
Member of the Project Committee. 
Previous experience: Senior Analyst in 
security of supply and risk consulting, 
Senior Consultant at Lloyd’s Register 
and researcher at SINTEF. 
Previous 
experience from key positions in 
Tekna. 

Annual Report 2021 
This is Statnett
28 
Statnett is responsible for 
the national transmission grid, 
which 
binds 
together 
regional 
electricity 
producers, 
consumers 
and 
underlying 
distribution 
networks 
into 
a 
nationwide system. Statnett aims to operate and 
develop 
an efficient 
power system 
that provides 
high security 
of 
supply, while also facilitating increased renewable power 
production, new 
power intensive 
business activities 
and 
electrification to cut 
CO2 gas emissions. 
In this way, 
we 
contribute to value creation 
and the establishment 
of new 
green 
industries, 
as 
well as 
to 
the fulfilment 
of 
national 
and international climate commitments. 
Statnett 
is 
Norway’s 
Transmission 
System 
Operator (TSO) 
Statnett 
owns 
and operates 
Norway’s 
transmission 
grid 
and 
is 
the 
country’s 
Transmission 
System 
Operator 
(TSO). In this capacity Statnett 
also manages the import 
and 
export 
of 
electricity 
through 
transnational 
interconnectors. Statnett is also responsible 
for ensuring 
that 
the 
production 
and 
consumption 
of 
electricity 
is 
always in balance. 
Statnett is responsible 
for developing, 
operating 
and 
maintaining 
the 
transmission 
grid 
in 
a 
socio-economically 
rational 
manner. 
Statnett 
is 
a 
regulated monopoly. Its revenues are determined by The 
Norwegian 
Energy 
Regulatory 
Authority 
(RME). 
Statnett’s 
long-term 
profitability 
is 
not 
affected 
by 
the 
price 
of 
electricity, 
nor does 
Statnett 
have any 
financial 
incentives relating to the price of electricity. 
Statnett’s 
mandate 
is 
operationalised 
through 
three 
integrated primary roles: 
●
Norway’s Transmission 
System Operator (TSO)
Our task 
is to 
balance consumption 
and production 
in the power system and ensure 
the quality of supply 
is 
always 
satisfactory. 
Furthermore, 
Statnett 
must 
develop 
and 
operate 
system 
and 
market 
solutions 
that safeguard the supply of electricity over time and 
that 
ensure 
the 
socio-economically 
effective 
utilisation of the power system. 
●
Owner 
of 
the 
entire 
transmission 
grid 
and 
transnational interconnectors 
We 
plan, 
design, 
build, 
operate 
and 
maintain 
the 
entire Norwegian transmission 
grid and connections 
to other countries’ 
power systems so 
that we achieve 
our 
goals 
for 
security 
of 
supply 
in 
a 
cost-effective 
way. 
Being Norway’s 
TSO presumes 
neutrality, 
transparency 
and 
public 
trust. 
This 
affects 
all 
players 
in 
the 
power 
market. The 
role of 
owner of 
the transmission 
grid also 
requires Statnett to 
work closely with 
the authorities and 
other 
stakeholders 
in 
planning 
the 
power 
system 
to 
ensure that the 
right capacity is 
available at the 
right time. 
Any 
major 
intervention 
in 
the 
grid 
requires 
a 
permit 
granted by the authorities. 
Socio-economically 
rational 
development 
of 
the power grid 
The development 
of the 
power grid, 
in accordance 
with 
the 
Norwegian 
Energy 
Act 
and 
Statnett’s 
Articles 
of 
Association, must be in the best interests of society. This 
applies both to decisions made by 
Statnett and decisions 
made by 
the authorities when 
issuing permits 
for projects. 
Socio-economic 
analyses 
ensure 
that 
decision-makers 
receive 
expertly 
prepared 
documentation 
and 
comparable decision-making support. 
Norway’s transmission grid in 2021 
––
420 kV
 
––
300 kV
 
––
132 kV
This is Statnett 

Annual Report 2021 
This is Statnett
29 
Statnett’s customers 
Everyone who is 
connected to the 
transmission grid is 
a 
customer 
of 
Statnett. 
This 
means 
power 
producers, 
power 
consumers 
and 
the 
owners 
of 
regional 
grids. 
In 
most cases, customers 
are connected to 
the distribution 
grid 
and 
enter 
into 
a 
connection 
agreement 
with 
grid 
operators 
other 
than 
Statnett. 
However, 
in 
such 
cases 
local 
grid 
operators 
must 
clarify 
with 
Statnett 
whether 
there is sufficient capacity in the transmission grid. 
Operations and development 
Statnett 
operates 
around 
11,395 
km 
of 
high-voltage 
power lines, 
190 transformer 
substations 
and 2,550 
km 
of 
subsea 
and 
underground 
cables 
the 
length 
and 
breadth of Norway. 
The power system is 
developed and 
managed by Statnett’s 
nationwide organisation, which is 
also responsible 
for emergency 
preparedness. The 
grid 
is monitored by Statnetts landssentral 
(a national control 
centre) 
and 
two 
regional 
centres. 
Statnett 
is 
also 
responsible for 
interconnectors 
with Sweden, 
Denmark, 
Finland, the Netherlands, Germany, the UK and Russia. 
Substantial 
developments 
in 
the 
transmission 
grid 
Over the past ten years, Statnett 
has been engaged in a 
great 
deal 
of 
construction 
activity, 
with 
many 
ongoing 
projects 
throughout 
Norway. 
Since 
2009, 
Statnett 
has 
constructed and upgraded more than 2,000 km 
of power 
lines and 
more than 
80 new 
and converted 
substations. 
In 
addition, 
the 
company 
has 
opened 
a 
new 
interconnector 
to 
Germany 
and 
has 
completed 
construction of a 
new interconnector 
to the 
UK, which has 
now 
gone 
into 
trial 
operation. 
A 
total 
of 
1.346 
km 
of 
interconnectors. 
 

 
 
Annual Report 2021 
This is Statnett
30 
Balance between production and consumption 
of electricity 
In 
Norway, 
Statnett 
has 
the 
task 
of 
coordinating 
power 
production and consumption so that the power system is 
always in balance. 
This is called instantaneous 
balance. 
The power 
trading market 
determines how 
much power 
will 
be 
produced 
and 
at 
what 
price. 
This 
market 
brings 
together 
power 
producers 
and 
power 
suppliers 
(who 
purchase 
power 
on 
behalf 
of 
electricity 
customers). 
However, buyers 
and sellers never produce 
and use the 
exact 
volumes 
agreed 
upon 
in 
advance. 
Statnett 
is 
responsible for ensuring 
that the load 
on the grid 
is kept 
within acceptable limits. 
Statnett works safely and sustainably 
See separate Sustainability Report. 
Everyone who works 
at or for 
Statnett should arrive 
home 
from 
work 
safely 
each 
day. 
Statnett 
adopts 
a 
zero-
tolerance 
approach 
to 
accidents 
and 
has 
set 
itself 
a 
target 
of 
becoming 
a 
leader 
in 
HSE 
among 
European 
TSOs and a leader in cybersecurity. 
Statnett 
contributes 
to 
the 
UN’s 
Sustainable 
Development 
Goals 
by 
facilitating 
electrification 
and 
performing 
necessary 
tasks 
in 
a 
safe 
and 
sustainable 
manner. 
In 
2021, 
Statnett 
implemented 
a 
number 
of 
measures to ensure 
that the 
company takes its 
share of 
responsibility for counteracting global 
challenges such as 
climate change, 
social dumping, 
corruption and 
the loss 
of biodiversity. 
Renewal, transformation 
and diversity 
were at 
the heart 
of 
the 
organisational 
changes 
Statnett 
implemented 
in 
the autumn of 2021. Sustainability-related activities have 
also 
been 
addressed 
in 
our 
strategy. 
Statnett 
is 
now 
gearing 
up 
to 
perform 
a 
wide 
range 
of 
activities 
in 
an 
effective 
manner 
and 
meet 
society’s 
high 
expectations. 
The power system will 
play a key role 
in the transition to 
a 
zero-emissions 
society 
and 
tomorrow’s 
sustainable 
value creation. 
Grid levels in the power system 
In Norway, 
the transmission 
grid and 
the distribution 
grid are administered separately. 
The 
transmission 
grid
 
links 
major 
producers 
and 
consumers 
in 
a 
nationwide 
system, 
which 
also 
includes 
interconnectors 
abroad. 
The 
transmission 
grid 
is 
high 
voltage, 
normally 
300 
kV 
or 
420 
kV, 
though in some areas 
of Norway it can 
be 132 kV. 
In 
Norway, Statnett owns and operates the transmission 
grid. 
The regional grid 
lies between the transmission grid 
and the 
distribution 
grid. 
The 
regional 
grid generally 
has a voltage of 66 kV or 132 kV. 
The 
distribution 
grid
 
is 
owned 
by 
the 
local 
grid 
companies, which supply 
power to the 
end-users. The 
distribution grid typically has voltages up to 22 kV. 
Statnett is owned by the Norwegian state 
Statnett 
is 
a 
state-owned 
enterprise 
established 
in 
accordance with the State-Owned 
Enterprises Act and 
is owned by the state 
through the Ministry of 
Petroleum 
and Energy 
(OED). The 
Norwegian Water 
Resources 
and 
Energy 
Directorate 
(NVE) 
is 
responsible 
for 
supervision 
in 
accordance 
with 
watercourse 
and 
energy legislation. 
The Norwegian 
Energy Regulatory 
Authority 
(RME) 
is 
a 
regulatory 
authority, 
which 
performs 
its 
tasks 
as 
an 
independent 
authority. 
The 
RME’s mandate is 
to ensure that 
operators comply with 
the 
regulations 
intended 
to 
ensure 
competitive 
conditions 
in 
the 
power 
market 
and 
an 
efficiently 
run 
power grid. 
In 
Norway, 
power 
transmission 
is 
operated 
as 
a 
monopoly. 
State-ownership 
of 
Statnett 
is 
intended 
to 
contribute to socio-economically rational operation and 
development 
of 
the 
transmission 
grid. 
Statnett 
is 
responsible 
for 
critical 
infrastructure 
and 
performs 
assignments 
of 
major 
importance 
for 
civil 
security. 
State ownership helps ensure neutrality. 
Our revenues 
are regulated 
by RME, 
which sets 
an upper 
limit for 
how 
much we can 
charge for our services. 
This regulation is 
based on the premise that over time, Statnett’s income 
will cover its 
costs and provide 
a reasonable return 
on 
invested capital assuming efficient 
operation, utilisation 
and development of the grid. 

 
Annual Report 2021 
This is Statnett
31 
Operational key figures 
Power lines divided into voltage level
1)
Voltage level 
Unit 
2021 
2019 
2018 
2017 
2017 
132 kV 
km 
2,332 
2,380 
2,409 
2,411 
2,411 
300 kV 
km 
4,092 
4,136 
4,043 
4,180 
4,387 
420 kV 
km 
4,706 
4,629 
4,492 
4,132 
3,803 
1)
 
Statnett also operated power lines at following 
voltage level: 22 kV, 152 kV, 220 kV, 
250 kV, 350 kV. 
Transmission lines and cables in operation
2)
Unit 
2021 
2019 
2018 
2017 
2017 
Power lines in operation 
km 
11,395 
11,412 
11,076 
10,947 
10,855 
Underground cables and subsea cables in operation
1)
km 
2,550 
1,798 
1,616 
1,423 
1,287 
Power lines comissioned 
km 
76 
105 
156 
225 
232 
Upgraded exisisting power lines 
km 
0 
0 
106 
119 
155 
Demolished facilities 
km 
96 
12 
61 
50 
54 
Number of comissioned field circuit breaker 
Number 
40 
59 
94 
67 
50 
Security of supply 
Unit 
2021 
2020 
2019 
2018 
2017 
Frequency variances 
Minutes 
10,670 
9,693 
9,971 
11,471 
12,018 
Non-Delivered Energy (NDE) 
MWh 
701 
1,381 
783 
49 
772 
Reliability of supply 
Prosent 
99.9986 
99.9939 
100 
100 
- 
Distribution of value creation 
Unit 
2021 
2020 
2019 
2018 
2017 
Employees – Salary and social benefits 
1)
MNOK 
1,840 
1,740 
1,674 
1,598 
1,521 
State and municipal taxes and fees 
2)
MNOK 
1,551 
1,267 
1,041 
959 
620 
Interest expenses 
MNOK 
696 
902 
973 
772 
615 
Owner – dividends 
3)
MNOK 
737 
1,039 
1,261 
484 
326 
The company – Retained equity 
MNOK 
2,464 
1,678 
1,422 
1,683 
402 
1)
 
Payroll costs (excl. employer’s national insurance contributions). 
2)
 
Tax expense, property 
tax and employer’s national insurance contributions. 
3)
 
Proposed dividends for 2020. 
4)
 
Profit for the year less proposed dividends

 
Annual Report 2021 
Financial framework conditions
32 
Revenues and results 
Changes 
in 
revenues and 
results 
over the 
last five 
years 
are 
primarily 
attributable 
to 
higher 
grid 
capital 
due 
to 
an 
increase in the 
number of installations that 
have gone into 
operation, 
offset 
by 
a 
slightly 
lower 
reference 
rate 
during 
the period. 
In recent 
years, Statnett 
has had 
considerable 
higher/lower revenues, which are due largely 
to substantial 
variations 
in 
congestion 
revenues. 
This 
has 
resulted 
in 
major 
fluctuations 
in 
recognised 
operating 
revenues 
and 
operating 
profits. 
Revenues 
and 
profits 
adjusted 
for 
higher/lower 
revenues 
show 
that 
underlying 
activities 
are 
more 
stable 
than 
is 
reflected 
in 
the 
reported 
financial 
statements. 
Statnett 
emphasises 
the 
need 
for 
even 
and 
predictable 
tariffs over time, and 
this affects higher/lower 
revenues. In 
2021 
Statnett 
reduced 
transmission 
charges, 
to help 
grid 
customers 
during 
the 
Covid-19 
pandemic. 
Extraordinarily 
high 
revenues 
from 
congestion 
charges 
in 
2021, 
proceeding 
in 
2022, 
results 
into 
regulated 
revenue 
exceeding allowed 
revenue. As 
a result, 
Statnett sets 
the 
consumption tariff 
to zero from April 
1
st
 
2022 to the 
end of 
the year. At the end of 2021 
Statnett has a higher revenue 
balance of NOK 2,410 million. 
The 
investment 
level 
affects 
revenues 
and 
the 
balance sheet 
Only completed 
investments 
are included 
in the 
basis 
for 
Statnett’s 
regulated 
revenues. 
In 
accordance 
with 
IFRS, 
Statnett’s equity is not 
adjusted for higher/lower revenues. 
Statnett’s 
actual 
equity 
is 
established 
after 
adjusting 
for 
accumulated higher/lower revenues after tax. 
Net 
interest-bearing 
liabilities 
have 
risen 
in 
line 
with 
investment 
levels. 
At 
the 
close 
of 
2021, 
Statnett 
had 
an 
equity 
ratio 
of 
25.4 
per 
cent. 
Adjusted 
for 
higher/lower 
revenues, the equity ratio for 2021 equalled 23.7 per cent.
Operating revenues, regulated 
activities 
The 
reported 
revenues 
in 
Statnett’s 
financial 
statements 
are 
made 
up 
of 
the 
transmission 
charges 
paid 
by 
customers 
of 
the 
transmission 
network, 
balancing 
fees 
received and congestion 
revenues. Congestion revenues 
arise 
when 
power 
is 
transmitted 
from 
areas 
with 
a 
low 
power 
price 
to 
areas 
with 
a high 
power 
price 
in 
Norway 
and 
via 
transnational 
interconnectors 
to 
other 
countries. 
The 
transmission 
charge 
(tariff) 
is 
established 
ahead 
of 
each 
calendar 
year. 
In 
addition, 
Statnett 
also 
receives 
revenues 
from 
fees 
it 
charges 
as 
the 
balancing 
and 
settlement 
coordinator 
within 
the 
Norwegian 
power 
system and as operator of the data hub Elhub.
Allowed revenue, regulated 
activities 
Since 
grid 
activities 
are 
a 
natural 
monopoly, 
Statnett’s 
revenues are 
regulated and 
controlled by 
the Norwegian 
Energy Regulatory Authority (RME), which establishes an 
annual revenue 
cap (allowed 
revenue). Allowed 
revenue 
is intended to cover system and 
grid operating costs, and 
provide a reasonable 
return on 
investment, provided 
that 
the 
grid 
is 
built, 
operated 
and 
utilised 
in 
a 
cost-efficient 
manner. 
To 
give 
Statnett 
incentives 
to 
be 
cost-efficient, 
the company’s revenue cap is adjusted 
with the results of 
an 
efficiency 
analysis. 
In 
this 
analysis, 
Statnett’s 
costs, 
adjusted 
for 
development 
in 
the 
size 
of 
the 
grid 
are 
compared 
with 
a 
historic 
cost 
level. 
In 
addition, 
the 
revenue 
cap 
is 
adjusted 
by 
a 
general 
productivity 
requirement, of 
2 per 
cent 
in 
relation 
to the 
historic 
cost 
level, 
which 
comes 
to 
0.3 
per 
cent 
per 
year. 
Activities 
within 
the 
system 
operation 
area 
are 
regulated 
by 
an 
annual 
0.3 
per 
cent 
productivity 
requirement. 
RME 
has 
signalled 
that 
it 
will 
consider 
new 
ways 
of 
regulating 
incentives in the area. 
The fees determined for the 
entity 
responsible for 
settlement should 
cover annual 
operating 
costs and provide a reasonable return 
on invested capital, 
provided efficiency is maintained.
Higher-/lower revenue 
During 
a 
year, 
the 
actual 
revenues 
received 
from 
regulated operations 
will 
differ from 
the allowed 
revenue 
that RME 
sets after 
the year’s 
close. These 
differences are 
known as higher or 
lower revenue, and are 
equalised over 
time 
through 
adjustment 
of 
future 
transmission 
charges. 
Consequently, 
higher/lower 
revenues 
represent 
temporary 
amounts 
in 
Statnett’s 
financial 
statements, 
which in accordance with IFRSs are not recognised in the 
balance sheet.
Financial framework conditions 

 
 
 
 
Annual Report 2021 
Financial framework conditions
33 
Changes in higher/lower revenues, Group 
Group EBIT adjusted for higher/lower 
revenues 

 
Annual Report 2021 
Financial framework conditions
34 
Key figures
 
(MNOK) 
2021 
2020 
2019 
2018 
2017 
Accounting result 
Operating revenues 
14,412 
10,761 
9,641 
9,138 
7,401 
Depreciation and amortization 
1)
-3,080 
-2,820 
-2,339 
-1,941 
-2,273 
EBITDA 
7,926 
6,688 
5,366 
5,062 
3,585 
EBIT 
4,846 
3,868 
3,027 
3,120 
1,312 
Profit before tax 
4,239 
3,420 
2,440 
2,701 
976 
Profit for period 
2)
3,307 
2,697 
1,906 
2,213 
813 
Adjustments 
Change in accumulated higher/lower revenue 
(+/-) before tax 
2,350 
792 
-791 
362 
-646 
Change in accumulated higher/lower revenue (+/-) 
after tax 
1,833 
618 
-617 
279 
-491 
Accumulated higher/lower revenue (+/-) before 
tax 
2,410 
60 
-732 
59 
-303 
Underlying result (adjusted for change in higher/lower 
revenue) 
2)
Operating revenues 
12,062 
9,969 
10,432 
8,776 
8,047 
EBITDA 
5,576 
5,896 
6,157 
4,699 
4,231 
Underlying operating profit (EBIT) 
2,496 
3,076 
3,818 
2,758 
1,958 
Profit before tax 
1,889 
2,628 
3,231 
2,339 
1,622 
Underlying profit for the year 
1,474 
2,079 
2,523 
1,934 
1,304 
Key figures balance sheet 
Investments (additions, facilities under construction including 
interest on construction loans) 
6,121 
7,299 
9,618 
12,377 
9,235 
Property, plant and equipment 
66,767 
60,296 
54,637 
40,948 
35,653 
Long term and current interest bearing liabilities including 
hedging effect 
53,920 
56,129 
50,199 
45,737 
39,189 
Market value interest and currency swaps relating 
to loans 
4,322 
6,551 
4,569 
3,451 
2,701 
Interest bearing liabilities adjusted for effect of interest 
and currency hedging 
49,598 
49,578 
45,630 
42,286 
36,488 
Equity 
21,467 
18,938 
17,783 
16,194 
14,011 
Equity adjusted for higher/lower revenue after tax 
19,587 
18,891 
18,354 
16,149 
14,241 
Total assets 
84,446 
82,885 
76,323 
70,281 
58,721 
Capital employed 
3)
69,891 
68,382 
62,705 
55,507 
49,299 
Key financial ratios 
Return on capital employed before tax, adjusted 
for higher/lower revenue 
4)
3.6 % 
4.7 % 
6.5 % 
5.3 % 
4.3 % 
Return on equity after tax 
5)
16.4 % 
14.7 % 
11.2 % 
14.7 % 
5.8 % 
Equity ratio 
25.4 % 
22.8 % 
23.3 % 
23.0 % 
23.9 % 
Equity ratio after tax, adjusted for higher/lower 
revenue 
23.7 % 
22.8 % 
24.0 % 
23.0 % 
24.3 % 
1)
 
Depreciation, amortization and impairments 
per statement of total comprehensive 
income less impairments disclosed in Note 
9 plants under 
construction. 
2)
 
The underlying result is based on regulated 
permitted revenue, while the accounting result 
will vary depending on established tariffs and 
congestion 
revenues. The difference is known as higher/lower 
revenue (see Note 2). 
3)
 
Capital employed = Property, plant and equipment + Facilities 
under construction + Trade and other current receivables 
+ Trade and other current 
payables. 
4)
 
Return on capital employed before tax, 
adjusted for higher/lower revenue = EBIT, adjusted for higher/lower revenue 
/ Average capital employed last 
two years. 
5)
 
Return on equity after tax =Net result for 
the year / Average equity last two years. 
* To provide a better understanding of Statnett’s underlying result we also present 
a number of alternative performance 
measures. Alternative 
performance measures are defined in ESMA’s guidelines as a financial 
measure of historical or future financial performance, 
financial position, or cash 
flows, other than a financial measure defined 
or specified in the applicable financial reporting 
framework. Statnett’s alternative performance measures 
are adjusted for higher/lower revenue and 
supplement the figures in the IFRS financial 
statements. In addition to annual higher/lower 
revenue, reported 
accumulated rhigher/lower revenue also include 
applied interest and any prior-year adjustments. 
Changes in selected key financial and operational 
ratios used by management to monitor 
alternative performance measures over 
time are also shown.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Organisational structure 
35 
Organisational structure 
Statnett 
is 
headquartered 
in 
Oslo 
and 
has 
administrative 
offices in Alta, Trondheim, Sandnes and Sunndalsøra. The 
Group’s activities are organised in five 
business segments 
and two group-wide support functions. 
Please 
visit 
www.statnett.no 
for 
further 
information 
about 
Statnett’s organisation. 
Subsidiaries, joint ventures and associates 
The 
majority 
of 
the 
Group’s 
activity 
takes 
place 
in 
the 
parent company Statnett SF. 
The activities of subsidiaries, 
joint ventures and associates are described below. 
Elhub AS (100 per cent) 
The 
company 
went 
into 
operation 
in 
February 
2019 
and 
operates 
the 
central 
data 
hub 
for 
meter 
readings 
and 
market processes in the Norwegian power market. Elhub’s 
main 
functions 
are 
automated 
metering, 
meter 
data 
processing and distribution, 
as well as 
the performance of 
market 
processes 
such 
as 
supplier 
changes, 
relocations 
and reporting. 
NordLink Norge AS (100 per cent) 
This subsidiary 
has been 
responsible for 
the construction 
and 
is 
now 
responsible 
for 
operating 
Statnett’s 
share 
of 
NordLink, 
an 
interconnector 
between 
Norway 
and 
Germany. 
The 
company 
was 
established 
to 
provide 
an 
ownership 
structure 
that 
is 
symmetrical 
on 
both 
the 
Norwegian and 
the German 
sides. On 
the German 
side, the 
cable 
is 
owned 
by 
DC 
Nordseekabel 
GmbH 
& 
Co. 
KG, 
which is in turn owned by the German TSO TenneT GmbH 
and the 
bank 
KfW. 
The operational 
activities 
of NordLink 
Norge take place as part of the Statnett Group. 
Statnett Forsikring AS (100 per cent) 
The 
company 
is 
the 
Group’s 
own 
insurance 
company. 
It 
was established in 1998, and is a wholly owned subsidiary 
of Statnett SF. 
Statnett Transport AS (100 per cent) 
Statnett Transport AS (“Statnett Transport”) has 
essentially 
become 
an 
empty 
company, 
after 
the 
business 
that 
handles Statnett’s emergency preparedness obligations 
with respect to heavy transport were 
transferred to Statnett 
SF with effect from 1 July 
2020. The plan is to wind up the 
company during 2022. 
Nydalshøyden Bygg C AS (100 per cent) 
Nydalshøyden Bygg 
C AS 
owns 
Statnett’s 
building (head 
office) at Nydalen Allé 33, Oslo. 
Fifty AS (50 per cent) 
Fifty AS 
is a 
50/50 joint 
venture between 
Statnett SF 
and 
Svenska 
kraftnät. 
Fifty 
AS 
develops 
and 
administers 
IT 
systems 
that 
balance 
the 
Nordic 
power 
system. 
Fifty 
AS 
sells 
both 
licences 
and 
maintenance 
and 
administration 
services 
to 
Statnett 
SF. 
Fifty 
AS 
has 
no 
employees. 
Statnett 
SF 
provides 
the 
company 
with 
project 
services 
relating 
to 
the 
development 
and 
administration 
of 
IT 
systems, in addition to administrative support services. 
TSO Holding (32.2 per cent) 
Statnett 
owns 
32.2 
per 
cent 
of 
TSO 
Holding 
AS 
(“TSO 
Holding”). 
The 
other 
owners 
are 
the 
Nordic 
and 
Baltic 
TSOs. TSO Holding owns 
34 per cent 
of Nord Pool 
Holding 
AS. The remaining 66 per cent 
is owned by Euronext N.V. 
The Nord 
Pool companies 
aim to 
organise and 
operate a 
marketplace 
for 
trading 
in 
electrical 
power 
in 
the 
Nordic 
countries and Europe. 
eSett OY (25 per cent) 
Statnett 
SF 
owns 
a 
25 
per 
cent 
stake 
in 
eSett 
OY. 
The 
company 
delivers 
balance 
settlement 
services 
to 
market 
players in Finland, Sweden, Denmark and Norway. 
KraftCERT AS (33.3 per cent) 
KraftCERT 
AS 
has 
been 
authorized 
by 
The 
Norwegian 
Water 
Resources 
and 
Energy 
Directorate 
(NVE) 
to 
delegate tasks 
within notification, 
information sharing 
and 
analysis of ICT-related incidents, 
vulnerabilities and threats 
to one or more KBO 
entities (Power Supply Preparedness 
Organisation). KraftCERT 
has been designated 
as a KBO 
entity with a response function for ICT 
Security Incidents in 
the 
power 
industry. 
KraftCERT 
will 
assist 
the 
industry 
in 
detecting and counteracting digital attacks. 
See notes 20 
and 22 
for further information 
on subsidiaries. 
Operational key figures Group 
2021 
2020 
2019 
2018 
2017 
Number of full-time equivalents 
1,647 
1,576 
1,493 
1,461 
1,415 
Absence due to illness % 
3.0 
2.8 
2.9 
3.2 
3.4 
LTIFR, own employees 
1.0 
1.5 
2.3 
1.9 
1.6 
LTIFR, including contractors 
2.0 
3.6 
4.2 
5.6 
3.6 
Organisational structure 

Organisational structure 
36 
Statnett’s values
 
Long-term perspective 
Respect 
Community 

 
Organisational structure 
37 
1. Corporate governance 
Statnett SF is a state-owned enterprise; its formal owner is 
the Norwegian Ministry 
of Petroleum and 
Energy. 
Statnett 
SF is 
organised as 
a business 
group. The 
Statnett Group 
is 
an 
independent 
legal 
entity 
that 
is 
liable 
for 
its 
own 
obligations. 
Sound 
corporate 
governance 
is 
a 
prerequisite 
for 
stable 
long-term value creation 
and helps 
to ensure that 
Statnett 
delivers 
products 
and 
services 
in 
accordance 
with 
the 
requirements 
and 
expectations 
of 
internal 
stakeholders 
and external organisations. 
Through the 
exercise of 
corporate governance, 
the board 
ensures 
that Statnett 
is 
well 
managed 
and has 
adequate 
internal 
control. 
The 
Board 
adopts 
guidelines 
for 
Group 
Management. These 
guidelines 
include 
codes of 
conduct 
for 
the 
Group 
and 
its 
suppliers, 
values 
and 
principles 
for 
corporate 
governance, 
sustainability, 
finance, 
power 
system development 
and responsibility 
as grid 
owner and 
Transmission 
System 
Operator 
(TSO). 
Together 
with 
Statnett’s 
policies, 
process 
map 
and 
other 
internal 
governing documents this 
forms the management 
system’s 
framework, 
whose 
object 
is 
to 
drive 
efficiency 
improvements, 
continuous 
improvement 
and 
risk 
reduction. 
2. Operational performance 
Statnett has a sectoral policy objective, and the company's 
activities are clarified in its Articles of Association. 
Article 
2 
of 
Statnett’s 
Articles 
of 
Association 
states 
that 
“Statnett SF is the 
operator of the 
transmission grid and 
the 
system operator 
of the 
Norwegian power 
system”. As 
the 
transmission 
system 
operator 
(TSO), 
Statnett 
is 
responsible for at all times 
ensuring instantaneous balance 
between production and consumption of electrical power 
in 
Norway. The role of transmission 
system operator is 
mainly 
regulated 
through 
TSO 
regulations 
and 
Statnett’s 
TSO 
licence. 
Article 
2 
further 
establishes 
that 
“the 
enterprise 
is 
responsible for operating 
and developing the 
transmission 
grid in a socio-economically efficient way. Statnett SF shall 
on its own or in conjunction 
with others, plan, design, build, 
own 
and 
operate 
transmission 
infrastructure. 
Statnett 
SF 
shall 
undertake 
the 
tasks 
incumbent 
upon 
it 
under 
the 
terms of legislation 
and licences. In 
other respects, Statnett 
SF 
shall 
operate 
on 
commercial 
principles.” 
Statnett’s 
Articles 
of 
Association 
may 
be 
found 
on 
the 
Group’s 
website. 
3. Equity and dividends 
The 
owner’s 
dividend 
policy 
is 
established 
in 
the 
Norwegian 
national 
budget. Dividends 
are decided 
at the 
Annual General Meeting following each financial year. The 
owner’s dividend 
policy, 
pursuant 
to the 
national budgets 
for 
the 
financial 
years 
2019–2022, 
is 
for 
a 
dividend 
payment 
corresponding 
to 
50 
per 
cent 
of 
the 
Group’s 
underlying 
profit. 
The 
dividend 
basis 
is 
defined 
as 
the 
Group’s profit for the 
year after tax, 
adjusted for the 
change 
in 
the 
year’s 
post-tax 
higher/lower 
revenues. 
In 
other 
respects, 
the 
capital 
structure 
is 
managed 
through 
the 
raising 
and repayment of 
short-term and long-term 
debt, as 
well as 
changes in liquidity 
reserves. There have 
been no 
significant changes in the targets and guidelines for capital 
management throughout the year. 
4. Equal treatment of owners and related-party 
transactions 
Statnett 
SF 
is 
wholly 
owned 
by 
the 
Norwegian 
state 
through Ministry of Petroleum and Energy. 
As a result, the 
company 
does 
not 
have 
dedicated 
guidelines 
governing 
equal treatment of different owners. As required 
by statute, 
Statnett 
uses 
valuations 
prepared 
by 
independent 
third 
parties for material transactions between the company 
and 
related parties. 
Statnett’s corporate governance is based on the 
company’s external frameworks, including 
applicable 
legislation, 
statutory 
regulations 
and 
government 
directives, 
along 
with 
documents adopted by the 
company’s governing bodies. 
Corporate governance at Statnett 
complies with the 
government’s corporate governance 
principles and the 
company declares 
its 
compliance 
in 
accordance 
with 
the 
Norwegian 
Code 
of 
Conduct 
for 
Corporate 
Governance 
(
www.nues.no
). 
The 
requirements 
in 
Section 
3-3b 
items 
4, 
7 
and 
8 
of 
the 
Norwegian Accounting Act on corporate governance are 
satisfied by the descriptions in the 
following text.
Corporate governance 

Organisational structure 
38 
Statnett’s Code of 
Conduct obliges employees, 
consultants 
and trustees who represent Statnett to disclose any issues 
concerning their legal competence. 
5. Tradeable shareholdings 
Statnett 
is 
a 
state-owned 
enterprise 
with 
no 
tradable 
shareholdings. The 
sale of 
shares in 
the enterprise 
would 
involve a 
change in 
its form of 
incorporation, which 
would 
require a legislative 
amendment adopted by 
the Norwegian 
Parliament (the Storting). 
6. General Meeting 
As 
sole 
owner, 
the 
Ministry 
of 
Petroleum 
and 
Energy 
exercises 
ultimate 
authority 
in 
the 
enterprise 
through 
the 
General 
Meeting. 
The 
following 
topics 
are 
reviewed 
and 
voted 
on 
at 
the 
Annual 
General 
Meeting. 
Adoption 
of 
Statnett 
SF’s 
income 
statement 
and 
balance 
sheet, 
including 
appropriation 
of 
the 
surplus 
for 
the 
year 
or 
coverage 
of 
the 
deficit 
for 
the 
year, 
adoption 
of 
the 
consolidated income 
statement and 
consolidated 
balance 
sheet. 
Other 
matters 
that 
fall 
to 
the 
General 
Meeting 
in 
accordance 
with 
legislation 
or 
the 
company’s 
Articles 
of 
Association are also reviewed, including the election of the 
Board 
of 
Directors 
and 
remuneration 
of 
board 
members 
and 
board 
committees. 
The 
Board 
and 
the 
auditor 
participate in the General Meeting. 
The 
Ministry 
of 
Petroleum 
and 
Energy’s 
authority 
in 
the 
enterprise is 
exercised through 
the General 
Meeting. The 
General Meeting 
adopts Statnett’s 
Articles of 
Association, 
including Statnett’s objects, which 
establish frameworks for 
Statnett’s 
activities. 
The 
Annual 
General 
Meeting 
is 
held 
each year by the end of June. 
7. Election of board members
The 
Ministry 
of 
Petroleum 
and 
Energy 
elects 
the 
owner-
elected board 
members at 
the General 
Meeting. Employee-
elected and any deputy 
members are elected by 
and from 
among the 
company’s 
employees in 
accordance 
with 
the 
applicable regulations in the State-Owned Enterprises Act. 
8. Corporate Assembly and Board of Directors, 
composition and independence 
Statnett 
does 
not 
have 
a 
Corporate 
Assembly. 
In 
accordance with the Articles of Association, the company’s 
Board of 
Directors should comprise 
seven to 
nine members 
plus any 
deputy members. Two, potentially 
three, members 
and any deputy 
members are 
elected by and 
from among 
the 
company’s 
employees 
in 
accordance 
with 
the 
applicable 
rules and 
associated regulations 
of Section 
20 
of 
the 
State-Owned 
Enterprises 
Act. 
In 
accordance 
with 
Section 
21 
of 
the 
State-Owned 
Enterprises 
Act, 
board 
members 
are 
elected 
for 
a 
term 
of 
up 
to 
two 
years, 
but 
remain 
in 
office 
until 
a 
new 
board 
member 
has 
been 
elected even if their term of office has expired. 
In accordance 
with the 
State-Owned Enterprises 
Act, the 
CEO 
cannot 
serve 
on 
the 
Board 
of 
Directors. 
With 
the 
exception 
of 
employee 
representatives, 
the 
board 
members are independent of the enterprise and its owner. 
9. The work of the Board of Directors 
The 
Board 
is 
responsible 
for 
ensuring 
appropriate 
management, 
governance 
and 
control 
of 
Statnett. 
The 
Board’s 
work 
follows 
an 
annual 
plan 
and 
is 
managed 
in 
accordance with adopted rules of procedure for the Board. 
These rules clarify the allocation of roles and responsibility 
between 
the 
Board 
and 
the 
CEO 
and 
help 
to 
ensure 
the 
Board remains independent 
in its work. 
The Board adopts 
Statnett’s 
strategy, 
determines 
rules 
of 
procedure 
for 
the 
CEO and ensures that 
Statnett is appropriately 
organised. 
The 
Board 
adopts 
financial 
frameworks, 
ensures 
that 
Statnett 
satisfies 
formal 
requirements, 
legislation 
and 
regulations, performs 
satisfactory asset 
management and 
has a sound working environment. 
The 
Board 
helps 
to 
ensure 
that 
it 
is 
appropriately 
composed, 
and 
that 
the 
Board’s 
work 
is 
based 
on 
transparency, 
trust, 
expertise 
and 
legal 
competence, 
and 
that 
the 
board 
members’ 
collective 
expertise 
effectively 
contributes 
to 
good 
long-term 
value 
creation 
at 
Statnett. 
Statnett’s 
Code of 
Conduct instructs 
the board 
members, 
on 
their 
own 
initiative, 
to 
disclose 
any 
matters 
that 
could 
affect 
their 
legal 
competence. 
Statnett 
satisfies 
statutory 
requirements 
for 
representation 
of 
both 
genders 
on 
the 
Board. For an account of the Board’s 
work, please refer to 
the report of the Board of Directors in the annual report. 

Organisational structure 
39 
Audit Committee 
The Board has established an Audit Committee to prepare 
matters 
for 
consideration 
by 
the 
Board. 
The 
Board 
has 
adopted 
rules 
of procedure 
for the 
Audit 
Committee. The 
Audit Committee’s remit is to prepare 
the Board’s review of 
the financial reporting process and monitor the systems for 
risk 
management 
and 
internal 
control, 
including 
the 
company’s 
internal 
audit 
function. 
The 
Audit 
Committee 
must further maintain 
ongoing contact 
with the company’s 
elected auditor regarding the audit of the company, as well 
as 
assess 
and 
monitor 
the 
auditor’s 
independence 
in 
accordance with the Norwegian Auditors Act. 
Remuneration Committee 
The Board has 
established a 
Remuneration Committee to 
assist 
the 
Board 
in 
establishing 
the 
CEO’s 
terms 
of 
employment, 
together 
with 
the 
main 
principles 
and 
frameworks 
for 
remuneration 
of 
Statnett’s 
Group 
Management. The 
Board has 
adopted rules 
of procedure 
for the Remuneration Committee. 
Project Committee 
The Board has established a 
Project Committee 
to prepare 
matters 
for 
consideration 
by 
the 
Board 
relating 
to 
the 
follow-up of Statnett’s 
investment projects. The 
Board has 
adopted rules of procedure for the Project Committee. The 
Project 
Committee 
must, 
in 
particular, 
ensure 
sound 
governance of board-approved projects 
and must follow up 
projects 
from 
the 
time 
investment 
decisions 
are 
made 
in 
Statnett’s 
project 
model. 
The 
Project 
Committee 
must 
present 
the 
results 
of 
its 
deliberations 
to 
the 
Board, 
but 
must not make decisions on behalf of the Board. 
Owner meeting 
In 
addition 
to 
management 
meetings, 
the 
Ministry 
of 
Petroleum 
and 
Energy 
holds 
owner 
meetings 
with 
the 
Board 
of 
Directors, 
which 
are 
intended 
to 
serve 
as 
an 
informal forum 
in which 
the Board 
and owner 
can exchange 
opinions 
and 
discuss 
matters 
of 
major 
economic 
or 
strategic 
importance 
for 
Statnett. 
Statnett’s 
Board 
and 
administration 
duly 
consider 
the 
views 
expressed 
by 
the 
owner 
at 
these 
meetings. 
Items 
that 
require 
the 
owner's 
approval must be discussed at the General Meeting. 
10. Risk management and internal control 
Statnett 
systematically 
reviews 
all 
risks 
affecting 
the 
business 
and 
the 
Board 
receives 
an 
updated 
risk 
profile 
each quarter. 
For a more 
detailed description 
of Statnett’s 
frameworks 
and 
risk 
management 
procedures, 
see 
the 
chapter 
on 
risk 
management 
and 
internal 
control 
in 
the 
annual report. 
Cumulatively, Statnett’s 
Code of Conduct and core values, 
together 
with 
the 
company’s 
organisation, 
corporate 
governance and reporting lines provide a basis 
for a sound 
internal control 
environment. Internal 
control is 
an integral 
part of corporate governance and is based on the principle 
of 
three 
lines 
of 
defence 
(manager, 
policy 
manager/staff 
and internal auditor). The 
Board is responsible for 
ensuring 
that the company has satisfactory controls and determines 
the 
ambition 
level 
for 
internal 
control 
maturity, 
based 
on 
Statnett’s role, 
social mandate and 
risk picture, as 
well as 
a cost-benefit analysis. 
Corporate governance report 
Statnett 
complies 
with 
the 
government’s 
own 
Code 
of 
Conduct 
on 
Corporate 
Governance 
and 
the 
recommendations 
of 
the 
Norwegian 
Corporate 
Governance Board (NUES) 
to the extent 
appropriate. The 
Board’s corporate 
governance report 
is presented 
as part 
of 
the 
company’s 
annual 
internal 
control 
report 
and 
non-
conformances with the recommendations are explained. 
Code of Conduct 
Statnett’s 
Code 
of 
Conduct 
establishes 
conditions 
governing 
how 
employees 
shall 
relate 
to 
each 
other 
and 
their surroundings. 
All policies 
and procedures 
are based 
on 
these 
principles. 
Statnett 
has 
appointed 
an 
Ethics 
Representative 
who 
ensures 
compliance 
with 
the 
Norwegian 
Working 
Environment 
Act’s 
provisions 
with 
respect 
to 
facilitating 
reporting 
of 
any 
censurable 
conditions and serves as a whistleblowing channel 
for both 
employees 
and 
non-Statnett 
employees. 
Violation 
of 
the 
Code 
of 
Conduct 
can 
have 
varying 
consequences, 
depending on the 
nature and 
scope of 
the breach. Ethical 
guidelines 
apply 
to 
board 
members, 
managers, 
employees, temporary personnel and 
other parties who act 
on behalf of Statnett. 
Code of Conduct for Suppliers
The 
Code 
of 
Conduct 
for 
Suppliers 
express 
Statnett’s 
expectations 
and 
lays 
out 
requirements 
for 
all 
partners, 
business associates and suppliers, including the supplier’s 
employees, board members, contracted personnel, as well 
as third-party 
consultants 
performing an 
assignment for 
a 
Statnett supplier. 
The Code’s guidelines 
have been drawn 
up 
to 
clearly 
communicate 
our 
standards 
in 
this 
area. 
Statnett’s 
requirements 
and 
standards 
must 
also 
be 
complied 
with 
by 
any 
subcontractor 
to 
a 
supplier 
throughout the 
contract chain. 
Breach of 
these guidelines 
is 
deemed 
to 
be 
a 
serious 
matter 
and 
may 
result 
in 
sanctions. 
Compliance 
with 
the 
Code’s 
guidelines 
is 
followed 
up 
by 
means 
of 
checks 
on 
and 
audits 
of 
the 
suppliers.

Organisational structure 
40 
11. Remuneration of the Board of Directors 
Remuneration 
of 
the Board 
of 
Directors is 
determined by 
Statnett’s owner (the Ministry of Petroleum and Energy). A 
detailed overview of the remuneration paid 
to the Board of 
Directors is disclosed in the annual financial statements. 
12. Remuneration paid to executive employees 
Statnett complies with 
the guidelines on 
management pay 
in state-owned enterprises. 
In accordance with Article 
8 of 
the company’s 
Articles of 
Association, the 
Board issues 
a 
declaration 
on 
management 
pay 
pursuant 
to 
the 
rules 
of 
the 
Public 
Limited 
Liability 
Companies 
Act 
and 
the 
Accounting 
Act, 
and 
the 
guidelines 
for 
state-owned 
enterprises. 
A 
detailed 
overview 
of 
remuneration 
paid 
to 
executive 
employees 
is 
disclosed 
in 
the 
annual 
financial 
statements. 
13. Information and communication 
Statnett 
is 
subject 
to 
the 
Norwegian 
Freedom 
of 
Information 
Act 
(with 
certain 
restrictions) 
and 
complies 
strictly with the 
rules on the provision 
of information to 
the 
power 
market 
and 
legislation 
on 
safety 
and 
emergency 
preparedness. Statnett distributes 
financial and operational 
information 
in 
accordance 
with 
legislation 
and 
practises 
both 
open 
governance 
and 
transparency. 
Financial 
and 
operational information, as well as the company’s financial 
calendar, may be found on Statnett’s 
website. 
14. Acquisition of the company 
The external auditor is elected by 
the General Meeting and 
is independent of Statnett. The auditor presents 
an annual 
work plan 
to the 
Audit Committee. 
The auditor 
meets the 
Audit Committee 
when relevant 
items are 
due for 
review. 
The 
auditor 
participates 
in 
board 
meetings 
to 
review 
the 
annual 
financial 
statements. 
The auditor 
holds 
an annual 
meeting 
with 
the 
Board 
without 
management 
being 
present. 
The 
Audit 
Committee 
evaluates 
and 
issues 
recommendations 
concerning 
the 
election 
of 
the 
external 
auditor 
and 
is 
responsible 
for 
monitoring 
the 
auditor’s 
independence. As an important 
element of work to 
ensure 
the 
auditor’s 
independence, 
the 
Board 
has 
established 
guidelines 
concerning 
employment 
of 
the 
auditor 
for 
services 
other 
than 
auditing. 
The 
auditor 
reviews 
the 
company’s 
internal 
control 
each 
year 
with 
the 
Audit 
Committee. 
Details 
of 
the 
auditor's 
remuneration 
split 
between 
audit 
and 
other 
services 
are 
disclosed 
in 
the 
annual financial statements.

Annual Report 2021 
Risk management
41 
Statnett is 
a transmission 
system operator 
(TSO) that 
owns and 
operates critical 
infrastructure. The 
company’s 
risk 
management 
and 
internal 
control 
reflect 
our 
social 
mandate 
and 
contribute 
to 
the 
company 
achieving 
its 
goals. 
Statnett’s 
risk management 
and internal 
control cover 
the 
entire 
business, 
including 
strategic, 
market, 
operational 
and financial matters. 
Enterprise risk management 
ensures 
that 
risks 
relating 
to 
HSE, 
the 
supply 
of 
electrical 
power, 
facilitation 
of 
value 
creation, 
our 
financial 
position 
and 
reputation are maintained at an acceptable level. 
Responsibility 
Statnett’s Board has overall responsibility for ensuring that 
the 
company 
has 
good 
internal 
controls 
and 
appropriate 
risk 
management 
systems. 
The 
Board 
determines 
the 
company’s risk 
profile, supervises 
relevant processes and 
monitors the company’s key risk areas. 
The Audit 
Committee prepares 
matters for 
deliberation by 
the 
Board. 
In 
this 
capacity, 
the 
Audit 
Committee 
is 
responsible for 
the Group’s 
internal audit 
function and 
for 
monitoring 
its 
systems 
for 
risk 
management 
and 
internal 
control. 
The 
Group 
Management 
is 
responsible 
for 
the 
operationalisation of 
the company’s risk 
management and 
internal 
controls, 
including 
ensuring the 
correct 
treatment 
of key risks 
in line 
with Statnett’s goals 
and corporate 
social 
responsibility. 
It 
is 
an 
established 
principle 
that 
risk 
is 
owned and managed at the lowest 
possible organisational 
level. 
The 
finance 
and 
corporate 
governance 
function 
is 
responsible 
for 
facilitating 
risk 
management 
and 
internal 
control, 
including 
ensuring 
that 
the 
company 
has 
an 
appropriate framework and suitable tools. 
Framework and implementation 
The 
framework 
for 
corporate 
governance 
is 
based 
on 
recommendations 
given 
by 
the 
Norwegian 
Corporate 
Governance Board 
(NUES). In 
terms of 
risk management 
and 
internal 
control, 
the 
framework 
builds 
frameworks 
given by the 
Committee of Sponsoring Organizations 
of the 
Treadway Commissions (COSO) and on guidelines for risk 
management given 
in ISO 
31000. Risk 
management also 
complies 
with 
guidelines 
given 
in 
ISO 
55001, 
Asset 
Management, 
and 
ISO 
14001, 
Environmental 
Management Systems. 
The 
state 
of 
goals 
and 
risk 
is 
reviewed 
at 
least 
quarterly 
throughout the organisation. The process 
ensures that the 
state 
of 
goal 
attainment 
is 
assessed 
and 
that 
significant 
risks 
are 
identified, 
managed 
and 
communicated 
across 
organisational 
boundaries. 
As 
part 
of 
this 
process, 
the 
Board 
is 
provided 
with 
a 
balanced 
presentation 
of 
all 
significant risks, in addition to risk mitigation plans. 
In 
2021, 
Statnett 
further 
developed 
its 
framework 
for 
risk 
management 
and 
internal 
control. 
This 
is 
to 
verify 
compliance 
with 
internal 
and 
external 
requirements 
and 
guidelines, ensure safe and 
efficient operations, and cause 
risk management 
and internal 
control to 
become an 
integral 
part 
of 
the 
company’s 
activities 
and 
functions 
across 
organisational 
boundaries. 
This 
work 
has 
included 
the 
further 
development 
of 
a 
standardised 
and 
risk-based 
internal controls 
system. The 
latter has 
a particular 
focus 
on risk 
in processes 
and the 
function 
of key 
controlls. 
As 
part 
of 
this 
endeavour, 
importance 
has 
been 
attached 
to 
coordination 
with 
quality 
and 
improvement 
processes 
to 
secure 
coordinated 
support 
and 
follow-up 
in 
the 
Group. 
Further 
development 
and 
implementation 
are 
part 
of 
the 
company’s 
continuous 
improvementand 
will 
be continued 
in 2022. 
Financial risk framework 
The 
Board 
has 
drawn 
up 
principles 
for 
financial 
risk 
management 
through 
the 
company’s 
finance 
policy. 
The 
finance policy establishes specific frameworks for financial 
management, 
including 
credit 
risk, 
settlement 
risk 
and 
counterparty risk. 
Internal control 
routines are 
established 
and performed by an independent party.
Risk management and internal control 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
42 
We will 
ensure secure 
operations and 
an efficient 
power 
supply by 
continuing 
to develop 
the grid, 
market and 
operating solutions of the future 
in the best interests of 
society. Our most important tasks are to provide 
a reliable 
supply of 
electricity 24/7 
to contributing 
to electrification 
and green 
value creation, 
and to 
deliver the 
power system 
of the future. There will always be 
risks associated with goal attainment, be they strategic, operational 
or financial 
in nature. The most important risk areas are discussed below. 
Strategic risk 
In 
2021, 
Statnett 
will 
complete 
its 
work 
on 
a 
new Group 
Strategy 
for 
the 
period 
2021–2025. 
Part 
of 
this 
work includes 
identifying 
and 
managing 
strategic 
risk. 
Three 
strategic 
risk 
areas 
stand 
out. 
These 
will 
be integrated 
into 
our 
strategy 
implementation. 
Strategic risk 
Risk description
Treatment 
Security of supply 
Statnett 
aims 
to 
ensure 
a 
secure 
supply 
of 
electric 
power 
and 
high 
availability 
of 
grid 
capacity to the market 
today, 
as well as in 
the 
future. The capacity 
requirement is growing 
in 
response to the electrification of society. 
The 
power 
system 
will 
undergo 
substantial 
changes 
in 
the 
coming 
years, 
in 
part 
due 
to 
changes 
in 
its 
operation. 
Statnett 
has 
taken 
over a number of 
installations, pursuant to the 
EU’s third energy 
package, which has 
led to an 
increased reinvestment requirement. 
Climate 
change, 
involving 
more 
extreme 
weather 
events, 
is 
expected 
to 
challenge 
facility 
operations 
in 
the 
years 
to 
come. 
Despite the ongoing focus on maintaining high 
security 
of 
supply 
to 
all 
parts 
of 
the 
country, 
certain 
geographical 
areas 
could 
prove 
to 
be 
challenging in a slightly longer perspective (3–
10 years). 
Statnett 
strives 
continuously 
to 
identify 
and 
manage 
risks 
related 
to 
security 
of 
supply 
in 
short 
term 
and 
in 
a 
more 
long-term 
perspective. This 
is reflected 
in Statnett’s plans 
for 
operation 
and 
development 
of 
the 
transmission 
grid 
and 
in 
the 
development 
of 
market solutions. 
Statnett 
will 
ensure 
secure 
operation 
and 
efficient 
electricity 
supplies 
regardless 
of 
the 
weather. 
Planning 
and scenario 
analyses 
are 
important 
tools 
for 
the 
prevention 
of 
damage 
and 
for 
adapting 
our 
operations 
to 
climate 
change. 
Regulatory affairs 
The climate targets set by the EU and Norway 
requires a 
rapid restructuring of 
the energy 
and 
power 
system. 
Regulations 
and 
institutional 
frameworks, 
the 
physical 
power 
system 
and 
technological 
opportunities 
are 
all 
changing 
fast. 
There 
is 
a 
risk 
that 
Norwegian 
requirements 
may 
not 
be 
adequately 
met 
at 
the 
European 
level. 
Through 
the 
TSO 
partnership 
in 
the 
Nordic 
region 
and 
Europe, 
Statnett 
participates 
in 
market 
and 
system 
development 
and 
the 
execution of joint IT 
projects to manage future 
operations. 
Statnett 
also 
works 
with 
other 
TSOs 
and 
Norwegian 
actors 
to 
influence 
European 
regulations, 
so 
that 
they 
are 
appropriate 
for 
Norwegian and Nordic conditions. 
The 
effective 
development 
of 
the 
power 
system and grid at the 
national level requires a 
Risk factors 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
43 
Strategic risk 
Risk description
Treatment 
To 
create 
a 
forward-looking 
and 
effective 
power system, 
Statnett is 
dependent on 
good 
national, 
Nordic 
and 
European 
cooperation. 
Statnett’s 
opportunity to 
exercise its 
influence 
in 
European 
arenas 
is 
important 
both 
for 
Norwegian 
value 
creation 
and 
security 
of 
supply. 
rational 
distribution 
of tasks 
between 
Statnett 
and the regional grid operators. 
In consultation 
with 
the 
Norwegian 
authorities, 
Statnett 
is 
working 
with 
the 
regional 
grid 
operators 
with 
respect 
to 
system 
and 
grid 
development 
in 
Norway. 
Growth in electricity 
consumption and 
tighter supply 
Demand 
for 
renewable 
energy 
is 
increasing 
rapidly, 
and 
a 
growing 
number of 
enterprises 
want 
to 
connect 
new 
business 
operations 
to 
the 
grid 
or 
increase 
their 
existing 
grid 
consumption. 
There is 
also a 
considerable need 
to upgrade 
and 
modernise 
the 
transmission 
grid. 
Long 
lead 
times 
for 
major 
projects 
mean 
that 
grid 
capacity 
could 
become 
a 
rare 
commodity 
in 
certain 
areas 
until 
measures 
have 
been 
completed. 
Growth 
in 
consumption 
presumes 
increased 
production, 
including 
offshore 
wind 
power. 
At 
the 
same 
time, 
acceptance 
of 
new 
power 
generation facilities 
on land 
is open 
to doubt, 
as 
is 
when 
and 
where 
new 
production 
will 
come. 
A 
tighter 
balance 
between 
supply 
and 
demand 
will 
affect 
security 
of 
supply, 
developments 
in 
consumption 
and 
the 
transmission requirement. 
Statnett 
is 
working 
strategically 
and 
systematically to ensure that 
the development 
of 
projects 
keeps 
pace 
with 
development 
in 
demand. 
We 
are 
preparing 
for 
an 
electricity 
consumption of 
nearly 220 TWh 
in 2050. This 
is 
reflected 
in 
Statnett’s 
strategy, 
which 
emphasises 
a 
more 
holistic 
approach 
to 
planning 
and 
a faster 
rate 
of implementation. 
This 
also 
includes 
facilitating 
the 
introduction 
of 
new 
production. 
In 
2022, 
we 
will 
draw 
up 
area 
plans 
that 
specify 
initiatives 
in 
various 
parts of the country. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
44 
Operational risk 
Operational risk is 
associated with people, machines 
and processes. Statnett 
works continuously to minimise 
operational 
risk, 
for 
example 
through 
further 
development 
of 
management 
systems 
and 
internal 
control, 
including 
strengthening 
operational planning and risk assessments. 
Operational risk 
Risk description
Treatment 
Health and safety 
Every 
day, 
Statnett’s 
employees 
perform 
many 
high-risk 
operations. 
It 
must 
nevertheless be safe to work at Statnett. 
One 
of 
Statnett’s 
strategic 
principles 
is 
“safety in everything we do”. We have a duty 
to 
provide 
all 
our 
employees 
with 
a 
safe 
workday, 
in 
keeping 
with 
the 
company’s 
zero-accident vision. 
As 
a 
construction 
client, 
the 
company 
sets 
high 
HSE 
standards 
for 
its 
building 
contractors and subcontractors. 
Statnett has identified the following HSE focus 
areas: 
●
 
Internal 
control 
and 
systematic 
endeavours 
to 
maintain 
external 
compliance 
●
 
Analysis and training 
●
 
Leadership and HSE culture 
Throughout 
2021, 
Statnett 
has 
worked 
systematically 
to 
improve 
a 
wide 
range 
of 
internal 
requirements 
and 
guidelines. 
Among 
other 
things, 
we 
have 
strengthened 
our 
governing 
documents 
related 
to 
the 
planning 
and 
risk 
assessment 
of 
work 
on 
electrical 
installations. 
Furthermore, all 
reported HSE 
incidents have 
been 
followed 
up. 
All 
operational 
personnel 
received 
weekly 
learning 
reports 
and, 
throughout 
the 
year, 
the 
focus 
was 
on 
managers being 
engaged in 
the work 
and the 
importance 
this 
has 
for 
the 
company’s 
HSE 
culture. 
Environment and 
climate 
Statnett 
must 
take 
a 
holistic 
environmental 
responsibility. The need for new 
transmission 
capacity must be met, but with limited impact 
on nature 
and low 
greenhouse gas emissions 
from our own 
operations. We 
shall be 
at the 
forefront 
of 
our 
sector 
with 
respect 
to 
sustainability. 
This 
means 
that 
we 
must 
minimise 
the 
impact 
our 
facilities 
have 
on 
biodiversity 
and 
landscape 
values, 
and 
reduce our own greenhouse gas emissions. 
More 
extreme 
weather 
and 
a 
greater 
focus 
on climate 
policy, 
with 
ensuing stricter 
legal 
requirements in 
Europe and 
Norway, 
entails 
risk 
and 
uncertainty 
for 
the 
company’s 
operational activities. 
Non-compliance with requirements related to 
the 
external 
environment, 
as 
well 
as 
expectations 
related 
to 
corporate 
social 
responsibility, 
can 
have 
consequences 
for 
the company. 
The 
Group’s 
principles 
with 
respect 
to 
the 
environment 
and 
climate 
are 
included 
in 
internal 
policies. 
Our 
work 
is 
based 
on 
the 
precautionary 
principle, 
focusing 
on a 
holistic 
approach 
to 
environmental 
and 
climate 
responsibility 
in 
planning, 
developing 
and 
operating the company’s installations. 
Our 
strategy 
lays 
down 
principles 
for 
our 
internal 
climate 
and 
environment 
activities. 
It 
describes 
measures 
that 
are 
currently 
being 
implemented 
in 
planning, 
construction 
and 
operation 
of 
our 
installations. 
Systems 
for 
internal 
control 
have 
been 
established 
in 
accordance 
with 
the Energy 
Act 
Regulations, 
and 
these 
are 
followed 
up 
through 
internal 
routines and systems. 
For 
example, 
the 
company 
performs 
regular 
risk 
assessments 
of 
physical 
damage 
to 
installations that 
could affect 
security of 
supply. 
Climate change 
means that 
we must 
prepare 
for more frequent extreme weather events 
and 
changes in rain patterns. More 
extreme rainfall 
is likely, 
and we 
must also 
prepare ourselves 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
45 
Operational risk 
Risk description
Treatment 
for 
landslides 
and floods 
in 
the vicinity 
of 
our 
installations. 
Security of supply 
Statnett 
safeguards 
the 
supply 
of 
electrical 
power 
to 
customers, 
and 
ensures 
the 
transmission 
grid has 
the available 
capacity 
required 
to 
meet 
the 
market’s 
needs. 
This 
requires a good 
understanding of risk 
factors, 
continuous 
monitoring 
and 
good 
risk 
assessments 
in 
both 
system 
and 
facility 
operations. 
The grid normally operates at an N-1 level of 
security. 
This 
means 
that 
failure 
of 
one 
individual 
component 
will 
not 
result 
in 
a 
power 
outage. 
In 
situations 
with 
a 
normal 
level 
of 
operational 
security, 
multiple 
simultaneous faults could cause outages. 
Some 
regions 
are 
still 
deemed 
to 
be 
particularly 
vulnerable. 
Where 
the 
grid 
is 
periodically 
operated 
with 
N-0 
security, 
a 
single fault 
event could 
interrupt the 
supply. 
Weather-related 
incidents 
and 
extreme 
weather 
events, 
equipment 
failures, 
attacks 
on, or 
hacking of, operational 
control systems 
and 
acts 
of 
terrorism 
against 
physical 
installations are 
events that 
constitute a 
risk 
to the security of supply. 
New transnational 
interconnectors will 
boost 
value creation and security of supply, but are 
also 
expected 
to 
make 
operation 
of 
the 
transmission grid more challenging. 
The security 
policy situation 
has changed 
in 
connection 
to 
the 
war 
in 
Ukraine. 
This 
has 
also 
affected 
Statnett’s 
risk 
picture, 
and 
several measures have 
been implemented to 
meet these threats. 
The most important risk-reducing 
measures in 
the short 
term are 
good operational 
planning, 
correct 
maintenance 
of 
physical 
installations 
and 
effective 
cybersecurity 
measures. 
A 
well 
organised and prioritised emergency 
response 
reduces the impact of faults. 
Important measures 
that will 
boost security 
of 
supply 
in 
the 
longer 
term 
include 
Statnett’s 
ongoing 
and 
planned 
investment 
projects 
for 
the 
renewal 
of 
its 
physical 
infrastructure 
and 
necessary increases in capacity. 
To 
accommodate 
future 
operations, 
Statnett 
also has 
a number 
of ongoing 
initiatives related 
to 
the 
Nordic 
region 
and 
the 
rest 
of 
Europe. 
Implementation of significant IT projects within 
market and system development is part of this 
effort. 
Cybersecurity 
The 
threats 
to 
the 
digital 
infrastructure 
are 
becoming increasingly complex. In 2021, the 
Norwegian 
National 
Security 
Authority 
(NSM), the Norwegian 
Armed Forces and 
the 
Norwegian 
Police 
Security 
Service 
(PST) 
published 
a 
joint 
National 
Threat 
Assessment; 
the 
first 
of 
its 
kind. 
Critical 
infrastructure continued 
to be 
highlighted as 
particularly 
vulnerable 
to 
state-backed 
operations 
that 
use 
cyberspace 
for 
intelligence purposes. We 
must expect to be 
a 
target 
for 
hostile 
agents, 
who 
are 
highly 
motivated, have a considerable capacity and 
excellent 
methods 
and 
tools, 
in 
particular 
if 
The 
power 
grid 
constitutes 
a 
critical 
infrastructure. Robust cybersecurity measures 
are 
a 
high 
priority 
and 
a 
precondition 
for 
our 
operations, 
data 
assets, 
personnel 
and 
reputation. 
Statnett’s 
efforts 
in 
the 
area 
of 
cybersecurity focuses on increasing our ability 
to 
predict, 
prevent, 
uncover 
and 
handle 
any 
incident 
in 
the 
best 
possible 
way. 
Successful 
cybersecurity 
requires 
a 
holistic 
and 
systematic 
approach, 
across 
the 
entire 
organisation. 
It 
requires 
good 
cooperation 
within the 
organisation as 
well as 
cooperation 
with other TSOs, suppliers and partners. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
46 
Operational risk 
Risk description
Treatment 
anyone 
should 
wish 
to 
paralyse 
Norwegian 
society. 
We consider ransomware as one of the most 
probable threats 
at this 
time. Several 
of our 
partners 
and 
other 
actors 
in 
the 
electricity 
sector 
have 
already 
fallen 
victim 
to 
such 
attacks. In addition, end-users continue to be 
targeted, particularly via e-mail. 
A prioritised area 
in 2021 
was to 
strengthen the 
organisation’s 
awareness 
of 
cybersecurity, 
particularly 
the 
threat 
from 
ransomware. 
Group-wide training exercises 
were carried out 
on 
this 
issue 
in 
2021, 
as 
well 
as 
regular 
phishing simulations. 
Statnett 
takes digital 
risk extremely 
seriously, 
and 
has 
implemented 
several 
measures 
to 
protect critical infrastructures. 
Stakeholder 
dialogue 
Statnett’s 
operations 
are 
critical 
for 
society 
and 
have 
a 
wide-ranging 
impact 
on 
it. 
Our 
critical 
role 
in 
society 
applies 
both 
to 
the 
company’s day-to-day operation of 
the power 
system 
and 
its 
construction 
activities 
A 
regular, close and 
fruitful dialogue 
with a 
wide 
range of actors, stakeholders and customers 
is therefore necessary. 
The 
various 
risks 
associated 
with 
the 
company’s 
operations 
also 
require 
a 
good 
dialogue 
with 
various 
parties. 
Such 
issues 
include 
the 
grid’s 
capacity, 
now 
and 
in 
the 
future, to 
ensure security 
of supply, as well 
as 
facilitating sustainable value creation and the 
electrification 
of 
society, 
which 
is 
a 
precondition for a zero-emissions society. 
The complexity of the 
power system and how 
it works, as well as the tight energy market 
in 
Europe, 
affects 
discussion 
of 
electricity 
prices and the supply situation. 
It is important 
that Statnett, through 
a variety of 
communications 
initiatives 
and in 
a variety 
of 
arenas, engages in a 
good dialogue and 
builds 
a 
general 
understanding 
of 
its 
mission 
in 
society. 
This is particularly important 
at a time 
when 
we 
are 
receiving 
many 
enquiries 
regarding the 
connection of 
new consumption 
and 
the 
need 
for 
new 
production 
to 
support 
sustainable 
business 
development 
and 
the 
electrification of society, and 
in connection with 
the construction of new physical installations. 
It is important 
that we plan 
in a holistic 
manner, 
in 
consultation 
with 
regional 
grid 
operators. 
The 
plans 
must 
be 
socio-economically 
efficient, 
such 
that 
we 
obtain 
adequate 
grid 
capacity, 
while 
keeping 
costs 
low. 
It 
is 
also 
important that our procurement 
processes are 
legally compliant and sustainable. 
A 
good 
and 
fact-based 
dialogue 
with 
stakeholders 
about 
electricity 
prices 
and 
the 
supply situation is important. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
47 
Operational risk 
Risk description
Treatment 
The Covid-19 
pandemic 
Our main goal throughout the pandemic has, 
as 
ever, 
been 
to 
maintain 
a 
secure 
power 
supply. 
The cross-functional 
Covid contingency group 
was active throughout 2021. The winter/spring 
2021 
started 
with 
strict 
public 
health 
regulations 
and 
national 
restrictions 
on 
travel 
to Norway. 
This made 
bringing the 
necessary 
staff 
and 
competence 
into 
the 
country 
a 
challenge, 
particularly 
with 
regard 
to 
construction 
projects. 
However, 
Statnett 
has 
been able 
to bring 
in staff 
with society-critical 
skills 
or 
on 
application 
to 
the 
Norwegian 
Maritime Authority. 
Towards 
the 
spring/summer 
of 
2021, 
the 
vaccination 
rate 
in 
society 
rose 
and 
some 
public 
health 
regulations 
were 
lifted. 
Statnett 
performed a controlled reopening 
of its offices 
and 
lifted 
measures 
for 
office 
staff 
and those 
working on projects and 
in operationally critical 
areas. 
All 
Covid-related 
measures 
were lifted 
after 
the 
summer. 
Statnett, 
and 
society 
in 
general, 
were 
opened 
with 
increased 
emergency preparedness; 
the only 
measures 
remaining were 
a focus 
on handwashing 
and 
staying at home if staff felt unwell 
Hospital 
admissions 
rose 
sharply 
in 
the 
late 
autumn 
and 
winter 
of 
2021, 
and 
a 
new 
and 
variant 
of 
the 
virus 
was 
identified 
in 
Norway. 
This was 
more contagious 
but less 
serious in 
its effects. As a result, 
public health measures 
were reintroduced, 
including extensive 
use of 
working 
from 
home 
and 
the 
shielding 
of 
operationally vital personnel at Statnett. These 
measures were continued into the new year. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
48 
Financial risk 
Statnett is 
exposed to 
several types 
of financial 
risk, and 
we work 
continuously 
to develop 
and strengthen 
our policies, 
processes and procedures for dealing with these risks. 
Financial risk 
Risk description
Treatment 
Cost effectiveness 
Statnett’s 
revenues 
are 
exposed 
to 
risk 
through 
the 
Norwegian 
Energy 
Regulatory 
Authority’s 
(RME) 
determination 
of 
its 
revenue 
cap. 
This 
cap 
is 
adjusted 
by 
the 
outcome 
of 
an 
efficiency 
analysis, 
where 
Statnett’s costs are 
compared with a 
historic 
cost level for the 
company. If Statnett is more 
(or 
less) 
efficient 
than 
at 
the 
point 
of 
comparison 
for 
the 
analysis, 
the 
company’s 
revenue 
cap 
will 
be 
increased 
(or 
decreased). 
Statnett has decided that 
its use of resources 
shall 
be 
tailored 
such 
that 
the 
company 
measures 
100 
per 
cent 
efficient 
in 
the 
mentioned analysis over 
time. The company 
has 
nonetheless 
adopted 
an 
expansive 
strategy, 
which 
requires 
prioritisation 
and 
increased 
efficiency 
if 
it 
is 
to 
be 
realised. 
Measures have therefore 
been implemented 
to 
support 
the 
realisation 
of 
the 
company’s 
strategic goals. 
Interest and 
liquidity risk 
The company is exposed to 
interest rate risk 
in 
its 
borrowing 
and 
liquidity 
portfolios, 
and 
financial hedges, 
which can 
affect Statnett’s 
costs 
over 
time. 
Statnett 
is 
exposed 
to 
liquidity 
risk 
related 
to 
the 
maturity 
of 
operational 
and 
financial 
payment 
obligations. 
Statnett 
reduces 
interest 
rate 
risk 
and 
fluctuations in results by 
entering into interest 
swaps for 
associated liabilities. 
The residual 
interest rate 
risk in 
the borrowing 
portfolio is 
reduced in that the 
income side is affected by 
market rates through the reference rate used 
to regulate the company’s revenue. 
Statnett 
has 
access 
to 
multiple 
lending 
markets 
and 
has 
a 
diversified 
loan 
maturity 
structure. Access 
to loans 
is supported 
by a 
credit 
rating 
for 
long-term 
borrowings 
of 
A+ 
from Standard & 
Poor’s and 
A2 from Moody’s 
Investor Service. 
Statnett's 
available 
liquidity 
is 
intended 
to 
secure 
financing 
for 
operations 
and 
investments 
on 
a 
12-month 
rolling 
basis, 
even 
without 
new 
borrowings. 
This 
reduces 
the risk of Statnett 
being unable to refinance 
its borrowings in 
periods when 
fresh capital is 
scarce. 
Currency risk 
Statnett's revenues 
are mainly 
denominated 
in 
NOK, 
though 
some 
of 
the 
Group's 
costs 
are incurred in foreign currency. 
Foreign 
exchange 
risk 
is 
minimised 
by 
hedging exposure 
to major 
procurements in 
investment 
projects 
using 
forward 
foreign 
exchange 
contracts 
or 
similar, 
and 
through 
the 
company’s 
revenue 
regulation. 
All 
Statnett’s 
foreign-currency 
borrowings 
are 
converted to NOK using currency swaps. 
Credit risk 
Statnett is 
exposed 
to credit 
risk through 
its 
investment 
of 
surplus 
liquidity 
in 
banks 
and 
interest funds.
The 
Group 
has 
frameworks 
establishing 
requirements 
for 
creditworthiness 
and 
maximum 
exposure 
for 
each 
individual 
placement of surplus liquidity. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual Report 2021 
Risk management
49 
Financial risk 
Risk description
Treatment 
Statnett also 
assumes credit 
risk through 
its 
role 
as 
Settlement 
Officer 
in 
the 
flexible 
power market. 
This risk 
is managed 
by means 
of established 
monitoring 
routines 
and 
the 
pledging 
of 
security for participants in this market. 
Counterparty risk 
Statnett 
is 
exposed 
to 
counterparty 
risk 
through its derivatives counterparties. 
Statnett 
enters 
into 
Credit 
Support 
Annex 
(CSA) agreements to reduce this risk. 

Annual Report 2021 
Risk management
50 
Sustainability report 
2021 

 
 
Sustainability report 
Responsible business
51 
Responsible business 
Statnett 
is 
the 
transmission 
system 
operator 
(TSO) 
for 
the 
Norwegian 
power 
system, 
and 
operates 
and 
develops 
the 
nationwide 
electricity 
transmission 
grid. 
Through our 
social mission, 
we help 
set the 
premise for 
the green transition, facilitating a sustainable society. 
Statnett 
has 
a 
key 
role 
to 
play 
in 
achieving 
zero 
emissions in 2050 and 
will pave the 
way for electrification 
and new 
green value 
creation. Sustainability 
and safety 
must 
be 
the 
basis 
for 
everything 
we 
do. 
This 
includes, 
among other 
things, broad 
environmental responsibility, 
preserving 
biodiversity, 
safeguarding 
personal 
safety, 
diversity in the workplace and decent 
working conditions 
throughout the value chain. 
It also includes what 
we can 
do 
to 
minimise 
our 
resource 
use 
and 
environmental 
impact, and how we 
can reduce our own 
greenhouse gas 
emissions. 
We use results 
from ESG metrics 
(Environmental, Social, 
Governance) 
as 
an 
indicator 
of 
our 
sustainability 
work 
and 
aim 
to 
be 
among 
the 
very 
best 
in 
our 
sector 
on 
relevant ESG metrics. 
Global challenges and sustainable 
solutions 
Business 
enterprises 
are 
affected 
by 
globalisation, 
technological 
advances, 
climate 
change, 
loss 
of 
biodiversity and a shortage of 
natural resources. There is 
a 
growing 
expectation 
that 
value 
must 
be 
created 
in 
a 
sustainable 
way. 
This 
means 
that 
companies’ 
products 
and services, and the 
way they are made 
and used, must 
be 
compatible 
with 
the 
UN 
Sustainable 
Development 
Goals 
(SDGs). 
For 
Statnett, 
this 
means 
facilitating 
electrification and making sustainable 
choices in our 
day-
to-day working 
lives. Climate change 
is one 
of the 
biggest 
challenges 
of 
our 
time. 
Electrification 
is 
an 
important 
factor 
in 
reaching 
global 
and 
national 
climate 
goals. 
A 
robust 
power 
grid 
and 
good 
security 
of 
supply 
are 
prerequisites for the zero-emission energy system 
of the 
future. 
Our 
activities 
enable 
Norway 
and 
our 
neighbouring 
countries 
to 
increase 
the 
proportion 
of 
renewable 
energy 
and 
reduce 
greenhouse 
gas 
emissions. 
Although Norway 
is 
one of 
the world’s 
most 
highly electrified countries, around half of 
the energy our 
society uses comes from fossil sources. The potential for 
further electrification 
is particularly 
large in 
the areas 
of 
transport 
and 
industrial 
production. 
More 
and 
more 
people 
want 
to 
connect 
new 
businesses 
to 
the 
grid 
or 
increase 
existing 
consumption. 
Statnett 
is 
therefore 
planning for 
a significant 
growth in 
consumption – 
up to 
220 TWh in 2050, compared to 140 TWh in 2021. 
Statnett 
maintains 
a 
high 
level 
of 
activity, 
has 
a 
great 
many work 
processes 
with a 
high level 
of inherent 
risk, 
relatively space-intensive facilities, in addition to working 
with international 
contract partners. 
Loss of 
biodiversity, 
personal safety, 
social dumping 
and unethical 
business 
practices are 
therefore all 
relevant challenges 
for us. 
In 
our 
strategy, 
we 
take 
the 
position 
that 
targeted 
and 
systematic 
efforts 
in the 
field of 
sustainability 
are a 
key 
part of our business operations. 
Statnett’s contribution to the UN 
Sustainable Development Goals 
Statnett 
supports 
the 
UN 
Sustainable 
Development 
Goals 
(SDGs) 
that 
were 
adopted 
by 
world 
leaders 
in 
September 
2015. 
The 
17 
goals 
are 
designed 
to 
contribute 
to a 
more sustainable 
planet 
and a 
good life 
for 
future 
generations. 
In 
order 
to 
achieve 
these 
goals, 
both 
public 
authorities 
and 
business 
must 
take 
responsibility. 
The SDGs provide a 
framework for our 
efforts. We 
have 
formalised 
our commitment 
to achieving 
these goals 
by 
joining 
the 
UN’s 
sustainable 
business 
initiative: 
the 
UN 
Global 
Compact 
(UNGC). 
UNGC 
member 
companies 
undertake 
to 
prepare 
an 
annual 
report 
called 
a 
“Communication 
on 
Progress” 
(CoP). 
Statnett’s 
most 
recent 
CoP
 
is 
available 
on 
the 
UNGC 
website. 
This 
sustainability report (part 
of our 2021 
annual report) has 
been prepared 
in 
accordance 
with 
the requirements 
for 
the UNGC’s CoP, 
and will thus constitute 
Statnett’s next 
CoP. 
Sustainability 
is 
an 
integral 
part 
of 
our 
business, 
when 
deciding 
on 
solutions, 
land 
use, 
power 
line 
routes, 
technical 
solutions 
and 
materials. 
Conflicts 
may 
arise 
where the same activity 
that contributes positively 
to the 
achievement 
of 
one 
SDG 
has 
a 
negative 
impact 
on 
others. 
The 
goal 
is 
to 
ensure 
the 
best 
possible 
comprehensive and sustainable solutions. 
Seven of 
the UN’s 
Sustainable Development 
Goals are 
particularly relevant to 
us. We contribute to 
these through 
our 
social mission
 
and the 
way we address 
our 
social 
responsibility
. 
The 
seven 
goals 
are 
presented 
on 
the 
next page. 

Sustainability report 
Responsible business
52 
Prioritising sustainability areas
Statnett 
laid 
out 
a 
new 
Group 
strategy 
in 
2021. 
Sustainability is an important part 
of our strategic agenda 
and is 
defined as 
one of 
Statnett’s six 
main goals 
in the 
Group’s 
scorecard: 
Sustainability 
and 
safety 
in 
everything we do
. 
The following areas are prioritised: 
• 
Ensuring 
all 
employees 
enjoy 
a 
safe 
working 
environment 
• 
Ensuring 
decent 
employment 
and 
working 
conditions 
throughout the supply chain 
• 
Taking 
broad 
responsibility 
for 
the 
environment 
and 
preserving biodiversity 
• 
Reducing 
greenhouse 
gas 
emissions 
and 
managing 
climate risk 
• 
Increasing 
workforce 
diversity 
with 
respect 
to 
competence, background and gender 
• 
Combatting 
corruption, 
human 
rights 
abuses 
and 
unethical behaviour in everything we do 
These 
areas 
and 
associated 
ambitions 
have 
been 
considered 
by 
Group 
Management 
and 
the 
Board 
of 
Directors in 2021. 
Organisation 
and 
implementation 
of 
sustainability 
Goal: Be among the 
very best in our 
sector in terms of 
external 
ESG metrics 
Statnett’s 
social 
responsibility 
policy 
answers 
the 
expectations 
state-owned 
enterprises 
are 
subject 
to 
in 
the areas of human 
rights, labour rights, climate 
and the 
environment, as well 
as anti-corruption. This 
policy is part 
of 
our 
management 
system, 
and 
is 
also 
based 
on 
the 
principles 
of 
the 
UN 
Global 
Compact 
and 
national 
statutory 
requirements, 
facilitating 
a 
structured 
and 
holistic approach across the organisation. 
Statnett 
is 
certified 
according 
to 
the 
international 
standards 
ISO 
14001 
for 
environmental 
management 
and ISO 55001 for asset management. 
The Board of Directors has the 
overarching responsibility 
for 
ensuring 
that 
Statnett 
lives 
up 
to 
expectations 
regarding good 
sustainability work. 
Group Management 
is 
responsible 
for 
following 
up 
the 
company’s 
goals, 
implementing 
necessary 
measures 
and 
ensuring 
the 
achievement 
of 
results. 
Day-to-day 
implementation 
of 
this 
work is 
a management 
responsibility. 
Management 
of sustainability work is 
an integral part of all 
activities in 
all 
management 
teams, 
business 
areas, 
departments 
and 
sections, 
including 
wholly 
owned 
subsidiaries. 
Our 
framework 
for 
risk 
management 
and 
internal 
control 
ensures 
that 
we 
meet 
requirements 
and 
expectations. 
This 
is 
described 
in 
the 
annual 
report’s 
chapter 
on 
risk 
management and internal control. 
Statnett’s 
sustainability 
work 
has 
been 
strengthened 
following 
a 
major 
reorganisation 
in 
2021. 
People 
& 
Sustainability
 
has been 
established as 
a new 
corporate 
staff 
function 
with 
group-wide 
responsibility 
for 
sustainability. 
We have 
an interdisciplinary sustainability 
team, with representatives from relevant business areas. 
The team is coordinated by the new staff function. 
Statnett’s 
most 
important 
guidelines 
for 
sustainability 
work are statutory rules and requirements, as well as the 
internal 
obligations 
laid 
down 
in 
our 
governing 
documents: 
 

Sustainability report 
Responsible business
53 
●
 
“The green change 
of pace” – Statnett’s strategy 
2021
●
 
Governance 
policy 
for 
corporate 
social 
responsibility 
●
 
Employee Code of Conduct 
●
 
Supplier Code of Conduct 
●
 
HSE policy (health, safety and environment) 
●
 
Pay and working conditions 
●
 
Environmental and climate strategy 
●
 
Functional policy for procurement 
●
 
Procurement instructions
●
 
Personnel Handbook
Compliance with applicable laws 
and requirements is an 
essential 
part 
of 
our 
management, 
activities 
and 
decision-making processes. Within priority areas, 
we aim 
to go 
beyond these 
requirements. We will 
actively use 
the 
results of ESG metrics 
and risk assessments to 
improve 
our sustainability 
work, and 
our goal 
is to 
be among the 
very 
best 
in 
our 
sector 
in 
external 
ESG 
metrics. 
This 
means that we must 
increase awareness of sustainability 
by having an 
overview of future 
requirements. In addition, 
we 
must 
boost 
the 
organisation’s 
competence 
and 
develop 
the 
organisation’s 
culture, 
as 
well 
as 
integrate 
considerations 
of 
sustainability 
and 
safety 
in 
internal 
processes. 
Statnett’s Ethics Ombudsman 
Statnett has 
an Ethics 
Representative, whose 
role is 
to 
strengthen legal protection for employees, and to help to 
uncover and 
deal with 
matters that 
are in 
breach of 
our 
ethical 
guidelines. 
The 
ethics 
representative 
scheme 
is 
described in our codes of conduct for 
employees and for 
suppliers. 
These 
codes 
of 
conduct, 
which 
have 
been 
approved by 
the Board 
of Directors, 
state that 
we have 
zero tolerance for corruption, harassment and workplace 
crime. 
The 
Ethics 
Representative 
receives 
and 
processes 
enquiries from anyone who has observed wrongdoing 
or 
errors 
committed 
by 
Statnett. 
This 
can 
apply 
to 
our 
employees, 
our 
managers 
or 
our 
suppliers. 
The 
Ethics 
Representative 
is 
required 
to 
take 
steps 
to 
ensure 
that 
the 
person 
making 
contact 
is 
guaranteed 
total 
confidentiality 
and 
anonymity 
if 
requested. 
It 
is 
also 
possible 
to 
report 
to 
the 
Ethics 
Representative 
completely 
anonymously 
through 
our 
digital 
whistleblowing 
channel 
called 
“Mitt 
varsel”. 
The 
Ethics 
Representative reports 
to the 
President & 
CEO and 
the 
Board of Directors. 
Dialogue 
with 
stakeholders 
and 
customers 
Statnett has 
a range 
of stakeholders 
in Norway 
and the 
rest 
of 
Europe. 
Our 
stakeholders 
extend 
from 
government 
authorities 
to 
local 
landowners 
and 
people 
living near our 
facilities. Grid operators, 
power producers, 
existing 
industry, 
new 
green 
industry, 
investors 
in 
offshore 
wind 
projects, 
the 
transport 
sector, 
private 
individuals and 
households are stakeholders 
with whom 
we 
have 
an 
ongoing 
dialogue. 
Internationally, 
Statnett 
works 
with 
suppliers, 
contractors, 
investors, 
lenders, 
government 
agencies, 
regulatory 
bodies 
in 
the 
Nordic 
region and the EU, and 
transmission system operators in 
countries 
with 
which 
we 
exchange 
power. 
The 
figure 
shows 
the 
most 
important 
groups 
of 
stakeholders 
with 
which Statnett engages. 
Statnett 
supplies 
critical 
infrastructure 
and 
administers 
public resources. This is 
why transparency about 
how we 
carry 
out 
our 
work 
is 
important. 
Dialogue 
and 
collaboration 
with 
stakeholders 
and 
customers 
are 
central 
in 
the 
exercise 
of 
Statnett’s 
two 
roles 
as 
transmission system operator and grid owner. These are 
described in 
the “This 
is Statnett” 
chapter in 
our annual 
report 
and 
on 
our 
website. 
In 
recent 
years, 
there 
has 
been 
a 
great 
demand 
for 
new 
connections 
to 
the 
grid. 
These processes require 
intense dialogue with the 
actors 
requesting a 
connection and 
with affected 
parties, such 
as 
local 
power 
distribution 
companies, 
local 
authorities 
and 
landowners, 
Much 
of 
the 
dialogue 
is 
regulated 
through regulations 
on power 
system assessments 
and 
licensing processes. 

Sustainability report 
Responsible business
54 
In licensing 
processes, it 
is important 
to quickly 
engage 
in 
a 
dialogue 
with 
the 
stakeholders 
concerned, 
both 
to 
ensure acceptance for 
the measures being 
planned and 
to elicit 
suggestions for 
local adjustments. 
We 
therefore 
arrange 
meetings 
with 
local stakeholders 
beyond those 
required 
by 
statutory 
regulations, 
where 
we 
discuss 
concerns 
related 
to 
construction 
traffic, 
noise, 
electromagnetic 
radiation, 
landscape 
impacts 
and 
encroachments on 
nature, and 
we receive 
input on 
how 
we 
can 
best 
adapt 
solutions 
to 
reduce 
these 
types 
of 
effects. 
Local 
mitigating 
measures 
are 
also 
explored 
in 
more detail 
where the 
licence 
requires an 
environment, 
transport and 
construction plan 
(MTA 
plan). This 
plan is 
drawn up in dialogue with those 
affected and will in some 
cases 
also 
be 
sent 
out 
for 
consultation. 
The 
plan 
describes 
how 
environmental 
considerations 
are 
to 
be 
taken 
into 
account 
in 
the 
development 
project 
and 
planned 
measures 
to 
mitigate 
the 
impact 
on 
the 
local 
community. 
On our 
website, we 
provide information 
about individual 
projects in the form of messages and news, for example, 
as 
well 
as 
by 
publishing 
various 
documents 
such 
as 
licence applications and reports. 
We 
engage 
in 
an 
ongoing 
dialogue 
with 
organisations 
and 
entities 
within 
the 
industry, 
with 
government 
and 
regulatory 
authorities, 
numerous 
other 
stakeholders, 
customers 
and 
actors 
in 
civil 
society. 
In 
addition, 
we 
participate in different networks, initiatives 
and forums at 
the national and 
international level. Statnett’s 
customers 
are 
represented 
in 
the 
Market 
and 
Operations 
Forum, 
where we 
discuss and 
share knowledge 
about strategic 
issues and 
matters of 
principle, and 
have meetings 
with 
Statnett’s 
Board 
of 
Directors. 
The 
minutes 
from 
the 
forum’s meetings are 
published on 
Statnett’s website. 
We 
also 
participate 
actively 
in 
Nordic 
and 
European 
collaborations, 
for 
example 
the 
European 
Network 
of 
Transmission System Operators (ENTSO-E). 
About the report 
The sustainability report is structured in three 
main parts: 
●
 
Our environmental and climate contributions 
●
 
Our contributions to sustainable economic growth 
●
 
Our social contributions 
The 
chapters 
refer 
to 
which 
of 
the 
UN’s 
Sustainable 
Development 
Goals 
we 
contribute 
to 
and 
how 
we 
contribute. Accounts 
for the 
sustainability 
report can 
be 
found on page 49. 
Our reporting is in accordance with 
the Global Reporting 
Initiative 
(GRI) 
Standards, 
Core 
level. 
This 
covers 
indicators for 
different 
themes and 
requirements for 
the 
reporting process. 
We 
also report 
on relevant 
indicators 
for 
the 
energy 
sector 
(GRI 
G4 
Electric 
Utilities 
Sector 
Disclosures). 
The 
GRI 
table 
links 
the 
GRI 
indicators 
to 
the UN Sustainable Development Goals. 
We have engaged Deloitte AS to review the report. Their 
statement is 
attached. Although this 
report forms part 
of 
Statnett’s 2021 annual report, we have elected 
to publish 
it 
as 
a 
separate 
document. 
Some 
elements 
in 
the 
GRI 
table refer to other 
chapters in the annual 
report than that 
relating to sustainability. 

 
Sustainability report 
Environment and climate
55 
Our environmental and 
climate contributions 
Climate 
change 
and 
loss 
of 
biodiversity 
are 
two 
major 
global 
challenges 
that 
we 
aim 
to 
counteract 
through 
our 
day-to-day 
activities. 
The 
following 
environmental 
and 
climate areas are part of our strengthened commitment: 
●
 
Taking 
broad 
responsibility 
for 
the 
environment 
and 
preserving biodiversity 
●
 
Reducing 
greenhouse 
gas 
emissions 
and 
managing 
climate risk 
These priorities contribute to three of the UN’s Sustainable 
Development Goals: 
Holistic responsibility for environment 
and preservation of biodiversity 
The UN has designated 2021–2030 as the 
world’s decade 
for 
the 
restoration 
of 
ecosystems. 
The 
UN’s 
SDG 
15 
is 
about protecting, 
restoring and promoting 
sustainable use 
of 
terrestrial 
ecosystems 
and 
halting 
biodiversity 
loss. 
Statnett 
aims 
to 
reduce 
the 
environmental 
impact 
of 
our 
facilities 
and our 
activities 
to an 
even greater 
extent than 
that 
required 
by 
law. 
We 
place 
particular 
emphasis 
on 
reducing 
greenhouse 
gas 
emissions 
and 
preserving 
biodiversity 
and 
landscapes. 
This 
is 
where 
our 
activities 
have 
the 
most 
impact. 
To 
achieve 
environmental 
and 
climate improvements, 
the environment 
and climate 
must 
be an integral part of all our planning and operations. 
Compliance with requirements 
We 
comply 
with 
environment-related 
statutory 
provisions 
and 
political 
directives. 
In 
line 
with 
Proposition 
to 
the 
Odelsting No. 
62 (2008–2009), 
we always 
try to 
meet the 
need 
for 
additional 
transmission 
capacity 
through 
limited 
use of 
the natural environment. 
Report to the 
Storting No. 
14 
(2011–2012) 
“We 
build 
Norway 
– 
concerning 
the 
development of 
the power grid” 
states that 
an in-house 
or 
third-party 
impact 
assessment 
must 
be 
performed 
with 
respect to 
any measures we 
implement, and that 
affected 
parties 
must 
be 
involved. 
This 
is 
implemented 
through 
legislation 
and 
is 
monitored 
through 
processes 
involving 
choice-of-concept studies and licence processing. 
In our 
planning work, 
we assess 
whether it 
is possible 
to 
restructure or 
remove older 
power lines 
when developing 
the 
power 
system. 
Voltage 
upgrades 
of 
existing 
power 
lines are an 
example of a 
measure with a 
limited need for 
new interventions in the natural environment, in addition to 
reducing 
energy 
losses 
per 
transported 
MWh. 
As 
part 
of 
the 
licensing 
terms 
for 
major 
development 
projects, 
the 
authorities 
require 
us 
to 
draw 
up 
an 
environmental, 
transport 
and 
construction 
plan 
(MTA 
plan), 
which 
describes 
environmental 
considerations 
and 
mitigating 
measures in 
the construction 
and operation 
phases. 
This 
plan underpins the construction work to be carried 
out and 
is taken forward into subsequent operation of 
the facilities. 
Where licensing terms do not include the preparation of an 
MTA plan, we safeguard environmental 
considerations and 
mitigating measures during the construction 
and operation 
phases 
through 
internal 
control 
systems, 
in 
accordance 
with the requirements of the Energy Act Regulations. 
Biodiversity 
Changes to the natural 
environment are the biggest 
threat 
to 
biodiversity, 
and 
Statnett 
works 
actively 
to 
reduce 
the 
negative impact of our encroachments on nature. 
We must 
limit 
total 
land 
use 
and 
preserve 
valuable 
nature
. 
In 
the 
years to 2030, 
we will 
actively facilitate biodiversity 
in and 
around our facilities, and ensure that this is an integral part 
of 
the planning 
and operation 
of 
our facilities.
 
In order 
to 
preserve biodiversity, we work continuously to improve our 
knowledge 
and 
implement 
best 
practices. 
We 
consider 
habitat 
types and 
species 
distribution 
when planning 
and 
selecting solutions, 
and during construction 
and operation 
of facilities. 
Where 
we 
do 
not 
have 
the 
opportunity 
to 
avoid 
affecting 
biodiversity, 
we put 
in place 
measures to 
limit or 
mitigate 
effects 
from 
our 
construction 
activities. 
This 
may 
include 
restrictions 
on 
where 
and 
when 
construction 
activity 
is 
permitted 
during 
vulnerable 
periods, 
such 
as 
during 
breeding 
seasons 
for 
endangered 
and 
vulnerable 
bird 
species, 
and 
during 
reindeer 
calving 
periods. 
We 
also 
implement measures such 
as limited tree 
felling and limited 
ground transport. 
The same 
measures 
may also 
apply to 
the operational phase. 
We restore construction sites, temporary roads and on-site 
accommodation 
areas, 
as 
well 
as 
any 
damage 
to 
the 
terrain, 
in 
line 
with 
Statnett’s 
terrain 
management 

 
 
 
 
 
 
 
 
 
 
Sustainability report 
Environment and climate
56 
handbook
. The handbook was 
revised in 2020 on 
the basis 
of experience derived from its practical application. 
In 
2019, 
we 
started 
working 
on 
surveying 
non-native 
species 
at 
our 
substation 
facilities 
in 
South 
Norway. 
The 
survey showed 
that measures 
to prevent 
the spread 
of non-
native species 
in vulnerable 
areas were 
recommended at 
around 20 per 
cent of 
our substation 
facilities. In 
addition, 
we are 
considering 
measures for 
a further 
30 per 
cent of 
our facilities. Based on the results, 
we prepared a guide in 
2021 for managing non-native species. 
Bogs and wetlands 
Bogs and wetlands cover about 10 per cent of Norway and 
have an important ecological function as habitats for many 
species. At the same time, wetland areas regulate flooding 
and store 
large amounts 
of carbon. 
In recent 
years, Statnett 
has been working 
actively to 
avoid new interventions 
in bog 
areas, as well as 
to prevent bogs 
from being drained after 
interventions, 
in 
order 
to 
maintain 
the 
water 
level. 
In 
addition, through 
the GRAN 
research project 
(see text 
box), 
we have 
gained 
increased 
knowledge about 
how we 
can 
reduce 
the 
environmental 
impacts 
if 
an 
intervention 
is 
necessary in this type of area. 
Greener Natural Intervention and Reduction in Greenhouse Gas Emissions linked to Construction Work 
– GRAN 
The 
GRAN
 
research 
project, 
which 
was 
completed 
in 
2021, 
aimed 
to 
improve 
and 
further 
develop 
the 
planning 
and 
implementation of mitigating measures in construction projects. We have done 
this by looking at how different methods for 
landscape management in the construction phase affect regrowth and species diversity. In addition, we have developed a 
calculator to calculate greenhouse 
gas emissions from the 
carbon stored in the 
soil, and we test 
how we can facilitate 
good 
cooperation between professional groups in practice. 
In 2021, 
GRAN, in 
collaboration with 
the NTNU University 
Museum, has 
carried out 
experiments on how 
to restore peat 
moss to its natural state as 
quickly as possible. Peat moss is a key 
species in bogs that, among other things, helps to 
slow 
down emissions 
of the 
greenhouse gas 
methane. Experience 
shows that 
it is 
difficult for 
peat moss 
to re-establish 
itself 
after restoration of previously excavated bog areas. 
In 2020 and 2021, 
we established several experimental 
fields, including under a pylon 
on the 420 kV 
line between Namsos 
and Hofstad. Cut pieces 
of peat moss were strewn 
over the fields, and 
then covered with straw to 
prevent the peat moss 
from drying 
out or 
blowing away. 
After two 
growing seasons, 
the peat 
moss has 
managed to 
establish itself, 
especially 
where the water level is high. 
This 
simple 
method 
appears 
to 
be 
very 
suitable 
and 
useful 
for 
facilitating 
the 
regrowth 
of 
peat 
moss, 
both 
in 
Statnett 
projects and for others who excavate in bog areas. 
 
Photos from Magni Olsen Kyrkjeeide 
(The Norwegian Institute for Nature 
Research) and Marte Fandrem 
(NTNU Science Museum). Read 
the full 
story (in Norwegian) 
How can we restore bogs?
 
on nina.no. 

Sustainability report 
Environment and climate
57 
Life below water – marine environment 
In 2021, Statnett carried out an early survey 
of a new route 
for 
a new 
cable 
connection 
across 
the Ofotfjord. 
Existing 
cables 
run 
through 
a 
rich 
coral 
area, 
consisting 
of 
both 
coral reefs and 
soft corals. Early 
surveys will enable 
us to 
plan 
a 
new 
route 
so 
that 
vulnerable 
natural 
habitats 
are 
damaged 
as 
little 
as 
possible. 
The 
photos 
below 
were 
taken in 
connection with 
this survey 
and show 
soft corals 
(
Alcyonacea
) 
and 
the 
deep 
water 
corals 
(
Desmophyllum 
pertusum)
. 
In 
2021, 
Statnett 
completed 
the 
construction 
of 
interconnectors to 
Germany and 
the UK. 
The cable 
to the 
UK, from Kvilldal 
in Suldal Municipality 
in Rogaland to 
Blyth 
in England, passes 
a well-known coral 
area in 
Midsundet, 
at 
the 
entrance 
to 
Sandsfjord. 
There 
is 
a 
ban 
on 
bottom 
trawling in 
the area 
to protect 
vulnerable marine 
habitats. 
The coral deposit 
was taken into 
account when the 
routes 
were being 
planned, so 
that the 
cables could 
be installed 
without major damage to the coral structures. 
Our new 
business area, Offshore 
Development, focuses on 
how 
we 
can 
develop 
a 
sustainable 
offshore 
grid 
that 
facilitates 
new 
renewable 
energy 
while 
also 
taking 
into 
account the 
impact on 
nature and 
the environment. 
Read 
more about 
this in 
the chapter on 
interconnectors and 
the 
offshore grid. 
Landscape 
When 
we 
plan 
new 
facilities, 
we 
must 
always 
use 
best 
practices 
and 
find 
solutions 
that 
blend 
in 
with 
the 
surroundings. Among 
other things, 
we use laser 
scanning 
and three-dimensional 
modelling 
of the 
terrain 
to 
make it 
possible to 
select 
options that 
take into 
consideration 
the 
form and 
features of 
the landscape. 
We 
have prepared 
a 
standard 
for 
forest 
clearance 
for 
power 
line 
routes 
to 
reduce 
the 
visual 
impact 
of 
power 
lines 
in 
forests. 
In 
addition, we camouflage power 
lines, pylons and insulators 
where this 
has 
an effect, 
remove old 
equipment 
and 
use 
new types 
of pylons 
to reduce 
their visibility. 
In 2021, 
we 
built 
4 km 
of 
camouflaged 
pylons and 
removed 96 
km 
of 
power lines. 
Camouflaged pylon. Photo: Line Sunniva Østhagen 
Pollution and waste 
Transformers 
contain 
large 
amounts 
of 
oil. 
As 
a 
safety 
measure against the oil 
leaking into the 
ground in the event 
of any defects or accidents, we have installed catch basins 
under all our transformers. As an additional barrier against 
the risk of negative impact on nature and the environment, 
Statnett has also chosen to use oil 
separators as standard. 
The 
oil 
separators 
meet 
the 
same 
operation 
and 
maintenance routines as those at the 
facilities where this is 
a requirement. For facilities that we have 
taken over due to 
the Third Energy Package, we plan to install oil separators 
where 
they 
have 
not 
already 
been 
installed. 
In 
2021, 
we 
planned the 
installation of 
oil separators 
at four 
substations, 
and work has already begun at two of them. 
Waste statistics can be found on page 155. 

 
 
Sustainability report 
Environment and climate
 
58 
Environmental incidents 
Goal: Zero major emissions or environmental damage 
Incidents that have a 
serious or irreversible environmental 
impact 
are 
reported 
to 
the 
project 
owner 
and 
to 
Group 
Management. 
Two 
such 
environmental 
incidents 
were 
reported 
in 
2021, 
as 
well 
as 
a 
major 
leak 
of 
SF
6
 
gas 
(sulphur hexafluoride) 
from a facility under construction. 
One environmental incident was 
an oil leak from capacitor 
banks 
in 
connection 
with 
a 
demolition. 
It 
was 
discovered 
that 
oil 
leaked 
from 
a 
container 
where 
the 
discarded 
capacitor banks were 
stored during the 
demolition process. 
Necessary measures 
were implemented, 
and the 
incident 
was reviewed locally in relation to waste management. 
The 
other 
environmental 
incident 
was 
an 
oil 
spill 
in 
connection 
with the 
draining of 
a transformer 
catch basin 
via an 
oil 
separator. 
Due to 
the high 
water flow 
in 
the oil 
separator, 
oil leaked 
into a 
nearby water 
source. As 
soon 
as 
the 
oil 
leak 
was 
discovered, 
damage 
mitigation 
measures were implemented 
using the substation’s own 
oil 
spill 
containment 
equipment. 
The 
local 
fire 
service 
was 
contacted, and 
it was concluded 
that no 
further measures 
were necessary. 
While the new Sogn substation was 
still under construction 
and before it 
was taken over 
by Statnett, a 
total of 271 
kg 
of SF
6
 
gas leaked out as it was 
being refilled. A total of 271 
kg of SF
6
 
gas was released. 
The leak was 
reported to the 
authorities 
by 
the 
contractor 
who 
carried 
out 
the 
refilling 
and 
entered 
it 
in 
their 
SF
6 
accounts. 
The 
contractor 
conducted an investigation into the incident. Statnett takes 
the 
leak 
seriously 
and 
has 
implemented 
measures 
to 
prevent similar incidents. 
Reduction in greenhouse gas emissions 
Goal: 
25 
per 
cent 
reduction 
in 
2025, 
50 
per 
cent 
reduction in 
2030, 0.15 
per cent 
emission rate 
of total 
SF
6
 
installation in 2025. 
Statnett will 
reduce its 
own emissions 
in accordance 
with 
the Paris 
Agreement and the 
Norwegian Climate 
Act, and 
will in 2022 start 
the process of setting 
emission targets in 
line 
with 
the Science 
Based Targets 
initiative 
(SBTi). 
We 
are 
affected 
by 
climate 
risk, 
in 
the 
form 
of 
both 
climate 
change, which could impact our facilities, 
and due to more 
stringent 
climate 
policies. 
We 
systematise 
our 
work 
with 
climate 
risk 
and 
provide 
a 
TCFD 
index 
in 
this 
report 
according to the 
Task 
Force on Climate-Related 
Financial 
Disclosures (TCFD). 
Statnett 
has 
set 
a 
goal 
of 
reducing 
greenhouse 
gas 
emissions 
by 
50 
per 
cent 
by 
2030, 
compared 
with 
2019. 
This 
includes 
emissions 
from 
our 
own 
operations, 
encroachments 
on 
nature 
and 
our 
contract 
partners. 
We 
have set 
a goal 
of reducing 
our own 
emissions by 
25 per 
cent by 2025, compared with 2019. 
We have assessed our 
emission 
sources 
on 
the 
basis 
of 
size, 
climate 
risk 
and 
realistic measures. Based on these assessments, we have 
identified 
climate-related 
measures 
that 
will 
enable 
us 
to 
reach our goals in the short and long term. 
The figures 
for 2021 
show that Statnett’s 
greenhouse gas 
emissions 
have been 
reduced 
by 12 
per cent 
from 2019. 
Total 
greenhouse gas 
emissions were 
sharply reduced 
in 
2021 
compared 
with 
2020. 
This 
is 
largely 
because 
emissions relating 
to network losses 
were reduced 
due to 
a higher proportion 
of renewables in 
the electricity imported 
into the Norwegian power system compared to 2019
1
. 
As a consequence of the pandemic, travel activity was low 
in 2021, which 
led to lower 
emissions from air 
and business 
travel, as well as 
lower emissions related 
to the heating of 
office premises and buildings. 
A major climate challenge 
in the power industry 
is the use 
of 
the 
potent 
greenhouse 
gas 
SF
6
, 
which 
is 
used 
as 
an 
insulating 
and 
extinguishing 
agent 
in 
encapsulated 
systems (GIS 
systems) and 
in other 
components such 
as 
circuit 
breakers. 
We 
are 
striving 
to 
reduce 
SF
6 
gas 
leaks 
from our facilities 
and have implemented 
several measures 
in 
2021. 
These 
included 
improved 
maintenance 
routines 
and 
the 
technical 
qualification 
of 
alternative 
gases. 
The 
goal is to reduce 
emissions from our total 
inventory of SF
6 
gas 
to 0.15 
per cent 
by 2025. 
In 2021, 
the emission 
rate 
was 0.17 per cent, a decrease from 2020. 
Alternatives 
to 
SF
6
 
gas 
with 
a 
greatly 
reduced 
climate 
impact 
are 
available 
for 
facilities 
up 
to 
132 
kV 
and 
on 
passive components at the 
highest voltage level 
(420 kV). 
The alternative to SF
6
 
gas on active components is still not 
commercially available. 
Statnett has technology-qualified 
use of those 
alternatives 
available in 
the supplier 
market and 
several new 
facilities 
have already been designed with this technology. The new 
1
1
For 
Norway’s 
National 
Electricity 
Disclosure, 
see: 
Where 
does 
the 
electricity 
come 
from? 
– 
NVE
 
(in 
Norwegian). The 
National 
Electricity 
Disclosure gives a picture of 
the average CO
2 
emissions related to the consumption 
of electricity in Norway in 
a given year. 
The CO
2
 
factor will 
vary from year to year, 
depending on how much electricity we produce in 
Norway, how much 
we import from abroad and which energy sources 
are used in the countries from which Norway 
imports electricity. 

Sustainability report 
Environment and climate
59 
Hamang substation 
in Viken 
will 
be the 
first 
substation 
in 
Scandinavia where 
alternative technology 
will be 
used on 
passive 
components 
at 
420 
kV 
voltage 
level 
when 
the 
substation is put into operation in 2023. 
In the 
supplier 
market, work 
is 
now underway 
to develop 
and make solutions available for SF
6
-free systems also for 
active components at the 
420 kV voltage level. 
Technology 
development is fast, and we will use new technology when 
it 
is 
available, 
both 
for 
new 
and 
existing 
facilities. 
It 
was 
decided 
in 
2021 
that 
both 
Ulven 
substation 
in 
Oslo 
and 
Skaidi 
substation 
in 
Finnmark 
take 
a 
preassumption 
that 
SF
6
 
alternative 
technology 
is 
qualified 
and 
available 
for 
both 
passive 
and 
active 
components 
until 
development 
begins. 
In order 
to achieve 
the goal 
of a 
25 per 
cent reduction 
in 
greenhouse 
gas 
emissions 
by 
2025 
and 
50 
per 
cent 
by 
2030, 
there 
is 
a 
need 
to 
implement 
more 
powerful 
measures. 
We 
follow 
up 
our 
endeavours 
in 
this 
area 
through 
goal 
management 
and 
action 
plans 
in 
relevant 
departments in the company. 
Relevant measures to reduce 
Statnett’s emissions include 
working 
systematically 
to 
reduce 
SF
6
 
leaks 
from 
our 
facilities, 
increasing 
the 
number 
of 
electric 
cars 
in 
our 
vehicle 
fleet, 
increasing 
the 
use 
of 
drones 
instead 
of 
helicopters and reducing business 
travel. The greenhouse 
gas 
emissions 
target 
for 
2030 
has 
a 
greater 
scope 
and 
requires a major shift, 
which will require us 
to evaluate new 
project design 
methods and 
how to engage 
in the 
circular 
economy, as well as 
the use of 
new materials and 
solutions 
with 
lower 
climate 
footprints 
during 
production, 
construction and operation. 
The 
estimated 
greenhouse 
gas 
emissions 
linked 
to 
purchasing 
of 
materials 
indicate 
that 
this 
is 
one 
of 
our 
largest sources 
of emissions. We 
are therefore working 
to 
introduce 
climate-related 
requirements 
in 
our 
contracts. 
Construction work 
at new sites 
is another major 
source of 
greenhouse gas 
emissions. This 
is why 
we require 
fossil-
free 
and 
emission-free 
construction 
sites 
in 
all 
projects 
where 
there 
is 
a 
mature 
supplier 
market. 
In 
2021, 
we 
started 
fossil-free 
construction 
at 
our 
new 
Hamang 
substation 
in 
Bærum. 
Construction 
of 
the 
new 
Fagrafjell 
substation in 
Rogaland will 
also be 
carried out 
fossil-free. 
Our greenhouse gas accounts 
can be found on page 
156-
157. 
Climate, weather and physical climate risk 
Climate 
change 
means 
that 
we 
must 
prepare 
for 
more 
frequent occurrences 
of extreme 
weather and 
changes in 
precipitation 
patterns. 
Some 
places 
will 
experience 
less 
precipitation, 
while 
it 
will 
rain 
and 
snow 
more 
in 
others. 
More 
extreme 
precipitation 
is 
likely, 
and 
we 
must 
also 
prepare ourselves for landslides 
and floods in 
the vicinity of 
our 
facilities. 
The 
weather 
influences 
electricity 
consumption 
and 
renewable 
power 
production, 
and 
therefore 
also 
transmission 
requirements. 
It 
also 
impacts 
the 
load 
on 
the 
grid. 
For 
power 
lines, 
variations 
in 
both 
weather and vegetation play an important role. 
We experience operational disruptions in years that gives 
us a lot of extreme weather and lightning activity. 
The 
number of faults on power lines has remained relatively 
stable at 60–90 per year over the past five years. This is 
lower than in the previous five-year period, when we 
suffered several extreme weather occurences. Less than 
10 per cent of the faults on power lines are of lasting 
duration and require repair. 

 
 
 
 
 
 
 
 
 
 
Sustainability report 
Environment and climate
60 
Climate adaptation of critical infrastructure 
Statnett 
must 
ensure 
safe 
operations 
and 
an 
efficient 
power 
supply, 
regardless 
of 
the 
weather. 
Planning 
and 
scenario 
analysis 
are 
important 
tools 
for 
preventing 
damage and adapting to 
climate change. The vulnerability 
of the grid is of 
great importance for how society 
is affected 
by 
change. 
There 
are 
better 
and 
better 
methods 
for 
calculating how 
wind, snow 
and ice 
create extra 
strain on 
our power lines. This provides 
guidelines for where pylons 
are placed in the terrain, and for the 
technical solutions for 
pylons and power lines. 
We work purposefully to 
increase 
our knowledge 
of climate 
impacts and 
climate change, 
as 
well as to develop 
methods and technologies, and to 
build 
reliable power transmission facilities. 
Political change and adaptation risk 
Climate 
change 
and 
the 
measures 
needed 
to 
combat 
it 
affect 
society. 
We 
expect 
to 
see 
further 
requirements 
for 
more climate-friendly 
solutions 
included in 
legislation 
and 
standards. 
This 
affects 
us, 
and 
we 
aim 
to 
ensure 
that 
technology, 
choice of 
materials and solutions 
in the future 
has 
a 
low 
environmental 
and 
climate 
impact. 
We 
are 
monitoring 
political 
developments 
and 
assess 
which 
decisions affect us directly and indirectly. 
Icebox 
Through 
the 
R&D 
project 
Icebox, 
Statnett 
seeks 
to 
significantly 
reduce 
accidents 
and 
outages 
related 
to 
icing. 
By 
developing 
a national 
icing map, 
which 
will 
be publicly 
available, 
we can 
both make 
smarter choices 
for 
power line 
routes, 
while 
also 
gaining 
an 
overview 
of 
the 
vulnerability 
of 
existing 
power 
lines. 
The 
icing 
map 
will 
also 
include 
assessments of future 
climate change. The 
development and use 
of ice 
load sensors in 
combination with icing 
forecasts 
will also 
make it 
possible to 
monitor and 
predict icing 
on vulnerable 
power lines 
so that 
preventive measures 
can be 
taken
. 
This photo was taken at Ålvikfjellet in 2014. Here, there was an estimated 60–70 kg of ice per metre, which is a good illustration of the icing 
problems we experience in some parts of the country. Photo: Ole Gustav Berg

 
 
Sustainability report 
Environment and climate
 
61 
Norway has set ambitious climate goals, and 
it is probable 
that 
the 
legislation 
will 
be 
stricter 
in 
other 
sustainability-
related 
areas 
in 
the 
years 
to 
come. 
We 
include 
this 
in 
current 
decision-making 
processes 
to 
reduce 
risk. 
Statnett 
has 
activities 
in 
and 
around 
several 
of 
Norway’s 
major 
cities, 
and 
many 
Norwegian 
municipalities 
have 
ambitious climate targets. 
In Oslo and 
Bergen, for instance, 
there have 
been demands 
and new 
regulations for 
fossil-
free 
and emission 
-free 
construction 
sites 
in 
recent 
years. 
At Statnett, 
we work 
to ensure 
that fossil-free 
and emission-
free construction sites 
become the standard 
in the long 
run. 
The 2020 national budget states that it may be appropriate 
to levy 
a specific 
tax on 
SF
6
. At 
the end 
of 2018, 
storage 
and 
consumption 
of 
SF
6
 
became 
subject 
to 
a 
reporting 
requirement 
in 
Norway. 
Report 
to 
the 
Storting 
No. 
13 
(2020-2021) 
Climate 
Plan 
for 
2021–2030 
states 
that 
the 
government will evaluate measures to reduce both the use 
of and emissions from SF
6
. 
In June 
2021, Report 
to the 
Storting No. 
36 (2020–2021) 
“Energy 
for 
work 
– 
long-term 
value 
creation 
from 
Norwegian 
energy 
resources” 
was 
published. 
The 
report 
states 
that Norway’s 
position 
as 
an energy 
nation 
will 
be 
further 
developed 
through 
investments 
in 
new 
industries 
such as hydrogen and offshore 
wind, by strengthening the 
power grid and 
by having a 
progressive oil and 
gas industry 
with low emissions. 
The report builds on 
Norway’s climate 
plan and shows how renewable energy and the power grid 
will lay the foundation for 
electrification and phasing out 
of 
fossil energy. 
The 
green 
transition 
is 
here 
now, 
and 
we 
are 
seeing 
an 
increasing number of requests to 
connect to the power grid 
across 
the 
country. 
Since 
2018, 
we 
have 
processed 
applications 
representing 
approximately 
26,000 
MW 
of 
volume, 
where 
most 
of 
it 
is 
consumption. 
Data 
centres, 
electrification 
of 
the 
oil 
and 
gas 
industry 
and 
new 
green 
industries make up most of the plans. Activity is distributed 
throughout 
the 
country, 
but 
we 
see 
the 
greatest 
activity 
along the west coast and in 
the south, as well as the 
inner 
parts of Nordland and Vestfold and Telemark 
counties. 
Climate risk reporting 
The 
recommendations 
from 
the 
Task 
Force 
on 
Climate 
Related 
Financial 
Disclosures 
(TCFD) 
have 
become 
established as a central framework for how to analyse and 
report climate risk
2
.
The scenarios 
on which 
we base our 
analyses were 
most 
recently presented 
in our 
Grid Development 
Plan 2021
, see 
pages 
37–47, 
where 
we 
show 
that 
Europe, 
the 
Nordic 
countries and Norway are 
in the midst of 
a radical change 
in 
the power 
system, 
with 
increased 
power consumption, 
increased 
renewable 
production 
and 
the 
phasing 
out 
of 
fossil-fuelled 
and 
nuclear 
power 
plants. 
Offshore 
wind 
farms are a 
key element of 
Europe’s green 
transition, and 
a 
large 
proportion 
of 
the 
new 
generating 
capacity 
is 
expected 
to 
be 
built 
in 
the 
North 
Sea. 
The 
development 
towards a zero-emission society 
is moving fast, and 
we are 
adapting 
to 
the 
increased 
pace. 
We 
are 
preparing 
for 
a 
major 
increase 
in 
power 
consumption, 
up 
to 
220 
TWh 
of 
annual consumption in 2050 compared to 140 TWh today 
Statnett’s risk management and internal 
control processes 
cover 
the 
entire 
business, 
including 
strategic, 
market, 
operational and 
financial matters. Holistic 
risk management 
ensures that 
risks relating 
to sustainability, 
safety and 
the 
supply 
of 
electrical 
power, 
facilitation 
of 
value 
creation, 
financial 
position 
and 
reputation 
are 
maintained 
at 
an 
acceptable 
level. 
Statnett’s 
most 
important 
tasks 
are 
to 
deliver 
a 
secure 
power 
supply 
24/7, 
electrification 
and 
green value 
creation, as 
well as 
the power 
system of 
the 
future, 
both 
onshore 
and 
offshore. 
There 
will 
always 
be 
strategic, 
operational 
and 
financial 
risks 
associated 
with 
goal 
attainment. 
In 
the 
risk 
management 
process, 
we 
identify and 
manage all 
probable risks across 
the company. 
You 
can 
read 
more abo 
ut 
this 
on 
page 
41 
of 
our 
annual 
report. We have included reporting on climate-related risks 
throughout 
our 
annual 
report 
and 
sustainability 
report. 
Below, 
is 
a 
table 
showing 
where 
in 
the 
annual 
report 
we 
report according to the TCFD framework.
2
 
You can find the TCFD framework here: https://www.fsb-tcfd.org/. 
Finance Norway has also drawn up a guide 
(in Norwegian): https://www.finansnorge.no/tema/baerekraft/klimarisikorapportering/

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sustainability report 
Environment and climate
62 
TCFD index 
Management 
– 
Description 
of 
Statnett’s 
management 
of 
climate-related threats and opportunities. 
TCFD recommendation 
Page 
Description 
of 
the 
Board’s 
monitoring 
of 
threats 
and 
opportunities, 
including 
those 
relating to the climate. 
36-40 
Description 
of 
management’s 
role 
in 
assessing 
and 
managing 
threats 
and 
opportunities, 
including 
those 
relating 
to 
the 
climate. 
36-40 
Strategy 
– 
Description 
of 
current 
and 
potential 
consequences of climate-related threats and opportunities 
related 
to 
Statnett’s 
business, 
strategy 
and 
financial 
planning. 
TCFD recommendation 
Page 
Describe 
threats 
and 
opportunities 
the 
company 
has 
identified 
in 
the 
short, 
medium 
and 
long 
term, 
including 
those 
relating to the climate. 
40-48 
B. 
The 
significance 
of 
threats 
and 
opportunities 
for 
the 
company’s 
business, 
strategy 
and 
financial 
planning, 
including 
those relating to the climate. 
40-48 
C. 
Describe 
the 
potential 
significance 
of 
various scenarios, including 
a 2C scenario, 
for 
the 
company’s 
business, 
strategy 
and 
financial planning. 
6-7, 
21, 
58-60 
Risk management – Description of how Statnett identifies, 
assesses and manages climate-related risk. 
TCFD recommendation 
Page 
A. Describe the processes the company uses 
to identify and 
assess risk, including 
climate-
related risk. 
40 
B. 
Describe 
the 
company’s 
processes 
for 
managing risk, including climate-related risk. 
40 
C. 
Describe 
how 
processes 
for 
identifying, 
assessing 
and 
managing 
risk 
are 
integrated 
into the company’s 
overall risk management, 
including climate-related risk. 
40 
Goals 
and 
methods 
– 
Reports 
on 
methods, 
goals 
and 
parameters 
(“metrics 
and 
targets”) 
used 
to 
assess 
and 
manage relevant climate-related threats 
and opportunities. 
TCFD recommendation 
Page 
A. Describe the methods 
the company uses 
to assess 
threats and 
opportunities in 
light 
of 
its 
risk 
management 
strategy 
and 
processes, 
including 
those 
relating 
to 
the 
climate. 
40 
B. 
Businesses 
should 
report 
on 
Scope 
1, 
Scope 
2, 
and 
if 
appropriate, 
Scope 
3 
greenhouse gas emissions, and related risk 
factors. 
57-58, 
156-157 
C. 
Describe 
the 
goals 
the 
company 
has 
adopted 
to 
deal 
with 
threats, 
opportunities 
and results in 
relation to the 
goals, including 
those relating to the climate. 
6-7, 
21, 
54-60 

Sustainability report 
Social
63 
Our social contributions 
Statnett 
ensures 
that 
everyone 
working 
at 
and 
for 
the 
company 
enjoys 
safe 
working 
conditions 
as 
well 
as 
a 
decent 
salary 
and 
employment 
terms, 
and 
respect 
for 
freedom of 
association. We 
also aim 
to be 
an attractive 
employer, 
who 
provides 
equal 
opportunities 
to 
our 
employees, irrespective of gender or background. 
Statnett’s workplace priorities: 
●
 
Ensuring 
all 
employees 
enjoy 
a 
safe 
working 
environment 
●
 
Ensuring decent employment 
and working 
conditions 
throughout the supply chain 
●
 
Increasing 
workforce 
diversity 
with 
respect 
to 
competence, background and gender 
These 
are 
linked 
to 
several 
of 
the 
UN’s 
Sustainable 
Development Goals: 
Ensuring 
all 
employees 
enjoy 
a 
safe 
working 
environment 
Goal: 
Zero 
injuries 
and 
unwanted 
environmental 
impact 
Many 
Statnett 
employees 
perform 
tasks 
involving 
an 
inherently high level of risk. The safety of our employees 
is our main priority. 
Statnett’s 
work 
with 
health 
and 
safety 
is 
founded 
on 
a 
“zero 
vision” 
and 
is 
based 
on 
compliance 
with 
the 
comprehensive regulations that have 
been developed to 
prevent injuries 
in the 
workplace. Having 
a “zero 
vision” 
presumes that every accident can be prevented and that 
the safety of the 
individual must come 
first. This is 
carried 
out 
through 
conscious 
and 
focused 
management, 
training and 
inspections through 
the safety 
representative 
scheme, through employee 
representatives and 
through 
our statutory 
internal control 
system, as 
well as 
through 
the Working Environment Committee (AMU). 
Statnett 
will 
further 
develop 
itself 
as 
a 
professional 
construction client, 
and we 
set high 
standards for 
those 
we 
contract 
to 
work 
on 
our 
behalf. 
We 
are 
constantly 
improving 
our 
work 
processes 
based 
on 
knowledge 
about safe 
working methods, 
ongoing risk 
assessments 
and 
systematic 
training. 
We 
expect 
that 
the 
“zero 
tolerance” 
also 
is 
applied 
to 
the 
activities 
of 
our 
contractors 
and 
subcontractors. 
Contractors 
are 
responsible 
for 
developing 
procedures 
and 
providing 
proper training for 
their own employees. 
They also have 
a duty to 
ensure that their subcontractors 
comply with the 
requirements set by Statnett 
and laid down in 
applicable 
regulations. 
During 
2021, 
there 
has 
been 
a 
steady 
improvement 
in 
lost-time injuries 
(H1 indicator) 
in our 
projects, 
from 6,6 
to 4.0. This corresponds to six lost-time injuries, which is 
a reduction from 13 
lost-time injuries in 
2020. There has 
also 
been 
a 
reduction 
in 
electrical 
safety 
incidents 
in 
recent 
years 
as 
a 
result 
of 
closer 
monitoring 
of 
contractors. New requirements in the Construction Client 
Regulations 
came 
into 
force 
in 
2021. 
Statnett 
has 
addressed 
the 
changes 
in 
part 
by 
implementing 
measures 
to 
incorporate 
the 
new 
requirements 
in 
governing documents and processes. 
The 
year 
2021 
was 
characterised 
by 
strict 
infection 
control measures 
and higher rates 
of infection for 
building 
and 
construction 
workers 
compared 
with 
2020. 
Among 
other 
things, 
this 
led 
to 
fewer 
construction 
site 
inspections, 
which 
means 
that 
safety 
officers 
had 
a 
limited 
opportunity 
to 
closely 
monitor 
construction 
site 
conditions. 
The 
table 
on 
health 
and 
safety 
on 
page 
151 
in 
our 
sustainability 
accounts 
provides 
further 
details 
in 
this 
area. 
The safety climate under the microscope 
In 2021, 
a survey 
of 
the safety 
climate 
in 
the operating 
organisation was 
carried out. 
The results 
show a 
strong 
safety 
commitment 
among 
employees 
and 
good 
safety 
communication. 
However, 
there is 
a need 
to implement 
measures to enhance risk management in the company. 
Weekly reviews are 
carried out of 
all cases registered 
in 
our 
non-conformance 
system. 
This 
forms 
the 
basis 
for 
initiatives 
based 
on 
Lessons 
Learned 
and 
learning 
reports 
that 
are 
widely 
distributed 
in 
the 
operating 
organisation. 
Management of accidents and injuries 
Systematic 
follow-up 
of 
unwanted 
incidents 
and 
hazardous conditions 
means 
that we 
prevent 
accidents 
and incidents, 
and identify 
and utilise 
learning potential. 
In 2021, 
there was 
a significant reduction 
in the number 
of incidents 
with a 
serious potential 
for harm, 
compared 
with 2020. Our SIF indicator (serious incident frequency) 
has 
fallen 
by 
63 
per 
cent 
in 
the 
last 
12 
months. 
This 

Sustainability report 
Social
64 
positive development 
is probably 
the result 
of improved 
quality 
of 
follow-up 
of 
implemented 
initiatives 
through 
performance 
management, 
clearer 
expectations 
related 
to HSE 
management practice, 
as well 
as strengthening 
of processes related to 
learning and interaction between 
specialists 
and management. 
Our internal lost-time injury 
statistics continue to 
show a 
positive trend, 
and at 
the end 
of 2021, we registered the lowest value in five years. 
Compliance procedures 
In 
2021, 
we 
used 
our 
internal 
HSE 
control 
system 
to 
ensure compliance 
with statutory regulations, 
as well as 
internal 
and 
external 
requirements 
and 
standards. 
We 
have established 
a mandatory 
course for 
all operational 
managers 
in 
the 
company. 
The 
course 
programme 
encompasses 
basic 
training in 
the relevant 
regulations, 
as 
well 
as 
practical 
training 
in 
systematic 
HSE 
work, 
including the 
establishment 
of local 
risk registers 
linked 
to the 
operation 
of 
construction sites 
and real 
property. 
We 
conduct 
systematic 
competence 
development 
through training courses for managers and employees in 
relevant 
regulations 
and 
procedures, 
in 
areas 
such 
as 
labour law, contract law, pay and working 
conditions, and 
work with live electrical equipment. 
Working environment 
Due to 
the pandemic, 
many employees 
had to 
continue 
working 
from 
home 
in 
2021, 
when 
it 
was 
mandated 
or 
recommended by the authorities. With the majority of our 
employees 
working 
from 
home, 
we 
have 
been 
able 
to 
protect our operations-critical functions. 
At the outset of the pandemic, we quickly implemented a 
number 
of 
measures 
to 
ensure 
a 
good 
working 
environment 
and 
reduce 
the 
risk 
of 
infection. 
Through 
2021, 
we 
continued, 
adapted 
and 
introduced 
new 
measures. We 
have had 
cases of 
infection both 
among 
our 
own 
employees 
and 
in 
our 
projects, 
without 
major 
negative 
consequences. 
We 
closely 
monitor 
cases 
of 
infection 
and 
assess 
each 
case 
on 
an 
individual 
basis 
with regard to risk and potential measures. 
The interdisciplinary 
emergency response group 
that was 
established 
in 
early 
2020 
has 
been 
active 
throughout 
2021 and will function as long as it is needed. 
The Group 
adjusts 
its 
activity level 
based on 
the infection 
situation 
and the internal need for 
response measures. The Group 
reports regularly to Group Management. 
During the pandemic, 
three working environment 
surveys 
were 
conducted 
among 
the 
employees. 
The 
surveys’ 
questions focused on 
work tasks, social 
relations with co-
workers, ergonomics, 
collaborative working, 
digital tools 
and management. 
Based on 
the results 
of the 
surveys, 
measures have been implemented to improve social and 
ergonomic 
conditions. 
Employees 
who 
have 
needed 
additional measures to facilitate 
working from home have 
received individually tailored solutions based 
on dialogue 
with their line manager, the HR department, 
the business 
unit management and the 
Covid-19 emergency response 
team. 
The occupational health service takes part in inspections 
and 
is 
represented 
on 
the 
Working 
Environment 
Committee 
(AMU). 
In 
2021, 
a 
total 
of 
31 
occupational 
health and 
safety districts 
were established 
nation wide 
in 
Norway, 
primarily 
in 
the 
operating 
areas 
and 
at 
the 
administrative 
buildings. 
Every 
such 
district 
has 
a 
local 
HSE group 
where the 
local 
safety representative 
and a 
representative of the 
employer hold regular 
meetings and 
report to the 
Working Environment Committee each year. 
Whistleblowing 
Statnett’s 
Ethics 
Ombudsman 
received 
a 
total 
of 
58 
reports in 2021. 
The vast majority 
of these were 
of such 
a nature 
that a 
solution was 
found relatively 
quickly. A few 
cases 
involving 
internal 
working 
conditions 
and 
our 
suppliers were more demanding. 
In the 
first half 
of 2021, 
the Covid-19 
pandemic made 
it 
difficult to follow up on certain issues, particularly reports 
relating to 
terms of 
employment at 
our suppliers. 
These 
cases 
are 
followed 
up 
by 
our 
department 
for 
employer 
liability, working closely with 
the Ethics 
Ombudsman, who 
is responsible for dialogue with any whistleblowers. 
Information 
and 
training 
with 
respect 
to 
our 
Ethics 
Ombudsman arrangement 
and codes 
of conduct 
is part 
of 
our onboarding 
process for 
new employees. 
Project-
specific courses 
have also 
been held, 
with the 
focus on 
tackling work-related crime. 
Decent 
employment 
and 
working 
conditions 
throughout the supply chain 
Statnett safeguards 
human rights 
and acts 
in a 
socially 
responsible 
manner. 
Our 
approach 
is 
based 
on 
the 
International 
Labor 
Organization’s 
eight 
core 
conventions. This also applies to our suppliers and other 
contractual partners. We expect contracting 
parties in all 
countries 
to 
comply 
with 
our 
requirements 
for 
pay 
and 
working 
conditions 
and 
our 
partners 
and 
suppliers 
to 
respect the right to organise and human rights. 
The 
Transparency 
Act 
is 
designed 
to 
encourage 
companies 
to 
respect 
basic 
human 
rights 
and 
decent 
working 
conditions, 
and 
ensure 
public 
access 
to 

Sustainability report 
Social
65 
information. It will 
enter into force 
on 1 July 
2022. Statnett 
is 
currently 
working 
to 
build 
up 
competence 
on 
the 
Transparency 
Act. 
Statnett’s 
guidelines 
and 
internal 
systems 
must 
comply 
with 
the 
requirements 
of 
the 
Transparency Act, and we will 
establish good procedures 
for how to handle requests for information. 
Sustainable purchasing 
Sustainable 
purchasing 
is 
about 
doing 
more with 
fewer 
resources 
and 
promoting 
the 
circular 
economy. 
As 
a 
major 
buyer, 
Statnett 
is 
in 
a 
position 
to 
influence 
the 
supplier market and stimulate innovation. 
In 
2021, 
Statnett 
paid 
NOK 
7,280 
million 
to 
4,597 
different suppliers. 
The largest payments 
were made to 
building contractors and for the purchase of materials for 
the 
construction 
and 
operation 
of 
our 
facilities. 
We 
will 
use our purchasing practices 
to promote decent working 
and 
environmental 
conditions 
for 
all 
contracting 
parties 
and 
ensure 
freedom 
of 
association 
and 
respect 
for 
human rights. This is in accordance with Section 5 of the 
Public 
Procurement 
Act 
and 
is 
embedded 
in 
our 
purchasing 
guidelines. 
For 
all 
purchases, 
we 
require 
suppliers to accept and comply 
with our Supplier Code of 
Conduct 
and 
meet 
requirements 
regarding 
pay 
and 
working conditions. 
In addition, 
they must 
not be 
on the 
sanctions list 
of the US 
Department of Treasury’s 
Office 
of Foreign Assets Control. 
In 
our 
Supplier 
Code 
of 
Conduct, 
we 
draw 
special 
attention to the fact that we may reject suppliers who are 
excluded from investment by 
the Norwegian Government 
Pension 
Fund 
Global 
at 
the 
recommendation 
of 
the 
Council on 
Ethics, or 
who are 
registered on 
the joint 
list 
of ineligible firms 
and individuals 
drawn up by 
the World 
Bank and other development banks. 
Supplier selection 
Suppliers 
must 
undergo 
a 
qualification 
procedure 
to 
ensure 
they 
can 
deliver 
according 
to 
our 
contracts 
and 
comply 
with 
requirements. 
This 
process 
involves 
documenting that they have 
well-functioning systems for 
HSE, environmental management and quality. 
For 
services 
or 
products 
assessed 
to 
be 
high 
risk, 
the 
qualification 
procedure 
includes 
audits 
and 
site 
visits. 
High-risk suppliers are audited regularly by means of the 
Achilles Utilities NCE 
qualification system and 
Statnett’s 
own audits. Statnett’s 
audits increasingly look 
at the risk 
of human rights abuses, serious environmental 
damage, 
violation 
of 
labour 
rights, 
including 
employees’ 
freedom 
of association, as well as unethical behaviour. 
Statnett has conducted an 
ongoing dialogue over several 
years 
with 
the 
Norwegian 
Tax 
Administration 
and 
the 
Labour 
Inspection 
Authority 
in 
the 
regions 
where 
our 
biggest 
projects 
are 
based. 
We 
have 
an 
agreement 
on 
information 
exchange 
with 
the 
Norwegian 
Tax 
Administration, which means 
that we can 
check suppliers 
against 
the 
Norwegian 
Tax 
Administration’s 
registers 
before entering into contracts 
and in subsequent contract 
monitoring. 
The 
agreement 
is 
used 
for 
contracts 
within 
identified 
risk 
areas 
and 
is 
thus 
a 
tool 
for 
excluding 
disreputable 
suppliers 
in 
contracts 
within 
building 
and 
construction, 
and 
the 
provision 
of 
trades 
services, 
cleaning services, transport and canteen operations. 
Follow-up of wages and working conditions 
For Statnett, it 
is important to carry 
out systematic checks 
to 
ensure 
compliance 
with 
the 
provisions 
on 
pay 
and 
working 
conditions 
in 
our 
contracts. 
Breaches 
of 
provisions related to pay and 
working conditions may be 
so 
serious 
as 
to 
verge 
on 
the 
abuse 
of 
fundamental 
human 
rights. 
We 
carry 
out 
inspections 
based 
on 
an 
internally developed 
approach, where 
we systematically 
collect 
and 
check 
written 
information 
from 
the 
supplier 
and in 
parallel conduct interviews 
with the 
workers in 
their 
native 
language. 
This 
provides 
us 
with 
a 
basis 
for 
comparing 
the 
written 
information 
obtained 
from 
the 
employer 
with 
oral 
feedback 
from 
the 
employees. 
Workers 
from 
low-cost 
countries 
are 
prioritised 
during 
inspections of suppliers at construction sites. We 
assess 
the 
risk 
of 
non-conformances 
based 
on 
the 
individual 
countries’ history 
in this field 
and our 
own experience with 
suppliers. 
In 2021, we carried out inspections 
of all major suppliers 
that 
use 
foreign 
labour 
at 
our 
construction 
sites. 
No 
significant non-conformances were discovered. 
Trade unions 
Statnett 
recognises 
and 
appreciates 
the 
value 
of 
the 
Norwegian working-life model. This includes the tripartite 
cooperation 
between 
the 
government, 
the 
trade 
unions 
and 
employer 
organisations, 
and 
the 
local 
two-party 
cooperation. 
Good 
relations 
between 
management 
and 
employee representatives 
at individual 
firms are 
vital to 
companies’ development and to their ability to adapt and 
rationalise. 
We 
aim to 
have 
a 
high 
level 
of 
trade 
union 
coverage, 
and 
take 
steps 
to 
enable 
the 
various 
trade 
unions 
to 
operate 
effectively 
and 
constructively. 
Employee 
representatives 
must 
have 
a 
genuine 
opportunity 
to 
exert 
an 
influence. 
This 
is 
achieved 
through an ongoing, open dialogue with the trade unions 
in order to ensure an exchange of 
information and views 
on matters important to employees. 

 
 
 
 
 
Sustainability report 
Social
66 
Statnett’s participants in the YSIP programme, Silje 
Christine Bugge, Kim Allgot and Hanne Lovise Jore
Young Sustainable Development Goals Innovators Programme 
(YSIP) 
In 
2021, 
three 
representatives 
– 
innovators 
– 
from 
Statnett 
participated 
in 
the 
UN 
Global 
Compact’s 
Young 
Sustainable 
Development 
Goals 
Innovators 
Programme 
(YSIP). 
The 
programme 
lasts 
for 
ten 
months, 
and 
is 
aimed 
at 
young 
professionals aged 18–35 who 
work in a company 
that is a member 
of the UN Global Compact. The goal of the programme 
is to enable 
future 
leaders 
to 
develop 
and 
push 
forward 
innovative 
solutions, 
through new technology, initiatives 
and business models. 
During the 
programme, 
the innovators 
identified 
a problem 
in 
the 
company and 
came up 
with 
proposals 
for 
a solution. 
The chosen 
issue 
for 
this 
year’s 
innovators 
was
“How 
can 
Statnett 
use 
its 
procurements 
to contribute 
to the 
UN’s 
Sustainable 
Development 
Goals?”
The report from 
the YSIP innovators analysed more 
than a hundred 
completed 
procurements, 
and assessed 
whether they 
utilised 
the 
potential 
of 
the 
instruments 
available 
in 
the 
purchasing 
process. 
The 
report 
identifies 
several 
areas 
and 
associated 
measures 
to 
ensure 
that 
Statnett’s 
procurements 
contribute 
to 
the 
UN’s 
Sustainable 
Development 
Goals. 
The 
measures 
identified 
during 
this 
work 
will 
be 
included 
in 
our 
ongoing 
work 
to 
improve 
our 
purchasing framework. 
The 
YSIP 
innovators 
have 
presented 
their 
report 
to 
Group 
Management and written 
several internal 
communications to 
shed light 
on the issue 
and sustainability 
in general. This 
has generated engagement among 
both management and employees. 
Statnett plans to nominate 
new innovators for the 
YSIP programme the next time it is implemented. 
The employees elect three members to Statnett’s Board 
of Directors, with several of the trade unions drawing up 
lists of candidates. The employees are also represented 
on the board of the pension fund, the pensions steering 
group and the Working Environment Committee 

 
 
 
 
 
Sustainability report 
Social
67 
Gender equality, inclusion and diversity 
For Statnett, it 
is important to 
be an attractive 
employer, 
irrespective 
of 
employees’ 
background 
or 
gender. 
We 
must 
safeguard 
employee 
diversity 
with 
regards 
to 
gender, 
age, 
ethnicity, 
geographical 
residence 
and 
education. Women and 
men with 
approximately the 
same 
education/training 
and 
experience 
must 
receive 
equal 
pay. This is described in 
governing documents, where 
we 
use the ILO’s core conventions as a basis. 
We aim to 
raise the 
proportion of 
women in 
the workforce, 
and increase 
diversity. 
This 
is 
an important 
factor 
if 
we 
are 
to 
cultivate 
a 
larger 
number 
of 
talented 
people 
in 
various professional fields. 
We therefore actively focused 
on 
increasing 
diversity 
during 
our 
2021 
reorganisation 
process. 
During 
the 
reorganization, 
we 
were 
conscious 
to have 
a range 
of gender, 
age and 
geography for 
new 
leaders. 
This has resulted 
in a marked increase 
in the proportion 
of women in management positions at 
all levels, from 25 
to 30 per 
cent, and a 
lower average age 
among Statnett’s 
managers, from 50.8 years in 2020 to 49,3 years. 
“The future is diverse” – project initiated by this year’s trainees in the autumn of 2021 
The trainees joined Statnett on 1 September and their first project was to propose measures for how Statnett can increase 
diversity. They looked at the status of diversity in Statnett today, what kind of diversity is relevant to the company, and how 
Statnett can proceed 
to increase and 
improve diversity. 
The project points 
out that diversity can 
be divided into 
two main 
categories: 
outer and 
inner. 
In this 
context, 
“outer” is 
everything you 
can 
see 
with 
the naked 
eye, such 
as 
gender and 
ethnicity, and has received the greatest public 
focus. Inner diversity is everything you cannot see, such as 
ality, 
expertise, attitudes and experiences. 
Both types of diversity 
create a more inclusive 
workplace, but it also 
produces 
clear improvements in a company’s level of innovation and performance. 
The project group concluded 
that Statnett has shown 
little improvement in recent 
years in terms of 
the number of women 
and people with 
a foreign background 
in its workforce. 
This is despite 
the fact that 
diversity has been 
specified as a 
goal 
for the company for a long time. The new strategy emphasises that increased diversity is a priority area, and it is therefore 
even more important to show that this is an issue 
Statnett actually wants to do something about. In addition, inner diversity 
should have a greater 
focus among managers, both in 
the recruitment phase and 
when putting together teams. The 
project 
report highlights several measures to increase and improve diversity within Statnett. 
This year’s trainees: Krishna Øyvard 
Bjørlin Solberg, Kjeld Fjeldberg, Oda Goa 
Berge, Christine Brinchmann, Sander Grønli 
Nordeide, Tuva Eikås Hagen. 

Sustainability report 
Social
68 
In the 
recruitment of 
apprentices and 
summer students, 
we 
pay 
close 
attention 
to 
gender 
balance. 
When 
we 
recruit 
new 
apprentices, 
representatives 
from 
Statnett 
travel to selected 
upper secondary schools 
to talk about 
the power industry and promote 
Statnett as an attractive 
apprenticeship for both women and men. The 
proportion 
of 
women in 
the classes 
we recruit 
from is 
low, 
but we 
have 
nevertheless 
succeeded 
in 
recruiting 
female 
apprentices 
in 
recent 
years. 
As 
of 
31.12.2021, 
Statnett 
had 30 apprentices, of 
which three were women. 
One of 
these 
started 
in 
2021. 
In 
Statnett's 
annual 
summer 
project "Kube", half were women in 2021. 
We 
want 
to 
increase 
our 
managers’ 
competence 
with 
regard 
to 
diversity, 
encourage 
women 
to 
apply 
for 
positions and be aware of how we 
present ourselves and 
how we 
word our job 
advertisements. To a greater extent, 
arrangements will be made 
for English to 
be adopted as 
the working language in 
relevant departments. 
Employer 
branding, 
brand-building 
and 
knowledge 
of 
Statnett 
further 
contribute 
to 
meeting 
our 
performance 
management goal of increasing 
diversity in the company. 
At 
Statnett, 
we 
want 
to 
have 
satisfied 
employees 
with 
high motivation and managers who show 
clear direction, 
develop 
their 
employees 
and 
deliver 
results. 
Through 
quarterly 
organizational 
surveys, 
we 
gain 
insight 
into 
commitment 
and 
employee 
satisfaction, 
and 
based 
on 
the 
results, 
we 
can 
work 
actively 
with 
measures 
in 
departments, sections and teams. 
We 
will 
continue 
to 
work 
to 
increase 
the 
systematics 
around 
our 
work 
with 
gender 
equality, 
inclusion 
and 
diversity. 
 

Sustainability report 
Social
69 
Statnett’s 
life 
phase 
policy 
aims 
to 
accommodate 
employees of all ages. We offer a company kindergarten 
and 
social 
committees, 
and 
we 
have 
an 
active 
sports 
team. 
Initiatives 
under 
our 
seniors 
policy, 
such 
as 
an 
additional week’s holiday and training opportunities, help 
to keep the average retirement age high. 
In 2021, 93.8 per cent 
of fathers at Statnett took 
paternity 
leave. 
Of Statnett’s 1,594 permanent 
employees, 98.4 per cent 
are employed in 
100 per cent 
positions. Nine cleaners 
(all 
women) work 
part-time at 
different 
locations around 
the 
country 
where 
the 
scope 
of 
work 
does 
not 
allow 
for 
a 
higher percentage position. There 
are 16 employees 
who 
work reduced 
hours due to 
partial disability or 
at their 
own 
request. 
Women 
make 
up 
44 
per 
cent 
of 
all 
part-time 
employees. 
For 
younger 
employees, 
we 
have 
a 
dedicated 
group 
called 
“Young 
at 
Statnett”, 
which 
arranges 
both 
professional and 
social events. 
Much of 
2020 and 
2021 
has 
been 
spent 
online, 
and several 
of 
Statnett’s 
young 
employees 
clearly 
expressed 
the 
importance 
of 
their 
network 
and 
the 
social 
aspects 
of 
the 
workplace 
when 
pandemic-related 
lockdowns 
made 
social 
contact 
difficult. 
In 
2021, 
we 
staged 
our 
trainee 
programme 
and 
hired 
summer interns as normal, despite the pandemic.
Competence and employee development 
Statnett is a competence-based company. 
It is important 
to 
further 
develop 
the 
organisation’s 
business-critical 
core competences. 
All 
employees 
complete 
compulsory 
courses 
and 
can 
participate 
in relevant 
courses 
through our 
competence 
portal. 
Development 
of 
the 
individual 
employee’s 
competence is 
monitored through 
compulsory follow 
-up 
meetings with their manager. 
Statnett has an 
ambition to work 
more systematically with 
strategic 
competence 
management, 
which 
provides 
a 
framework for 
how we will 
develop competence 
to meet 
tomorrow’s 
needs. 
We 
want 
to 
promote 
temporary 
job 
internships 
and 
controlled 
job 
rotation 
within 
the 
organisation. 
This 
helps 
managers 
and 
employees 
to 
broaden their competence, putting us in a better position 
to meet 
the demand 
for new 
skills. 
Talent 
development 
programmes and 
succession planning are 
also part 
of the 
action plan. 
All new 
managers and 
project managers 
at 
Statnett 
attend 
compulsory 
management 
training 
courses, 
covering 
corporate 
governance, 
HSE, 
employment law and our pay policy.

Sustainability report 
Sustainable economic growth
70 
Our contributions to 
sustainable economic 
growth
In 
2021, 
we 
saw 
records 
in 
both 
consumption 
and 
production, 
unusually 
high 
electricity 
prices, 
and 
major 
regional 
price 
differences 
within 
Norway. 
The 
year 
was 
characterised by 
great contrasts, 
at the 
same time 
as we 
see that the 
green transition is 
well under way 
in the energy 
supply 
sector. 
Sustainable 
economic 
growth 
is 
linked 
to 
several of 
the UN’s 
Sustainable Development 
Goals, and 
the following SDGs are important for Statnett: 
To 
create value 
in a sustainable 
way, 
we must maintain 
a 
high ethical standard and make clear demands on our own 
employees and 
our suppliers. 
This will 
become more 
and 
more 
important 
due 
to 
increasing 
globalisation 
and 
less 
transparency 
in 
the 
supplier 
market. 
Therefore, 
we 
have 
defined the fight 
against corruption, human 
rights violations 
and unethical conduct in 
all activities as one 
of our priority 
areas. 
We are clear that our responsibility 
to contribute to the UN 
SDGs 
extends 
beyond 
our 
own 
company 
to 
our 
contract 
partners 
as 
well. 
Long 
lead 
times 
in 
our 
project 
development and 
the long-term 
nature of our 
social mission 
mean that we 
must remain one 
step ahead of 
the societal 
changes 
that produce 
new requirements, 
new needs 
and 
new technology. 
This 
presumes 
that 
we 
maintain 
a good 
dialogue with our 
partners and other 
key actors, and 
work 
systematically to develop and adopt new technologies and 
competences. 
Through clear requirements 
in our supplier 
code of conduct 
and dialogue 
with individual companies, 
we strive 
to ensure 
zero tolerance for corruption and all forms of bribery, 
fraud 
and unlawful business activity throughout 
the supply chain. 
We 
have 
drawn 
up 
codes 
of 
conduct 
for 
our 
own 
employees and our suppliers. We actively use 
our Supplier 
Code of Conduct when assessing contract partners. 
Local value creation 
Our main contribution 
to value 
creation is the 
secure supply 
of electricity and 
the connection of 
new production and 
new 
consumption to the power 
grid. In addition, 
we contribute to 
local value 
creation by 
utilising Norwegian 
suppliers of 
all 
sizes. 
We 
divide 
our 
construction 
projects 
into 
multiple 
contracts, 
so 
that 
local 
and 
regional 
suppliers 
have 
an 
opportunity 
to 
offer 
their 
services. 
Read 
more 
about 
sustainable purchasing and supplier selection on page 64. 
Statnett has 
a presence 
nationwide, 
and our 
local 
offices 
support 
local 
projects 
in 
sports, 
culture 
and 
work 
with 
children 
and 
young 
people. 
Because 
these 
projects 
are 
also intended 
to benefit 
the local 
community, 
applications 
for financial 
support 
are assessed 
by Statnett 
employees 
with local knowledge. 
Green
financing
 
In 
recent 
years, 
banks 
and 
investors 
have 
increasingly 
been integrating 
consideration for 
people, society 
and the 
environment into their investment activities. This affects us 
because rating agencies specialising in sustainability have 
given 
us 
an 
ESG 
rating 
(Environmental, 
Social 
and 
Governance), 
which 
is 
used 
by 
our 
lenders. 
Good 
sustainability work 
can affect 
our financial 
framework and 
provide access to new lending markets. 
In 
2020, 
Statnett 
received 
its 
first 
two 
green 
bond 
loans 
totalling 
NOK 3.6 
billion, 
with 
a further 
NOK 
1.4 
billion 
in 
2021. 
Green 
bonds 
are 
loans 
intended 
to 
finance 
sustainable 
initiatives. 
Our 
green 
loans 
will 
be 
used 
to 
finance construction projects that will have a positive 
effect 
on 
the 
climate. 
The 
money 
will 
go 
to 
the 
Smestad–Sogn 
project, which 
will help 
Oslo achieve 
its climate 
ambitions 
and improve security 
of supply in 
the capital, as 
well as to 
the 
North 
Sea 
Link 
interconnector, 
which 
facilitates 
increased 
production 
and 
consumption 
of 
renewable 
energy in Norway and the UK. 
Statnett has established a framework that describes which 
projects 
can 
be 
qualified 
as 
green. 
The 
framework 
has 
been qualified by 
CICERO (Center 
for International Climate 
Research). 
CICERO 
awarded 
Statnett 
the 
designation 
dark-green, 
which 
is 
the 
highest 
grade 
it 
is 
possible 
to 
achieve. 
We 
have 
established 
a 
cross-functional 
committee to 
assess projects. 
It is made 
up of 
employees 
with expertise in sustainability, analysis 
and finance. 
The aim 
of the 
EU’s action 
plan for 
sustainable finance 
is 
to facilitate sustainable 
activities. By creating 
a framework 
for sustainable finance, 
we hope to 
increase the financing 
of sustainable 
solutions and manage 
financial risk 
caused 

 
 
 
 
 
 
 
 
Sustainability report 
Sustainable economic growth
71 
by climate 
change. 
Statnett’s 
main activity 
is 
expected 
to 
be in 
line with 
the EU 
Taxonomy Regulation.
The taxonomy 
includes 
reporting 
requirements 
with 
which 
Statnett 
will 
comply when they apply to our business. 
Innovation 
to 
achieve 
the 
sustainable 
development goals 
SDG 9 
is about 
building resilient 
infrastructure, promoting 
inclusive 
and 
sustainable 
industrialisation 
and 
fostering 
innovation. 
Digitalisation, 
research 
and 
technology 
development 
are 
tools 
for 
innovation, 
which 
contribute 
to 
realising Statnett’s goals. 
The development 
and application 
of 
new 
technology 
is 
vital 
to 
ensure 
that 
the 
significant 
investments 
triggered 
by 
electrification 
are 
sustainable, 
future-oriented, 
cost-effective 
and 
relevant. 
The 
development 
of 
a 
sustainable 
offshore 
grid 
is 
a 
good 
example 
of 
the 
need 
for 
significant 
technology 
development and innovation.
 
We 
work 
to 
promote 
innovation 
and 
technology 
development with 
partners in 
Norway and 
Europe. These 
include both 
research and 
teaching environments,
 
as well 
as 
industry. 
Statnett 
cooperates, 
for 
instance, 
with 
other 
TSOs in the European network ENTSOE-RDIC 
(Research 
Development and Innovation Committee). 
For Statnett, digitalisation is also 
becoming more and more 
important to 
its ability 
to properly 
fulfil 
our social 
mission. 
Better 
exploitation 
of 
power 
system 
data 
means 
that 
we 
can 
work 
smarter 
and 
more 
efficiently. 
More 
data 
and 
better 
analyses 
mean 
that 
more 
customers 
can 
be 
connected 
without 
us 
having 
to 
build 
new 
transmission 
networks. 
Nordic Grid Development Perspective 2021 
The Nordic 
TSOs, Energinet, Fingrid, 
Statnett and 
Svenska 
kraftnät, 
published 
the 
report 
Nordic 
Grid 
Development 
Perspective (NGDP)
 
in autumn 2021. 
The report presents 
a 
common 
Nordic 
scenario 
“Climate 
Neutral 
Nordics”, 
which assumes a high 
growth in electricity consumption 
in 
the Nordic region, up from the current 
400 TWh to approx. 
660 TWh by 
2040. At the 
same time, the 
scenario assumes 
that the renewable 
energy production capacity 
will increase 
to 
more 
than 
twice 
today’s 
level, 
from 
85 
GW 
to 
approximately 190 GW by 2040. 
The report 
also presents an 
overall analysis of 
future power 
system 
needs 
based 
on 
this 
scenario. 
According 
to 
the 
analysis, the power system of 
the future will have a higher 
transmission 
requirement, 
and 
a 
substantial 
increase 
in 
grid 
capacity 
is 
needed. 
Furthermore, 
the 
existing 
flow 
patterns 
in 
the 
Nordic 
power 
system 
may 
change 
significantly in the future. 
Interconnectors and offshore power grid 
Statnett 
has 
several 
subsea 
cable 
systems 
in 
operation, 
both 
nationally 
and 
internationally. 
NordLink 
to 
Germany 
was put into 
ordinary operation 
in 2021, and 
North Sea 
Link 
(NSL) to 
the UK 
was put 
into 
trial operation 
in June. 
The 
total capacity of these interconnectors is 2,800 MW. 
The government 
announced 
in the 
White 
paper Meld. 
St. 
36 (2020-2021) “Energy for work” that it will start work 
on a 
more detailed 
regulation 
of offshore 
system responsibility 
and 
pointed 
to 
Statnett 
as 
having 
the 
role 
of 
system 
operator, 
under 
the 
Offshore 
Energy 
Act, 
for 
cables 
and 
facilities 
not 
regulated 
by 
the 
Petroleum 
Act. 
In 
March 
2022, 
the 
government 
decided 
to 
give 
Statnett 
the 
responsibility for planning the offshore grid. 
In 
2021, 
Offshore 
Development 
became 
a 
separate 
business 
unit 
in 
Statnett, 
and 
will 
be 
responsible 
for 
developing Statnett’s role in 
connection with offshore wind 
and 
offshore 
grids. 
Important 
sustainability 
areas 
for 
the 
new business 
area include fisheries 
and use of 
the ocean 
space, 
as 
well 
as 
Statnett’s 
emissions 
and 
impact 
on 
nature and the environment. 
Rights of Indigenous people 
SDG 15, about 
life on land, 
means we must 
protect, restore 
and 
promote 
sustainable 
use 
of 
terrestrial 
ecosystems, 
sustainably 
manage 
forests, 
combat 
desertification, 
and 
halt and 
reverse land 
degradation and 
halt biodiversity 
loss. 
In 
addition, 
food 
security 
and 
the 
rights 
of 
Indigenous 
people 
are 
other 
important 
reasons 
for 
ensuring 
the 
sustainable use of our natural resources. 
International 
law 
stipulates 
that 
the 
rights 
of 
Indigenous 
people must be protected in the 
planning and construction 
of 
grid 
facilities. 
In 
Norway, 
the 
provisions 
of 
the 
Nature 
Diversity Act, 
the Reindeer 
Herding Act 
and the 
statutory 
regulations on impact assessments help ensure that these 
rights 
are 
safeguarded. 
Through 
the 
licensing 
process, 
Sámi 
stakeholders 
will 
be 
given 
a 
real 
opportunity 
to 
promote their 
interests and 
to influence 
the content 
of the 
decision. 
For 
the 
past 
10–12 
years, 
Statnett 
has 
had 
major 
power 
line projects 
in areas 
licensed for 
Sámi reindeer 
husbandry. 
In 
order 
to 
take 
the 
interests 
of 
reindeer 
husbandry 
into 
account 
as 
much 
as 
possible, 
we 
establish 
an 
early 
dialogue 
to 
gain 
knowledge 
about 
the 
organisation 
and 
land 
use 
of 
reindeer 
grazing 
districts. 
The 
dialogue 
continues through planning 
and construction 
of the 
facilities 
to ensure 
the 
mutual exchange 
of 
useful 
information and 
agree on possible measures to reduce the impact. 
 

Sustainability report 
Sustainable economic growth
72 
The power line Nedre Vinstra – Fåberg – Oslo
: 
The power line was very important for the 
capital’s power supply in the early post-war period. This 
is Norway’s tallest power line on 
concrete pylons. When it was put into operation, 
it was also the country’s longest power line

 
Sustainability report 
GRI
73 
GRI
- 
disclosure
Description 
Reporting 
UN SDGs
1)
Omissions 
GENERAL DISCLOSURES 
102-1 
Name of the organization 
Statnett SF 
102-2 
Activities, brands, products 
and services 
Annual report, This is Statnett 
102-3 
Location of headquarters 
Oslo, Nydalen 
102-4 
Location of operations 
Annual report, This is Statnett and note 20 
102-5 
Ownership and legal form 
Annual report, This is Statnett and note 20 
102-6 
Markets served 
Annual report, This is Statnett and note 20 
102-7 
Scale of the organization 
Annual report, This is Statnett and note 20 
102-8 
Information on employees and 
other workers 
Sustainability accounts 
102-9 
Supply chain 
Sustainability report, 
Our contributions to 
sustainable economic growth and Sustainability 
accounts 
102-10 
Significant changes to the 
organization and supply chain 
Sustainability report, 
Our social contributions. 
No significant changes in 2020. 
102-11 
Precautionary Principle or 
approach 
Sustainability report, Our environmental and 
climate contributions 
102-12 
External initiatives 
Sustainability report, Responsible business and 
Our contributions to sustainable economic 
growth 
102-13 
Membership of associations 
Sustainability report, 
Responsible business and 
Our contributions to sustainable economic 
growth 
102-14 
Statement from senior 
decision-maker 
Annual report, A word from the CEO 
102-16 
Values, principles, standards, 
and norms of behavior 
Sustainability report, 
Responsible business and 
Our contributions to sustainable economic 
growth. 
Annual report, This is Statnett 
16 
102-18 
Governance structure 
Annual report, auditor’s report and 
Sustainability report, responsible business 
102-22 
Composition of the highest 
governance body 
Annual report, Statnetts board, Sustainability 
accounts 
5, 16 
102-40 
List of stakeholder groups 
Sustainability report, 
Responsible business 
102-41 
Collective bargaining 
agreements 
Sustainability accounts 
8 
102-42 
Identifying and selecting 
stakeholders 
Sustainability report, 
Responsible business and 
Our contributions to sustainable economic 
growth 
102-43 
Approach to stakeholder 
engagement 
Sustainability report, 
Responsible business and 
Our contributions to sustainable economic 
growth 
102-44 
Key topics and concerns 
raised 
Sustainability report, 
Responsible business and 
Our contributions to sustainable economic 
growth 
102-45 
Entities included in the 
consolidated financial 
statements 
Annual report, This is Statnett, Organizational 
structure and note 20 
102-46 
Defining report content and 
topic Boundaries 
Sustainability report, 
Responsible business 
102-47 
List of material topics 
Sustainability report, 
Responsible business 
102-48 
Restatements of information 
Sustainability accounts 
102-49 
Changes in reporting 
No significant changes 
 
GRI disclosure 
2021

 
Sustainability report 
GRI
74 
GRI
- 
disclosure 
Description 
Reporting 
UN SDGs
1)
Omissions 
102-50 
Reporting period 
2021 
102-51 
Date of most recent report 
11. march 2021 
102-52 
Reporting cycle 
Yearly 
102-53 
Contact point for questions 
regarding the report 
Knut Hundhammer, e-mail 
knut.hundhammer@statnett.no 
102-54 
Claims of reporting in 
accordance with the GRI 
Standards 
GRI Standards core 
102-55 
GRI content index 
GRI disclosure 2021 
102-56 
External assurance 
Independent assurance report 
MANAGEMENT DISCLOSURES 
103-1 
Explanation of the material 
topic and its boundary 
Sustainability report, 
Responsible business 
103-2 
The management approach 
and its components 
Sustainability report, 
Responsible business 
103-3 
Evaluation of the 
management approach 
Sustainability report, 
Responsible business 
ECONOMIC DISCLOSURES 
201-1 
Direct economic value 
generated and distributed 
Annual report, This is Statnett, Financial 
framework and Financial reporting 
8,9 
201-2 
Financial implications and 
other risks and opportunities 
due to climate change 
Sustainability report, 
Our contributions to 
sustainable economic growth 
13 
Statnett will in 
2022 and onwards 
work to establish 
systems and 
methods for 
calculating 
economic impacts 
of climate change 
405-2 
Ratio of basic salary and 
remuneration of women to men 
Sustainability accounts 
5 
205-3 
Confirmed incidents of 
corruption and actions taken 
Sustainability accounts 
16 
ENVIRONMENTAL DISCLOSURES 
302-1 
Energy consumption 
Sustainability accounts 
7, 8, 12, 13 
304-1 
Operational sites in, or 
adjacent to, protected areas 
Sustainability accounts 
15 
305-1 
Direct (Scope 1) GHG 
emissions 
Sustainability accounts 
13, 15 
305-2 
Energy indirect (Scope 2) 
GHG emissions 
Sustainability accounts 
13, 15 
305-3 
Other indirect (Scope 3) GHG 
emissions 
Sustainability accounts 
12, 13, 15 
305-4 
GHG emissions intensity 
Sustainability accounts 
13, 15 
306-3 
Waste generated 
Sustainability accounts 
12, 15 
306-4 
Waste diverted 
from disposal 
Sustainability accounts 
12, 15 
306-5 
Waste directed to disposal 
Sustainability accounts 
15 
308-1 
New suppliers that were 
screened using environmental 
criteria 
Sustainability report, 
our social contributions 
8, 12 
Proportion not 
calculated

 
Sustainability report 
GRI
75 
GRI
- 
disclosure
Description 
Reporting 
UN SDGs
1)
Omissions 
SOCIAL DISCLOSURES 
403-8 
Workers covered by an 
occupational health and safety 
management system 
All workers at Statnett SF 
8 
403-9 
Work-related injuries 
Sustainability report, 
Our social contributions and 
Sustainability accounts 
8 
405-1 
Diversity of governance bodies 
and employees 
Sustainability accounts 
5 
406-1 
Incidents of discrimination and 
corrective actions taken 
Sustainability report, 
Our contributions to 
sustainable economic growth and Sustainability 
accounts 
8 
409-1 
Measures taken to contribute 
to the elimination of forced or 
compulsory labor 
Sustainability report, 
Our social contributions 
8 
413-1 
Operations with local 
community engagement, 
impact assessments, and 
development programs 
Sustainability report, 
Our contributions to 
sustainable economic growth 
16 
Limited to 
qualitative 
information 
414-1 
New suppliers that were 
screened using social criteria 
Sustainability report, 
Our social contributions 
8, 16 
Proportion not 
calculated 
419-1 
Non-compliance with laws and 
regulations in the social and 
economic area 
Sustainability accounts 
16 
SECTOR SPECIFIC INDICATORS 
EU3 
Number of customers 
Statnett has 69 customers in the transmission 
grid. The customers are divided into three 
categories; distribution grid companies, power 
producers and industrial customers (outlets over 
15 MW). 
7 
EU4 
Length of above and 
underground transmission 
lines 
Annual report, This is Statnett 
7, 9 
EU12 
Transmission losses as a 
percentage of total energy 
Sustainability accounts 
7, 13 
EU25 
Number of injuries and 
fatalities 
Sustainability accounts 
8 
EU28 
Power outage frequence 
Annual report, This is Statnett 
7, 9 
1)
Refer to those of the UN SDG’s that we consider 
to be most relevant to Statnett’s activities.

Sustainability report 
Independent assurance 
76 

Sustainability report 
Independent assurance 
77 

 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Key information
78 
Name of reporting entity or other means of 
identification 
Statnett
Domicile of entity 
Norge
Legal form of entity 
State-owned enterprise
Country of incorporation 
Norge
Address of entity's registered office 
Nydalen allé 33, 0484 Oslo, Norge
Principal place of business 
Oslo
Description of nature of entity's operations and 
principal activities 
Statnett is the operator of the transmission grid and  
system operator in the Norwegian power system  
(Transmission System Operator, TSO).
Name of parent entity 
Statnett SF
Name of ultimate parent of group 
Statnett SF
Key information about Statnett

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting
Comprehensive income
79
Comprehensive income 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
Note 
2021 
2020 
Operating revenue 
9,649 
13,082 
Regulated operating revenue 
4 
13,944
10,522
562 
476 
Other operating revenue 
4 
468
240
10,211 
13,557 
Total operating revenue 
14,412
10,761
Operating costs 
600 
1,505 
System services 
5 
1,505
600
253 
1,746 
Transmission losses 
5 
1,746
253
1,105 
1,165 
Salaries and personnel costs 
6, 7, 23 
1,201
1,137
2,583 
2,833 
Depreciation, amortisation and impairment 
8, 9 
3,119
2,873
1,989 
1,905 
Other operating costs 
27 
1,995
2,030
6,530 
9,154 
Total operating costs 
9,566
6,893
3,681 
4,403 
Operating profit 
4,846
3,869
428 
293 
Financial income 
10 
37
209
662 
607 
Financial costs 
10 
644
658
-234 
-314 
Net financial items 
-607
-449
3,447 
4,089 
Profit before tax 
4,239
3,420
729 
888 
Tax 
19 
932
723
2,717 
3,201 
Profit for the year 
3,307
2,697
Other comprehensive income 
-246 
298 
Changes in fair value of cash flow hedge reserve 
15, 28 
298
-246
54 
-66 
Tax effect 
19, 28 
-66
54
-192 
233 
Other comprehensive income to be reclassified to profit 
or 
loss in subsequent periods 
233
-192
-114 
36 
Changes in estimate deviations of pensions 
7, 28 
36
-114
25 
-8 
Tax effect 
7, 19, 28 
-8
25
-89 
28 
Other comprehensive income not to be reclassified 
to profit 
or loss in subsequent periods 
28
-89
-280 
260 
Total other comprehensive income 
260
-280
2,437 
3,461 
Total comprehensive income 
3,567
2,416

 
Financial reporting
Balance sheet
80
Balance sheet 
Parent company 
Group 
31.12.2020 
31.12.2021 
(Amounts in NOK million) 
Note 
31.12.2021 
31.12.2020 
Assets 
Non-curent assets 
586 
1,244 
Intangible assets 
8 
1,737
1,133
52,492 
59,246 
Tangible assets 
8 
66,767
60,296
9,976 
6,108 
Plants under construction 
9 
6,197
10,103
2,447 
2,376 
Investment in subsidiaries 
20 
-
-
65 
74 
Investment in jointly controlled company and associates 
20 
57
108
27 
127 
Pension assets 
7 
127
27
6,220 
4,500 
Derivatives 
15 
4,500
6,220
4,792 
4,814 
Other non-current financial assets 
14 
128
125
76,605 
78,489 
Total non-current assets 
79,513
78,011
Current assets 
- 
3 
Inventories 
3
-
1,689 
1,761 
Trade accounts and other short-term receivables 
11 
1,134
1,362
1,288 
994 
Market-based securities 
12 
1,407
1,635
254 
- 
Assets held for sale 
29 
-
254
566 
1 
Derivatives 
15 
1
566
961 
2,308 
Cash and cash equivalents 
13 
2,387
1,058
4,757 
5,067 
Total current assets 
4,933
4,874
81,362 
83,556 
Total assets 
84,446
82,885
Equity and liabilities 
Equity 
5,950 
5,950 
Contributed capital 
5,950
5,950
12,359 
14,781 
Other equity accrued 
15,517
12,988
18,309 
20,731 
Total equity 
21,467
18,938
Long-term liabilities 
2,968 
3,950 
Deferred tax liability 
19 
4,055
3,086
273 
264 
Pension liabilities 
7 
266
275
500 
473 
Other liabilities 
24 
495
500
207 
169 
Derivatives 
15 
169
207
47,258 
46,900 
Long-term interest-bearing debt 
16 
46,903
47,236
51,205 
51,756 
Total long-term liabilities 
51,888
51,304
Current liabilities 
9,037 
6,990 
Short-term interest-bearing debt 
16 
6,831
8,660
2,745 
4,063 
Trade accounts payable and other short-term debt 
17 
4,202
3,906
66 
17 
Derivatives 
15 
17
66
- 
- 
Tax payable 
19 
40
12
11,848 
11,069 
Total current liabilities 
11,091
12,644
81,362 
83,556 
Total equity and liabilities 
84,446
82,885
Oslo, March 24, 2022, Statnett’s Board of Directors

Financial reporting
Balance sheet
81
 
Jan Fredrik Baksaas 
Chairman 
Tove Pettersen 
Board member 
Maria Sandsmark 
Board member 
Egil Gjesteland 
Board member 
Wenche Teigland 
Board member 
Christian Reusch 
Board member 
Ingeborg Ligaarden 
Board member 
Ole Bjørn Kirstihagen 
Board member 
Steinar Jøråndstad 
Board member
Hilde Tonne 
President and CEO

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting
Changes in equity
82
Changes in equity 
Parent company 
Group 
Contributed 
capital 
Hedge 
reserve 
Other equity 
accrued 
Total equity 
(Amounts in NOK million) 
Total equity 
Other equity 
accrued 
Hedge 
reserve 
Contributed 
capital 
5,950 
33 
11,150 
17,133 
01.01.2020 
17,783
11,801
33
5,950
- 
- 
2,717 
2,717 
Profit/loss for the year 
2,697
2,697
-
-
- 
-192 
-89 
-280 
Other comprehensive income, note 28 
-280
-89
-192
-
- 
- 
-1,261 
-1,261 
Dividends declared 
-1,261
-1,261
-
-
5,950 
-159 
12,518 
18,309 
31.12.2020 
18,938
13,147
-159
5,950
5,950 
-159 
12,518 
18,309 
01.01.2021 
18,938
13,147
-159
5,950
- 
- 
3,201 
3,201 
Profit/loss for the year 
3,307
3,307
-
-
- 
233 
28 
260 
Other comprehensive income, note 28 
260
28
233
-
- 
- 
-1,039 
-1,039 
Dividends declared 
-1,039
-1,039
-
-
5,950 
73 
14,708 
20,731 
31.12.2021 
21,467
15,443
73
5,950

 
Financial reporting
Cash flow
83
Cash flow 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
Note 
2021 
2020 
Cash flow from operating activities 
3,446 
4,089 
Profit before tax 
4,239
3,419
-13 
-8 
Loss/gain(-) on sale of fixed assets 
8 
-8
-13
2,583 
2,833 
Depreciation, amortisation and impairment 
8 
3,119
2,873
-1 
- 
Reversal of write-down shares 
20 
-
-1
- 
- 
Net paid taxes 
19 
-8
-4
445 
456 
Interest recognised in the income statement 
10 
542
602
16 
15 
Interest received 
10 
20
22
-707 
-528 
Interest paid, excl. construction interest 
10 
-528
-707
950 
303 
Proceeds from sale of market-based securities 
12 
426
1,188
-1,530 
- 
Purchase of market-based securities 
12 
-113
-1,764
88 
-250 
Changes in trade accounts receivable 
11 
-261
-316
1,028 
239 
Changes in trade accounts payable 
11, 17 
246
1,656
-851 
813 
Changes in other accruals 
11, 17 
536
-1,056
5,454 
7,963 
Net cash flow from operating activities 
8,211
5,899
Cash flow from investing activities 
49 
172 
Proceeds from sale of tangible assets 
8 
276
49
-7,495 
-5,927 
Purchase of tangible and intangible assets and plants 
under 
construction 
8, 9 
-6,533
-8,519
-260 
-120 
Construction interest paid 
9 
-120
-260
-9 
-10 
Cash from changes in investment in associates, jointly 
controlled and other companies 
20 
-10
-10
-492 
-274 
Cash flow from long-term loan receivables 
14 
-
4
37 
42 
Cash flow from short-term loan receivables 
11 
2
-
202 
52 
Received dividends and group contributions 
10, 20 
50
135
-7,970 
-6,064 
Net cash flow from investing activities 
-6,335
-8,600
Cash flow from financing activities 
10,254 
16,782 
Proceeds from new interest-bearing debt 
16 
16,782
10,254
-8,484 
-13,719 
Repayment of interest-bearing debt 
16 
-13,716
-8,484
1,923 
-2,576 
Changes in collateral under CSA (Credit Support 
Annex) 
agreements 
18 
-2,576
1,923
-1,261 
-1,039 
Dividends paid 
-1,039
-1,261
2,432 
-552 
Net cash flow from financing activities 
-549
2,432
-84 
1,347 
Net cash flow for the period 
1,327
-269
1,044 
961 
Cash and cash equivalents at period start 
13 
1,058
1,327
961 
2,308 
Cash and cash equivalents at period close 
13 
2,387
1,058

Financial reporting 
Notes
Note 1
 
General information and basis for preparation of 
financial statements
84 
General information 
Statnett SF 
(the parent 
company) is 
a Norwegian 
state-owned enterprise 
that was 
formed on 
20 December 
1991. The 
sole owner 
of 
Statnett SF is the 
Norwegian State, represented by the 
Ministry of Petroleum and 
Energy (MPE). Statnett has 
issued bond loans listed 
on Oslo Stock Exchange and London Stock Exchange. The head office is located at 
Nydalen allé 33, 0484 Oslo.
The consolidated financial 
statements for the 
Statnett Group and 
the financial statements 
for the parent 
company, Statnett SF, have been 
prepared in compliance with 
the current International Financial Reporting 
Standards (IFRS), as adopted by 
the EU, and the 
Norwegian 
Accounting Act.
All subsequent references to “IFRS” imply references to IFRS as adopted by 
the EU.
The financial statements have been prepared on the basis of the historical cost principle, with 
the following exceptions:
●
 
Derivatives, financial assets and liabilities are 
classified as fair value carried 
through profit or loss, amortized 
cost or fair value through 
other comprehensive income. 
●
 
The carrying value of hedged assets and liabilities is adjusted in order 
to register changes in fair value as a result of the hedging. 
●
 
Assets are measured at each reporting 
date with a view to impairment. 
If the recoverable amount of the 
asset is less than the carrying 
value, the asset is written down to the recoverable amount. 
Consolidation policies 
The Group financial 
statements comprise the 
financial statements of 
Statnett SF and 
its subsidiaries, presented 
as if they 
were one entity.
The consolidated 
financial statements 
have been 
prepared using 
uniform accounting 
principles 
for 
equivalent transactions 
and other 
events under otherwise equal circumstances. 
The classification of items in 
the income statement and balance sheet 
has taken place in 
accordance with 
uniform definitions. 
The consolidated financial 
statements are 
prepared in accordance 
with the 
acquisition method 
of 
accounting and show the Group as if it was a single entity. 
Balances and internal transactions between companies within the Group are 
eliminated in the consolidated financial statements.
Associates are companies where 
Statnett has significant influence, 
i.e. Statnett can influence 
financial and operational decisions 
in the 
company, but does 
not have control of the company. Investments in associates are accounted for using the equity method.
A joint 
operation is 
a joint 
arrangement whereby 
the parties 
that have 
joint control 
of the 
arrangement have 
rights to 
the assets, 
and 
obligations for the liabilities, relating to the arrangement. Joint operations are accounted 
for on the basis of proportional consolidation.
Joint ventures are arrangements where the parties that have joint control, have 
agreed to share the net assets of the arrangement. Joint 
ventures are accounted for using the equity method.
Investments in companies in which the Group does not have significant influence (usually when the Group owns less than 20 percent of 
the voting capital) are carried at fair value in the balance sheet. 
Value changes are recognised through profit or loss. These investments 
are not specified in the notes to the financial statements.
Classification of items in the balance sheet 
An asset is classified 
as short-term (current 
asset) when it is 
related to the flow 
of goods, receivables expected 
to be paid within 
one year, 
and “assets 
that 
are 
not 
intended for 
permanent ownership 
or 
use 
in 
the 
operations”. Other 
assets 
are 
fixed assets. 
The distinction 
between short-term and 
long-term loans is 
drawn one year 
before maturity. The first 
year’s instalments 
on long-term loans 
are reclassified 
as current liabilities.
Dividends 
Dividends paid are recorded during the period in which they are approved by the General Meeting. If the approval 
and payment occur in 
different periods, the amount will be allocated to current liabilities until payment is made.
Foreign currency 
The consolidated financial 
statements are presented 
in Norwegian Kroner 
(NOK), which is also 
the parent company's 
functional currency. 
Transactions in foreign currency are recognised at 
the current exchange rates prevailing 
at the date of the transaction. Monetary 
items in 
currencies are translated into 
NOK at the exchange 
rate in effect on 
the balance sheet date. 
Non-monetary items measured 
at acquisition 

Financial reporting 
Notes
Note 1
 
General information and basis for preparation of 
financial statements
85 
cost are translated into NOK at the exchange rate in 
effect on the transaction date. Non-monetary items 
that are measured at fair value 
expressed in foreign 
currency are translated 
at the exchange rate 
in effect 
on the balance 
sheet date. Changes 
in exchange rates 
are 
recorded on a current basis in the income statement during the reporting 
period and presented as financial items.
The Group uses hedge accounting for all foreign currency long-term debt.
Provisions 
Provisions for liabilities are recognised in the income statement 
when the Group has an existing liability (legal or assumed) as a result 
of 
an event that has taken place and it can be 
demonstrated as probable (more likely than not) that a 
financial settlement will be made as a 
result of the 
liability, and the amount 
can be reliably 
measured. Provisions are 
reviewed on each 
balance sheet date, 
and the level reflects 
the best estimate 
of the liability. If there 
is a substantial 
time effect, the 
liability will be 
accounted for at 
the present value 
of future liabilities.
Government grants 
Government grants are 
not recorded in 
the accounts until 
it is reasonably 
certain that the 
Group will 
meet the conditions 
stipulated for 
receipt of 
the grants 
and that 
the grants 
will be 
received. Grants 
are recorded 
as a 
deduction in 
the expenses 
that they 
are meant 
to 
cover.
Statement of cash flows 
The cash 
flow statement 
has been 
prepared based 
on the 
indirect method. 
Cash includes 
bank deposits. 
Restricted cash 
consists of 
employees' tax deductions restricted under Norwegian Law and security deposits related 
to power sale on the power exchange market.
Segment reporting 
Statnett has identified its 
reporting segment based on 
the risk 
and rate of return 
that affect 
the operations. The Group’s 
assessment is 
that there 
is only 
one segment. 
This due 
to that 
Statnett is 
organized, governed, 
reported and 
measured as 
one segment. 
Statnett’s 
revenues are mainly based 
on tariff model set by 
guidelines provided by the 
Norwegian Water Recourses and Energy 
Directorate (RME). 
The business 
is followed 
up as 
a single 
geographical segment. 
Subsidiaries do 
not qualify 
as separate 
business segments 
subject to 
reporting based on IFRS criteria.
The Coronavirus pandemic 
The ongoing Coronavirus pandemic has not had any significant impact on 
the Group’s results or financial position. For more details, see 
also note 9 Assets under construction, and note 18 Financial risk management.

Financial reporting 
Notes
Note 2
 
Amended accounting principles and new accounting
standards
86 
Standards entering into force this year 
The Group has identified the following standards that may have an impact on 
the accounts:
Changes to IFRS 9, IAS 39 and IFRS 7 as a consequence 
of the reference rate (IBOR) reform 
Phase 2 
– changing 
IFRS 9 
Financial Instruments, 
IAS 39 
Financial Instruments 
– Recognition 
and Measurement, 
IFRS 7 
Financial 
Instruments - Disclosure, IFRS 4 Insurance Contracts and IFRS 16 Leases, finishes IASB’s response to the ongoing reform of interbank 
rates 
(IBOR) 
and 
other 
interest 
rate 
indexes. 
The 
standard 
changes 
are 
relevant 
for 
Statnett 
where 
hedge 
accounting 
has 
been 
established and where the hedging relationship includes interest rates affected 
by future changes in reference rates. Statnett has opted 
to apply the standard changes in the two 
phases from 2019 and 2020, respectively, and thereby ensuring the 
continuation of established 
hedge accounting.
Changes to standards with a future implementation 
date 
The Group has not identified other significant changes to standards or interpretations with 
a future implementation date. 
IFRS 17 Insurance Contracts - changes not approved by the 
EU 
IFRS 17 requires that 
all insurance contracts 
be accounted for 
in a consistent manner. Insurance 
liabilities shall be 
assessed on the basis 
of the conditions on 
the balance sheet 
date ("current values") 
instead of historical 
cost, and the 
information shall be updated 
regularly. 
Furthermore, the profit element in 
the insurance contracts must be 
recognized over the period in 
which the insurance service is provided. 
It is 
uncertain whether the 
change will 
apply to 
the subsidiary 
Statnett Forsikring 
AS (captive 
company) and 
whether this 
will have 
an 
impact on the Group. IFRS 17 is approved by the IASB and the EU and 
will take effect from 2023.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 3
 
Accounting estimates and assumptions
87 
The preparation of the 
financial statements in compliance 
with IFRS requires that the 
management prepares assessments and 
estimates 
and assumptions 
that affect 
the application 
of accounting 
principles. This 
affects recognised 
amounts for 
assets and 
liabilities on 
the 
balance sheet date, reporting of contingent assets and liabilities, as well as the 
reported revenues and costs for the period.
Principle
Accounting estimates are used to determine certain amounts that have 
an impact on the Group's financial statements. This requires 
that 
management prepares assumptions relating 
to values or 
uncertain conditions at 
the time of 
preparation. Key accounting estimates 
are 
estimates 
that 
are 
important 
to 
the 
Group’s 
financial 
performance 
and 
results, 
requiring 
management’s 
subjective 
and 
complex 
assessment, often 
related to 
factors encumbered 
by uncertainty. Statnett 
assesses such 
estimates continuously 
based on 
previous results 
and 
experiences, 
consultations 
with 
experts, 
trends, 
prognoses 
and 
other 
methods 
which 
management 
deems 
appropriate 
in 
the 
individual case.
Measurement of financial instruments 
The Group uses the following measuring hierarchy to measure and present 
the fair value of financial instruments: 
Level 1: 
Fair value are 
measured using listed 
prices from active 
markets for identical 
financial instruments. No 
adjustments are made 
regard to these prices. 
Level 2: 
Fair value 
is 
measured using 
other 
observable input 
than used 
at level 
1, either 
directly 
(prices) or 
indirectly (derived 
from 
prices). 
Level 3: 
Fair value is measured using input that is not based on observable market data. 
Information on the measurement hierarchy is provided in the relevant notes 
for the various financial instruments (note 11 to note 17). 
Significant items relating to Statnett's use of estimates:
Group 
Item 
Note 
Estimate/assumptions 
Carrying value 
Other intangible assets 
8 
Estimate of recoverable amount and remaining useful 
life 
1,685 
Property, plant and equipment 
8 
Estimate of recoverable amount and remaining useful 
life 
66,767 
Plant under construction 
9 
Degree of completeness, time when asset is available 
for use, 
assessment of cost as maintenance or investment 
6,197 
Deferred tax liability 
19 
Outcome of ongoing case with the tax authorities 
4,055 

Financial reporting 
Notes
Note 4
 
Operating revenue
88 
Statnett holds a license as transmission grid owner in Norway, 
and revenues mainly derive from operations regulated by the Norwegian 
Water 
Recourses 
and 
Energy Directorate 
(RME). 
Operating 
revenue related 
to 
the 
license 
as 
grid 
owner 
is 
reported 
as 
“Regulated 
operating revenue”.
Statnett SF also holds a license to settle the regulated power 
market in Norway, regulated by RME. Statnett has a national responsibility 
to coordinate 
measurement and 
settlement of 
all 
power sales 
as well 
as correct 
settlement of 
input and 
outtake 
of power 
to 
ensure 
financial balance in the power market. Operating revenue related to this license 
is reported as “Reguled operating revenue”. 
Statnett 
SF 
and 
NordLink 
Norge 
AS 
have 
the 
revenue 
from 
grid 
operations. 
Statnett 
SF 
and 
Elhub 
AS 
have 
the 
revenue 
from 
the 
imbalance settlement. 
Other operating 
revenue is 
revenue related 
to 
other activities 
than regulated 
operations. Other 
operating revenue 
mainly consists 
of 
revenue from consultancy assignments, construction on behalf of distribution grid owners 
(customer projects) and rental income. 
Statnett’s revenues are mainly regulated, and 
Statnett has in 2021 not 
observed any significant negative impacts on 
revenues from the 
ongoing Coronavirus pandemic. 
Principle 
Regulated operating revenue from grid operations 
Operating revenue 
are calculated 
based on 
a tariff 
model set 
by guidelines 
provided by 
the Norwegian 
Water Recourses 
and Energy 
Directorate (RME). 
a) 
Tariff 
revenue fixed 
element generation 
is recognised 
evenly throughout 
the year, 
based on 
the tariff 
set for 
the year 
in 
question. 
b) 
Tariff revenue energy element is recognised according to the customer’s measured input and outtake from the grid 
c) 
Other grid income is mainly recognised based on the customer’s measured 
use of the grid. 
d) 
Congestion revenue is recognised based on 
measured input and outtake from the 
grid between different price 
areas and 
on each side of interconnectors. 
e) 
Income to 
other owners 
in the 
grids is 
recognised evenly 
throughout the 
year based 
on estimates 
for the 
other owners’ 
permitted revenue. 
Permitted revenue 
Permitted revenue is based on a tariff model in accordance with guidelines from the RME.
Statnett’s actual regulated operating revenue 
is tariff revenue in the transmission and distribution grid and congestion revenue.
Due to deviation between each year's 
actual revenues and final permitted revenue, which 
the NVE decides after year-end, 
a difference 
arises annually between Statnett's actual regulated operating revenue and 
Statnett's permitted revenue. This difference is called 
higher 
or lower revenue.
Higher/lower revenue grid operation 
Higher revenue occurs when actual 
revenue is higher than permitted revenue 
for the year. 
Lower revenue occurs when actual 
revenue 
is lower that permitted revenues. Higher revenue, including interest, must be 
returned to the customers in the form of lower future tariffs, 
whereas lower revenue, including interest, can be recouped from the customers in the form of 
higher future tariffs. This follows from the 
regulation 
"Forskrift 
1999-03-11-302 
om 
økonomisk 
og 
teknisk 
rapportering, 
inntektsramme 
for 
nettvirksomheten 
og 
tariffer 
(kontrollforskriften)". The obligation to reduce future tariffs and the opportunity 
to collect increased tariffs do not qualify for balance sheet 
recognition according to IFRS, 
and represents a contingent 
liability (in the event of 
accumulated higher revenue) or a 
contingent asset (in 
the 
event 
of 
accumulated 
lower 
revenue). 
Consequently, 
an 
annual 
change 
in 
these 
items 
will 
not 
be 
included 
in 
the 
IFRS 
income 
statement.
W
here Statnett mainly acts as a settler for the common grid 
and power trading, revenues are reported net.
Regulated operating revenue from balance settlement 
The settlement operator 
is responsible for 
balance settlement in 
the Norwegian power 
system, operation and 
development of the 
data 
hub Elhub, and issuance of electricity 
certificates and guarantees of origin. Elhub 
AS, a 100 percent owned 
subsidiary, operates the data 
hub and performs system support for Ediel. Operating revenue related to the settlement operator is accounted for essentially in line with 
the actually measured feed and withdrawals from the grid.

Financial reporting 
Notes
Note 4
 
Operating revenue
89 
Higher/lower revenue balance settlement 
In some years, 
there may be 
discrepancies between actual 
fees in these 
business areas, and 
the target which 
the regulator allows 
for 
the fees. This 
affects the level 
of future fees, 
and is referred 
to as higher/lower 
revenue. Higher/lower revenues 
are not recognized 
as 
income, but is included in the calculation of the underlying results, as with 
higher/lower revenue from regulated grid operations.
The RME prepared a 
proposal for a 
regulatory model of the 
fee income of 
Elhub in connection 
with the settlement operator 
setting the 
fees for 
the first fee 
period (2019-2022). To 
provide incentives for 
cost-effective operation and 
further development of 
Elhub, the RME 
has developed a model for regulation of revenues. This is a so-called 
"Cap & Floor" model, where Elhub is given incentives to reduce 
its 
costs 
in order 
to increase 
returns. 
This regulation 
will only 
come into 
force 
from the 
second fee 
period, starting 
on 1 
January 
2023. 
Higher/lower revenue 
from balance 
settlement operations 
in Elhub 
is calculated 
according to 
the proposal, 
and includes 
both start-up 
costs from 2015 - 
2018, which can be 
collected in 2019-2022, and 
returns under the floor 
in 2019 and 2020, 
which can be collected 
in 
the next fee period.
Other operating revenue
Revenue from customer projects is recognised 
in accordance with transfer of control to 
the customer. When Statnett performs consulting 
assignments, control 
is considered 
to be 
transferred to the 
customer simultaneously 
as the 
service is performed. 
When Statnett constructs 
facilities on behalf 
of distribution grid 
owners, the contractual 
terms dictates whether control 
is transferred on 
an on-going basis 
during 
the construction period, or when 
the construction is complete. Both 
invoiced and recognised customer project 
revenues are included in 
trade 
accounts 
and 
other 
short-term 
receivables. 
When 
customer 
projects 
are 
expected 
to 
incur 
a 
loss, 
the 
total 
expected 
loss 
is 
recognised. 
Permitted revenue – monopoly-regulated operations 
Statnett owns 
transmission facilities 
and is the 
transmission system operator. 
These are 
monopoly-regulated operations, implying 
that 
the RME sets 
an annual limit 
for Statnett’s 
revenues 
- a 
permitted revenue. The 
basis for 
Statnett's permitted revenue 
is the 
revenue 
cap. The revenue cap is based on 
expenditures, including capital expenditures, for a retrospective period of 
two years. Costs related to 
transmission losses 
and this 
year’s system services 
are also 
included. The transmission 
losses included in 
the permitted 
revenue are 
based on measured actual loss (MWh) for a retrospective 
period two years and this year’s regulated 
reference price based on the elspot 
for 
the 
current 
permitted 
revenue 
year. 
Statnett's 
revenue cap 
is 
regulated to 
ensure 
that 
the 
enterprise 
has 
incentives 
for 
efficient 
operations. In addition to 
the revenue cap, 
Statnett's permitted revenue 
consists of the 
following: This year’s property 
tax, transit costs 
and a 
supplement for 
investments. The 
supplement for 
investments shall 
ensure that 
capital expenditure 
is reflected 
in the 
permitted 
revenue for the year in which the investment is ready to be used. 
Furthermore, Statnett's permitted revenue is adjusted for interruptions 
through KILE (quality-adjusted revenue cap for energy not supplied).
Tariff revenue 
Statnett is 
the operator of 
the transmission 
grid and common 
regional grids. As 
operator, Statnett 
is responsible for 
setting the annual 
tariffs for each common grid.
As 
the 
operator of 
the 
transmission grid 
and two 
common regional 
grids, 
Statnett 
is responsible 
for 
invoicing the 
users 
for 
received 
services. 
The invoicing 
takes place 
based on 
a tariff 
model prepared 
in accordance 
with guidelines 
provided by 
the RME. 
The price 
system consists of 
fixed elements and 
variable elements; energy 
elements. Fixed elements 
are invoiced evenly 
throughout the year, while 
the energy element is invoiced concurrently with the customers' measured input or 
outtake of power from the grid.
Congestion revenue 
Congestion revenue 
occurs due 
to price 
differences between 
Norway and 
trading partners 
abroad, both 
when power 
is imported 
and 
exported. The price differences occur when the market wants 
to transfer more power than the existing capacity. The congestion revenue 
is a result from multiplying the price difference with the transferred power volume, hour by hour. 
The owners of the interconnector share 
the congestion 
revenue, usually 
50/50. For 
Norway, 
Statnett SF 
owns all 
interconnectors, and 
receives all 
of the 
revenues. Domestic 
congestion revenue occurs when the market wants to transfer more power between domestic price areas 
than the capacity allows. This 
congestion revenue is calculated in the same way as for interconnectors, and 
Statnett receives this revenue.
Congestion revenue increased to NOK 5 658 million in 2021, compared 
to NOK 2 408 million in 2020. The increase is due to substantial 
price differences with 
Sweden and 
Europe, and also 
domestically. In addition, North 
Sea Link reached 
trial operation 
from the third 
quarter 
of 2021, and has contributed to an increase in congestion revenue.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 4
 
Operating revenue
90 
Operating revenue 
(Amounts in NOK million) 
Parent Company 
Group 
2020 
2021 
Operating revenue from regulated grid operations 
2021 
2020 
7,578 
6,452 
Tariff revenue fixed element generation 
6,452 
7,578 
132 
534 
Other grid revenue 
533 
132 
247 
1,193 
Tariff revenue energy element 
1,193 
246 
2,408 
5,658 
Congestion revenue 
5,658 
2,408 
-865 
-656 
Income from other owners in the grids 
-23 
-221 
9,500 
13,181 
Total operating revenue from regulated grid operations 
13,813 
10,144 
149 
299 
Fee revenue from imbalance settlement 
529 
378 
- 
-398 
Fee revenue covered by imbalance settlement 
-398 
- 
149 
-99 
Total fee revenue 
131 
378 
9,649 
13,082 
Total operating revenue from regulated activities 
13,944 
10,521 
562 
476 
Other operating revenue 
468 
240 
10,211 
13,557 
Total operating revenue 
14,412 
10,761 
* From 2020, "Fee revenue covered by imbalance 
settlement" was part of regulated operating revenue. 
For the settlement operator, this 
was classified as other operating costs. For 2020, 
this amounted to NOK 35 million, see note 27. 
The comparable figures are not adjusted. 
Permitted revenue regulated operations 
(Amounts in NOK million) 
Parent Company 
Group 
2020 
2021 
Permitted revenue grid operations 
2021 
2020 
6,824 
8,679 
Revenue cap 
9,188 
7,464 
1,821 
1,963 
Supplement to revenue cap 
2,087 
1,821 
8,645 
10,642 
Total permitted revenue grid operations 
11,275 
9,285 
Permitted revenue imbalance settlement 
99 
74 
Permitted fee revenue imbalance settlement 
327 
363 
8,744 
10,716 
Total permitted revenue grid operations and imbalace settlement 
11,602 
9,648 
Higher/lower revenue -This year's changed and total balance 
(Amounts in NOK million) 
Parent Company 
Group 
2020 
2021 
Regulated grid operations 
2021 
2020 
-854 
-2,538 
This year's higher/lower revenue (-/+), not recognized 
-2,538 
-859 
3 
-10 
This year's provision for interest higher/lower 
revenue (-/+), not recognised 
-11 
3 
75 
- 
Higher/lower revenue adjustment (-/+), not recognised 
- 
79 
-777 
-2,549 
This year's changed balance for higher/lower revenue 
(-/+) 
-2,549 
-777 
667 
-110 
Balance higher/lower revenue (-/+), incl. interest 
as at 1 Jan. 
-110 
667 
-777 
-2,549 
Changed balance for higher/lower revenue 
(-/+), 
incl. Interest 
-2,549 
-777 
-110 
-2,659 
Balance higher/lower revenue (-/+), incl. interest as at 
31 Dec. 
-2,659 
-110 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 4
 
Operating revenue
91 
Parent Company 
Group 
2020 
2021 
Imbalance settlement 
2021 
2020 
-50 
173 
This year's higher/lower revenue (-/+), not recognized 
194 
-15 
- 
- 
This year's provision for interest higher/lower 
revenue (-/+), 
not recognised 
5 
- 
-50 
173 
This year's changed balance for higher/lower revenue 
(-/+) 
199 
-15 
-79 
-129 
Balance higher/lower revenue 
(-/+) incl. interest 1 Jan. 
50 
65 
-50 
173 
Changed balance for higher/lower revenue 
(-/+) incl. interest 
199 
-15 
-129 
44 
Balance higher/lower revenue (-/+) incl. interest 
31 Dec. 
249 
50 
Parent Company 
Group 
2020 
2021 
Total balance higher/lower revenue 
2021 
2020 
588 
-239 
Balance higher/lower revenue (-/+) 1 Jan. 
-60 
732 
-854 
-2,538 
Change in balance for Grid operations, excl. interest 
-2,538 
-859 
-50 
173 
Change in balance for Imbalance settlement, excl. interest 
194 
-15 
3 
-10 
Interest on change in balances 
-6 
3 
75 
- 
Prior years' adjustments 
- 
79 
-239 
-2,615 
Total balance higher/lower revenue (-/+) 31 Dec. 
-2,410 
-60 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 4
 
Operating revenue
92 
Operating profit within and outside grid operations and return on invested grid capital 
(Amounts in NOK million) 
Operating profit within and outside grid operations 
Parent company 
Group 
2020 
2021 
2021 
2020 
3,574 
4,512 
Operating profit within grid operations 
4,878 
3,972 
107 
-109 
Operating profit outside grid operations 
-32 
-105 
3,681 
4,403 
Total operating profit 
4,846 
3,868 
-777 
-2,549 
This year's higher/lower revenue (-/+) from grid 
operations, incl. interest, not 
recognised 
-2,549 
-777 
2,904 
1,854 
Underlying operating profit from grid operations 
2,297 
3,091 
Basis for return on invested grid capital 
The regulatory asset base is defined as the average 
of the incoming and outgoing balance for invested 
grid capital, plus one percent of net 
working capital. The invested grid capital is defined 
as the initial historical acquisition cost. The 
share of common fixed assets is included. 
Parent company 
Group 
2020 
2021 
2021 
2020 
50,109 
56,987 
64,697 
58,114 
Return on invested grid capital 
Return is defined as the operating profit/loss compared 
to the regulatory asset base. The reported operating 
profit/loss is given as the annual 
permitted revenue from own grid less costs 
of own grid. The difference is explained by the 
current year's change in higher/lower revenue 
not 
recognised under IFRS. 
Parent company 
Group 
2020 
2021 
(Return in percentage) 
2021 
2020 
6% 
3% 
4% 
5% 

Financial reporting 
Notes
Note 5
 
System services and transmission losses 
93 
System services are costs relating to the exercise of Statnett's system responsibility as defined in the Regulations relating to the system 
responsibility in 
the power 
system (FoS). 
The frequency 
in the 
power grid 
must be 
50Hz. Statnett, 
as Transmission 
System Operator 
(TSO), 
is responsible 
for 
ensuring that 
this 
frequency remains 
stable. 
The requirement 
to 
maintain 
a 
reserve 
capacity 
for 
regulating 
purposes imposes limitations on the producers as they are unable to generate and sell the 
full generator capacity. The reserve capacity 
is distinguished between primary-, secondary- 
and tertiary reserves. Statnett acquires reserves in agreed capacity markets for electricity 
spot and regulating power markets. Prices are affected by available power, regulatory options and prices in the regulatory 
markets.
Statnett buys transmission 
losses (volume) from 
Nord Pool Spot 
AS at spot 
price (market price) 
for the hour 
the transmission loss 
applies. 
In case of all the transformation or transfer of energy, part of the energy will be lost in the process. The size of the transfer loss will vary, 
among other 
things, depending 
on the 
temperature, load 
in the 
grid and 
the electricity 
price. The 
main grid 
transmission loss 
result is 
distributed between the 
grid owners 
in accordance with 
their proportionate shareholding 
in the 
main grid. 
More than 
99 percent 
of the 
facilities are owned by Statnett SF.
Principle
Costs for system services and transmission losses are recognised when acquired.
System services can be divided into the following categories:
Primary reserves 
The primary regulation is automatic 
and is activated immediately if any 
changes occur in the 
power grid frequency. 
This takes place by 
using a pre-agreed reserve capacity. 
The requirement to maintain a reserve capacity for regulating purposes imposes limitations on the 
producers as they 
are unable to 
generate and sell 
the full generator 
capacity. Primary reserves are 
costs Statnett incurs 
by buying 
reserve 
capacity from the producers. The extent of primary reserves is determined by agreements at Nordic level and the reserves are acquired 
through market solutions.
Secondary reserves 
Automatic secondary 
reserves are 
activated to 
release the 
primary reserves 
so that 
they in 
turn can 
quickly handle 
any new 
faults or 
imbalances. Automatic secondary reserves function by the TSO sending a signal to a market player/power 
plant, which will then change 
the plant's 
generation. Secondary 
reserves are 
also referred 
to as 
Automatic frequency 
regulating reserve 
(aFRR), and 
in the 
Nordic 
countries they are mainly used to handle 
frequency deviations. The extent of secondary 
reserves is determined by agreements at Nordic 
level, 
and the reserves are acquired through market solutions.
Tertiary reserves 
In Norway, 
there is an options market for regulating power. This 
is used to ensure that we have sufficient regulating resources available 
in the 
Norwegian section 
of the 
regulating power 
market, 
also during 
periods 
of demand 
for 
increased 
output, such 
as in 
the 
winter 
months. In the 
winter, the 
TSO sets 
up a market 
where they purchase 
a guarantee ensuring 
that market 
members submit bids 
for the 
regulating power lists for the subsequent week. The guarantees can apply 
for both consumption and production.
Transit costs 
Transit costs are compensation for the use of grids abroad. The power system in Europe 
is connected through transmission lines/cables 
crossing international borders.
Special adjustments 
In some cases, there are restrictions in the transmission 
capacity (congestion revenues) which may entail that the bids in 
the regulating 
power market cannot be 
utilised in the 
"correct" price order. 
Activated regulations that are 
not in price 
order are categorised as 
special 
adjustments and are compensated 
for by the associated 
price of the bid 
without this affecting the 
stipulation of the regulating 
power price. 
Thus, Statnett will 
incur a cost equal 
to the difference 
between the price 
of activated bids used 
for special adjustments and 
the current 
hourly price mainly aimed at the regulating power market multiplied by 
the especially adjusted volume.

 
Financial reporting 
Notes
Note 5
 
System services and transmission losses 
94 
Spesification of system services 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
97 
71 
Net regulating and peak power 
71 
97 
98 
273 
Primary reserves 
273 
98 
44 
229 
Secondary reserves 
229 
44 
38 
429 
Tertiary reserves 
429 
38 
191 
205 
Transit costs 
205 
191 
104 
214 
Special adjustments 
214 
104 
28 
84 
Other system services 
84 
28 
600 
1,505 
Total system services 
1,505 
600 
Spesification of transmission losses 
Parent company 
Group 
2020 
2021 
2021 
2020 
2,538 
2,567 
Volume (GWh) 
2,567 
2,538 
106 
680 
Price (NOK/MWh) 
680 
106 
251 
1,745 
Transmission losses 
1,745 
251 
2 
1 
Transmission losses other grid owners 
1 
2 
253 
1,746 
Total transmission losses 
1,746 
253

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 6
 
Salaries and personnel costs 
95 
Salaries and personnel cost 
are the total 
cost relating to 
remuneration of personnel by 
the Group and 
Group officers. 
These expenses 
concern only 
the Group’s 
own employees, not 
contract manpower. 
Ordinary salaries can 
be both 
fixes pay 
and hourly 
wages and 
are 
paid periodically. 
Holiday pay is 
earned on the 
basis of 
ordinary pay and 
is normally paid 
in the 
holiday month the 
following year. 
The 
employer’s national insurance contribution is normally paid in arrears every 
other month.
Principle
Salaries are expensed when they are earned. Ordinary salaries are earned on a regular basis. Holiday pay is earned on 
the basis of the 
ordinary pay. The employer’s national insurance contribution is calculated and expensed for all pay-related cost. Pensions are 
earned in 
accordance with 
a separate set 
of rules (see 
note 7). 
Compensation to 
the Board 
of Directors is 
earned on 
an ongoing 
basis in accordance 
with special agreements approved 
by the General Meeting. 
The salaries 
and personnel cost 
are reduced with direct 
wage cost and a 
percentage of directly attributable overhedad expenses. 
Specification of salaries and personnel costs 
 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
1,341 
1,432 
 
Salaries 
1,473 
1,382 
198 
225 
 
Employer's national insurance contributions (NICs) 
232 
204 
219 
229 
 
Pension costs (Note 7) 
235 
225 
131 
128 
 
Other benefits 
132 
133 
1,888 
2,013 
 
Total salaries and personnel costs 
2,072 
1,944 
-783 
-848 
 
Of which own investment projects 
-871 
-807 
1,105 
1,165 
 
Net salaries and personnel costs 
1,201 
1,137 
1,527 
1,548 
 
Number of full-time equivalents 
1,601 
1,573 
Loan to employees 
Employees had loans in the company totalling NOK 1 million 
as at 31 December 2021. The loans are repaid 
by salary deductions over a 
period of up to two years. 
The loans are interest-free for 
the employee. The interest gain of 
loans exceeding 3/5 of the basic 
amount of 
the national insurance is taxed in relation to the current standard interest rate 
set by the authorities.

Financial reporting 
Notes
Note 7
 
Pensions
96 
The parent 
company and 
subsidiaries have 
pension schemes 
that gives 
the employees 
future pension 
benefits in 
the form 
of defined 
benefit and 
defined contribution 
plans. All 
defined benefit 
plans are 
closed, and 
the defined 
contribution plans 
are the 
Group’s 
main 
pension schemes for all 
new employees. The Group's 
pension plans meet the requirements 
in the Norwegian Mandatory Occupational 
Pension Act. For the defined contribution plans, 
the Group pays an agreed annual contribution 
to the employee’s pension plan, but 
any 
risk for the future 
pension is borne by 
the employee. The future 
pension will be determined 
by the amount of 
the regular contributions and 
the return on 
the pension savings. 
In a defined 
benefit plan, the 
Group is responsible 
for paying an 
agreed pension to 
the employee based 
on his or her final Pay. 
The cost for the accounting period equals the employee’s increase of entitlement of the agreed future pension in 
the financial year.
Principle
Contribution pension plan
In the defined contribution pension 
plan the company is responsible 
for making an agreed contribution 
to the employee’s pension assets. 
The future pension will be determined by the amount 
of the contributions and the return on the 
pension savings. Once the contributions 
have been paid, there are no 
further payment obligations attached to the 
defined contribution pension, and there is 
no liability to record 
in the statement of the balance sheet. The pension 
costs related to the defined contribution plans will be 
equal to the contributions to the 
employees’ pension savings for the reporting period.
The AFP 
plan is 
a defined-benefit 
multi-employer plan 
and the 
pension costs 
will be 
equal as 
for contribution 
pension plan, 
since the 
there are no allocation between the participating companies.
Defined benefit pension plans
The defined 
benefit pension 
plans are 
based on 
a promise 
by the 
company to 
the employees 
that they 
will receive 
a certain 
level of 
pension upon retirement, normally defined 
as a percentage of final pay. The company is responsible 
for the amount of the future pension 
benefit, and the financial value of this obligation must be reported in the 
income statement and the balance sheet statement.
The accrued liability 
is calculated on 
a straight-line 
basis, and is 
measured as the 
present value of 
the estimated 
future pension payments 
that are vested 
on the statement 
of financial position 
date. The capitalised net 
liability is the 
sum of the 
accrued pension liability 
minus 
the fair value of associated pension fund assets.
Changes in the liability for defined benefit plans due to changes 
in pension plans are reported in their entirety in the income 
statement in 
the case of changes that give a rise to an immediate 
paid-up policy entitlement. Other variances from estimates are recognised 
in equity 
through other comprehensive income in the 
period in which they arise. The discount effect of 
the pension liability and expected return on 
assets are 
presented net 
under “Salaries 
and personnel 
cost” as 
this is 
assumed to 
give the 
best information 
regarding the 
Group’s 
pension cost.
More information about the pension plans
Contribution pension plan
Employees in the Group are mainly covered by pension plans classified as defined contribution plans. The 
defined contribution plan has 
a contribution level based on the maximum level in accordance with the 
“Defined pension contribution Act (Lov om innskuddspensjon)”.
Defined 
contribution 
plans 
also 
comprise 
pension 
plans 
that 
are 
common 
to 
several 
companies 
and 
where 
the 
pension 
premium 
is 
independent of the demographic profile in the individual companies (multi-employer 
plans).
The Group is a member of the private contractual early 
retirement scheme (AFP plan) The AFP plan entails that 
employees will receive 
a life-long supplement to the national 
insurance retirement pension. The pension 
can be drawn from age 62, 
also if an employee decides 
to 
stay 
employed. 
The 
AFP 
plan 
is 
a 
defined-benefit 
multi-employer 
plan, 
organised 
through 
a 
general 
office 
and 
financed 
through 
premiums stipulated as a 
percentage of the salaries. 
The premium level has 
increased every year since 
the plan was 
established, and 
thus the premiums are expected to increase in the years to come.
Defined benefit pension plans
The Group has one 
closed defined benefit 
plan that is 
classified as a funded 
contribution plan in addition 
to two closed 
defined benefit 
plans 
that 
are 
unfunded. 
For 
employees 
at 
a 
certain 
age 
at 
the 
time 
of 
transition 
to 
a 
contribution 
plan, 
a 
compensation 
plan 
was 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 7
 
Pensions
97 
established. This plan is 
an unfunded defined benefit plan, 
with a yearly increase 
in compensation until 67 
years of age or 
earlier if the 
employee resigns.
The net pension liabilities in the 
balance sheet statement consist of defined 
benefit pension plan in Statnett SF 
Pensjonskasse eligble for 
older employees when the Contribution pension plan was established.
A 
part 
of 
the 
Group 
management 
has 
supplemental 
pension 
agreements. 
For 
more 
information 
on 
pension 
arrangements 
for 
each 
member of Group management, see Note 23 Remuneration/benefits to the Group 
management.
The net pension 
liabilities in the 
balance sheet statement 
are determined after 
adjustment for deferred 
recognition in other 
comprehensive 
income of the effect 
of changes in estimates. The net 
pension liabilities are reported as provisions 
for liabilities. When a plan has 
funds 
exceeding pension liabilities, net pension assets are reported as fixed assets.
Accrued pension rights are 
mainly secured through pension 
schemes in Statnett 
SF's Pensjonskasse. In 
addition, the parent company 
has early retirement pension obligations that are funded through operations.
Employees who leave the 
Group before retirement 
age, receive a 
paid-up policy. 
These paid-up policies are 
managed by Statnett SFs 
Pensjonskasse and Storebrand 
Livsforsikring AS. From 
the date the 
paid-up policy is 
issued, Statnett is 
exempt from any 
obligation to 
employees to which the 
paid-up policies apply. 
Assets and liabilities 
are measured at the 
date of issue 
of the paid-up policies, 
and are 
separated from pension assets and liabilities.
An external actuary 
calculates the pension 
liabilities. When 
calculating the 
pension liabilities, 
the National Insurance 
contributions that 
the company is required to pay as part of the 
payment of direct pensions or the payment of premiums 
for fund-based schemes are taken 
into account.
Assumptions defined benefit pension plans
The Group uses Norsk 
Regnskapsstiftelse’s assumptions as a 
basis for making the 
assessment as to whether 
these are applicable for 
the Group.
The discount rate is 
based on the corporate covered 
bonds (OMF). Statnett considers 
the OMF market to 
represent a sufficiently deep 
market to be used in the calculation of the discount rate.
The value of the Premiefond in Statnett SF' Pensjonskasse is included in actuary 
calculates of the pension liability as per 01.01.2021 
for The Group. This including result in crease Gross pension asset. 
When the pension assets are higher than de pension liabilities there 
is a cap "Assets Ceiling" for the balance value. The Group reports balance sheet 
values based on financial and actuarial assumption 
and "asset ceiling" and the financial assumptions 
for this actuary calculation. The effect is a part of the "total changes in estimate 
variances for the year" as "Effect of asset ceiling"
Pension costs 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
84 
78 
Defined benefit plan 
79 
86 
3 
3 
Interest cost -(income) 
3 
3 
112 
127 
Defined contribution plan 
130 
115 
20 
22 
Defined multi-employer plan 
23 
21 
219 
229 
Pension costs 
235 
225 
23 
26 
Employer's contributions 
26 
24 
242 
255 
Total pension costs, incl. employer's contribution 
261 
249 
114 
-36 
Changes in estimate variances in other comprehensive 
income 
-36 
114 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 7
 
Pensions
98 
Net estimated pension liabilities 
Parent company 
Group 
31.12.2020 
31.12.2021 
(Amounts in NOK million) 
31.12.2021 
31.12.2020 
2,595 
2,751 
Estimated pension liabilities 
2,757 
2,600 
-2,349 
-2,614 
Pension assets 
-2,618 
-2,352 
246 
137 
Net pension liabilities 
139 
248 
-27 
-127 
Net pension assets - funded plan 
-127 
-27 
273 
264 
Unfunded pension 
266 
275 
246 
137 
Net pension liabilities 
139 
248 
Funded and unfunded pension liabilities 
Parent company 
Group 
31.12.2020 
31.12.2021 
(Amounts in NOK million) 
31.12.2021 
31.12.2020 
Change in gross pension liability 
2,313 
2,595 
Gross pension liability at 1 Jan. 
2,600 
2,332 
94 
88 
Present value of the year's pension contributions 
89 
94 
- 
- 
Effect of business transfer 
- 
-14 
52 
49 
Interest costs of pension liability 
49 
52 
215 
-230 
Actuarial gains and losses 
-231 
215 
- 
330 
Effect of asset ceilling ** 
330 
- 
-18 
-19 
Employer's contribution on premium paid 
-19 
-18 
-61 
-64 
Disbursed pension/paid-up policies 
-64 
-61 
2,595 
2,751 
Gross pension liabilities as at 31 Dec. 
2,757 
2,600 
Funded and unfunded pension liabilities 
Parent company 
Group 
31.12.2020 
31.12.2021 
(Amounts in NOK million) 
31.12.2021 
31.12.2020 
Change in gross pension assets 
2,124 
2,349 
Fair value of pension assets at 1 Jan. 
2,352 
2,139 
50 
53 
Interest income on pension assets 
53 
50 
- 
- 
Effect of business combinations 
- 
-13 
101 
134 
Actuarial gains and losses 
134 
101 
135 
155 
Premium paid 
156 
136 
-61 
-77 
Pension/paid-up policies disbursed 
-77 
-61 
2,349 
2,614 
Fair value of pension assets as at 31 Dec. 
2,618 
2,352 
246 
137 
Net pension liabilities as at 31 Dec. 
139 
248 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 7
 
Pensions
99 
Changes in estimate variances for the year 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
322 
-230 
Change in discount rate 
-230 
322 
-101 
-134 
Interest income on pension assets 
-134 
-101 
-22 
- 
Salaries growth 
- 
-22 
-88 
- 
Pension adjustments 
- 
-88 
- 
329 
Effect of asset ceiliing** 
329 
- 
4 
- 
Effect of experience adjustment 
- 
4 
114 
-36 
Total changes in estimate variances for the year 
-36 
114 
* No changes in the estimate during the 
year 
**The value of the Premiefond in Statnett SF' Pensjonskasse 
is included in actuary calculates of the pension 
liability as per 01.01.2021. 
Financial/actuarial assumptions, parent company 
and Group 
2021 
2020 
Discount rate corporate covered bonds (OMF) 
2.10% 
1.50% 
Interest income on pension assets 
2.10% 
1.50% 
Expected wage adjustments* 
2.00% 
2.00% 
Expected pension adjustments* 
1.00% 
1.00% 
Expected adjustment of basic amount (G) under 
NIS 
1.75% 
1.75% 
Mortality table * 
K2013FT 
K2013FT 
* No changes in the estimate during the 
year 
Sensitivity analysis 
The figures below give an estimate of the potential 
effect of a change in certain assumptions for defined-benefit 
pension schemes. 
The following estimates and estimated pension 
costs for 2021 are based on the facts and 
circumstances at 31 December 2021. 
Actual results may differ significantly from these estimates. 
Sensitivities decrease (increase) benefit obligation as 
of year-end: 
(Amounts in NOK million, except percent) 
Parent company 
Group 
192 
7.4 % 
Discount rate increase 0.5 percent * 
192 
7.4 % 
-50 
-2.0 % 
Expected salary increase 0.5 percent 
-50 
-2.0 % 
-184 
-7.1 % 
Expected pension increase 0.5 percent 
-184 
-7.1 % 

 
Financial reporting 
Notes
Note 7
 
Pensions
100 
Percentual breakdown of pension assets into 
investment categories, parent company 
and Group as 
at 31 December 
2021 
2020 
Property 
8% 
9% 
Held-to-maturity bonds 
6% 
6% 
Nordic bonds 
12% 
12% 
Alternative bonds 
5% 
5% 
Foreign bonds 
27% 
25% 
Bank deposits 
3% 
3% 
Nordic money market 
2% 
2% 
Emerging markets shares 
5% 
6% 
Foreign shares 
21% 
22% 
Norwegian shares 
11% 
10% 
Total 
100% 
100% 
Members of the defined-benefit plan 
Parent company 
Group 
2020 
2021 
2021 
2020 
817 
806 
Members of the pension fund 
809 
819 
505 
517 
Of which pensioners 
518 
505 
312 
289 
No. of active pension scheme members 
291 
314 
Pension disbursement flow Statnett SF
The average weighted maturity 
for pension liabilities, related 
to the main scheme 
in Statnett SF, 
is estimated at 14 
years based on the 
pension assumptions at 31 Dec. 2021. 
Statnett SF' Pensjonskasse does not compare 
the pension assets against the date 
of payments 
for the pension liabilities at 31 Dec. 2021.

Financial reporting 
Notes
Note 8
 
Tangible 
and intangible assets
101 
Tangible 
assets 
comprise 
power lines, 
stationary equipment, 
buildings, 
land, ICT 
equipment etc. 
that 
are 
necessary 
for 
the Group’s 
operations. Intangible assets are 
mainly related to proprietary 
software and are classified as 
“ICT equipment” in the 
table below. Goodwill 
totals a small amount and is classified as «Other».
Principle
Tangible assets
Tangible 
assets are carried 
at cost less 
accumulated depreciation and write-downs. 
The initial cost 
of an asset comprises 
its purchase 
price, 
including 
non-refundable 
taxes 
related 
on 
purchases, 
costs 
directly 
attributable 
to 
bringing 
the 
asset 
into 
intended 
use 
with 
deductions for 
any discounts. 
Cost directly 
attributable comprises 
for example 
salary, 
assembly and 
installation costs, 
delivery costs, 
building loan 
interest, document 
fees and 
transaction costs. 
The depreciation reduces 
the carrying 
value of 
tangible assets, 
excluding 
building lots, to the estimated residual value at the end of 
the expected useful life. Tangible assets are depreciated in a straight line from 
the 
time 
when 
the 
assets 
were 
ready 
to 
be 
used. 
This 
applies 
correspondingly to 
tangible 
assets 
acquired 
from other 
grid 
owners. 
Significant components of tangible asset are assessed separately for depreciation purposes. The significance is assessed based on the 
acquisition cost of the components in relation to the acquisition cost of the whole 
asset.
The value of work carried out and 
facilities is transferred from plants under construction 
to tangible or intangible assets when 
the asset is 
ready for use. In projects 
where there are significant components 
that are ready for use 
at different times, the finished 
components are 
transferred to tangible or intangible 
assets, as they are ready.
The timing for when a 
component is considered ready for 
use, is described 
in note 9 Plants under construction.
Cost estimates for removal of tangible assets are recognised as part of the acquisition cost 
at the time when the Group is considered to 
have a legal or actual removal obligation. The estimate is assessed as the present value of the 
expenditure expected to incur at a future 
point in time. The annual interest 
cost that incurs as a 
result of the liability being one 
year closer to settlement, is 
recognised as a cost. 
The estimate may be amended later as a result of a change in 
the estimate of the size of the expense, change in the expected schedule 
and/or change in 
the discount 
rate. The 
amendments are 
recognised in 
the balance 
sheet as 
an increase 
or reduction 
of the 
carrying 
value of the 
asset. If 
a potential reduction 
is higher than 
the carrying 
value of the 
asset, the 
excess amount is 
recorded in the 
income 
statement. If there is 
an increase in the 
carrying value, the Group will 
assess whether this is 
a depreciation indicator for 
the portfolio of 
assets.
Gains or losses on the 
divestment or scrapping of tangible assets 
are calculated as the difference between the 
sales proceeds and the 
assets’ carrying value. Gains/losses on divestment 
are recorded in the income statement as other 
operating revenues/expenses. Losses 
on scrapping are recognised in the income statement as depreciation, amortisation 
and write-downs.
Lump sum payments in 
connection with the acquisition 
of land etc. are included 
in the acquisition cost of 
the asset. Current payments 
are 
minor amounts and are recognised in the income statement in the year in which 
the payment is disbursed.
Maintenance expenses are recognised in 
the income statement when they 
incur. No provisions 
are made for the 
periodic maintenance 
of the 
grid (transformer 
stations or 
power lines/cables). 
Even though 
maintenance is 
periodic for 
the individual 
transformer station 
or 
power line, it is not considered periodic for the entire grid as the grid as a 
whole is regarded as a single cash-generating unit.
If the tangible asset is replaced, any residual financial value will be recorded in 
the income statement as a loss on scrapping. Expenses 
that significantly extend the life of the fixed asset and/or increase its capacity are 
capitalised.
Intangible assets
Intangible assets are measured at 
acquisition cost on initial recognition. 
In later periods, intangible assets 
are recognised at acquisition 
cost less accumulated amortisations and write-downs. Intangible assets 
with a fixed useful life are amortised over 
the asset's useful life 
which is assessed at least once a year. Intangible assets are amortised in a straight line as this best reflects the 
use of the asset.
Right-of-use assets
Right-of-use assets 
are presented 
within tangible 
asset; that 
is the 
same line 
item as 
that within 
which the 
corresponding underlying 
assets would be presented if they were owned.
At initial recognition 
of leases, right-of-use 
assets are measured 
at cost comprising 
the amount of 
initial measurement of 
the lease liability, 
initial direct costs incurred 
by Statnett and an 
estimate of costs to 
be incurred by Statnett 
in restoring the underlying 
asset to the condition 
required by the terms and conditions of the lease. The right-of-use assets are reduced 
by any lease incentives received. 

Financial reporting 
Notes
Note 8
 
Tangible 
and intangible assets
102 
After 
the 
commencement 
date, 
right-of-use 
assets 
are 
measured 
at 
cost 
less 
any 
accumulated 
depreciation 
and 
any 
accumulated 
impairment losses. 
Depreciations are 
linear during 
the lease 
term. The 
cost 
of right-of-use 
assets is 
adjusted to 
reflect any 
changes 
resulting from reassessments of the lease liabilities.
Statnett has elected to apply the recognition 
exemptions in IFRS 16 for short-term 
leases and for leases for which the 
underlying asset is 
of low 
value. Statnett 
only recognizes 
right-of-use assets 
and lease liabilities 
for intangible 
assets when required 
by the 
standard. For 
leases containing non-lease components, Statnett accounts for any such non-lease components separately.
Research and development
Research expenses are recognised on a current basis. Research is an internal 
process that does not give rise to independent intangible 
assets that generate future 
economic benefits. Capitalized development expenses 
are depreciated in a 
straight line over 
the estimated 
useful life of the asset.
Expenses related to development activities are capitalised in the balance sheet if the product or process is technically and commercially 
feasible and the 
Group has adequate 
resources to complete 
the development. Expenses 
capitalised in the 
balance sheet include 
material 
expenses, 
direct 
wage 
costs 
and 
a 
percentage 
of 
directly 
attributable 
overhead 
expenses. 
Capitalised 
development 
expenses 
are 
recorded at acquisition cost, less any accumulated depreciation and write-downs.
Goodwill 
Goodwill 
is 
not 
amortised, 
but 
is 
tested 
for 
impairment 
annually. 
Write-downs 
are 
conducted 
if 
the 
carrying 
value 
is 
lower 
than 
the 
recoverable amount. 
The recoverable 
amount is 
the higher 
of the 
net sales 
value and 
the value 
in use. 
When assessing 
impairment, 
goodwill is allocated to fixed assets at the lowest identifiable level of cash-generating units. 
Write-downs of goodwill cannot be reversed 
in subsequent periods.
Depreciation 
Depreciation is 
based on 
the management’s 
assessment of 
the useful 
life of 
property, plant and 
equipment. The 
assessments may 
change 
owing, for example, to technological developments and historical experience. This may entail changes in 
the estimated useful life of the 
asset and thus the depreciation. It is difficult to predict technological developments, and 
the management's view of how quickly changes 
will come, may change over time. If expectations change 
significantly, the depreciation will be adjusted with effect for future periods. The 
estimated useful life, depreciation 
method and residual value 
are assessed at 
least once a 
year. For most 
assets, the residual value 
is 
estimated at zero at the end of the useful life.
Write-downs 
On each reporting date, the Group considers whether there are any indications 
of impairment in value for tangible and intangible assets. 
If there are any indications of impairment in value, the Group 
will estimate the recoverable amount for the assets and evaluate potential 
write-down. Estimates 
of recoverable 
amounts are 
in part based 
on management 
assumptions, including 
estimation of the 
asset’s income-
generating capacity 
and probability 
of gaining 
licenses for 
construction projects. 
Changes in 
circumstances and 
in the 
management’s 
assumptions can lead to write-downs. Tangible assets in the parent company and the subsidiary NordLink Norge are considered as one 
cash-generating 
unit 
for 
each 
company 
and 
are 
assessed 
combined. 
For 
the 
Group’s 
other 
companies, 
each 
part 
of 
tangible 
and 
intangible assets are assessed individually.
Climate risk
Statnett is affected by climate 
risk, both due to climate 
change, which can have consequences 
for the plants, and 
stricter climate policies. 
In order 
to prepare 
against extreme 
weather, 
Statnett has 
implemented measures 
at its 
plants. New 
plants are 
designed for 
extreme 
weather scenarios. When it comes to plants with SF6 gas, Statnett is continuously working to switch to alternative solutions without SF6 
gas. Statnett 
has not detected 
any indications that 
climate risk has 
affected the 
valuation of existing 
tangible or intangible 
assets, including 
estimates of the remaining useful life and residual value in both depreciation 
and write-down assessments.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 8
 
Tangible 
and intangible assets
103 
Parent company 
Main 
circuit 
equip-
ment 
Control 
and 
auxiliary 
equip-
ment 
Buildings 
and land 
Other 
(Amounts in NOK million) 
Power 
lines 
Land and 
subsea 
cables 
ICT 
equip-
ment 
Total 
Acquisition cost at 1 Jan. 20 
21,222 
6,909 
14,021 
4,459 
4,322 
13,011 
2,107 
66,051 
Additions, acquisition cost 
2,816 
84 
2,572 
472 
677 
2,109 
342 
9,071 
Disposals, acquisition cost 
-38 
-6 
-130 
-83 
-203 
-5 
-24 
-489 
Reclassification to Assets held for sale 
- 
-40 
-21 
- 
- 
-44 
-989 
-1,094 
Acquisition cost at 1 Jan. 21 
24,000 
6,948 
16,442 
4,848 
4,796 
15,071 
1,436 
73,540 
Additions, acquisition cost 
563 
5,006 
1,750 
424 
1,142 
1,105 
99 
10,088 
Disposals, acquisition cost 
-121 
-6 
-210 
-80 
-20 
-115 
-38 
-589 
Reclassification to Assets held for sale 
- 
40 
21 
- 
- 
44 
989 
1,094 
Acquisition cost at 31 Dec. 21 
24,441 
11,987 
18,003 
5,193 
5,918 
16,105 
2,486 
84,133 
Accumulated depreciation and amortisation 
at 1 Jan. 20 
5,860 
1,530 
4,047 
1,743 
2,390 
2,126 
1,530 
19,226 
Depreciation and amortisation 
460 
168 
435 
260 
630 
439 
139 
2,530 
Disposals, depreciation and amortisation 
-31 
- 
-95 
-81 
-203 
-26 
-18 
-454 
Reclassification to Assets held for sale 
- 
-40 
-14 
- 
- 
-44 
-742 
-840 
Accumulated depreciation and amortisation 
at 1 Jan. 21 
6,289 
1,658 
4,373 
1,922 
2,817 
2,495 
909 
20,462 
Depreciation and amortisation 
513 
234 
538 
280 
658 
472 
99 
2,793 
Disposals, depreciation and amortisation 
-38 
-1 
-179 
-63 
-20 
-34 
-118 
-452 
Reclassification to Assets held for sale 
- 
40 
14 
- 
- 
44 
742 
840 
Accumulated depreciation and amortisation 
at 31 Dec. 21 
6,764 
1,931 
4,746 
2,139 
3,455 
2,976 
1,632 
23,643 
Carrying value at 31 Dec. 20 
17,710 
5,290 
12,069 
2,927 
1,979 
12,577 
527 
53,078 
Carrying value at 31 Dec. 21 
17,677 
10,056 
13,257 
3,054 
2,463 
13,129 
854 
60,490 
Of which intangible fixed assets 
Carrying value at 31 Dec. 20 
- 
- 
- 
- 
582 
- 
4 
586 
Carrying value at 31 Dec. 21 
- 
- 
- 
- 
1,240 
- 
3 
1,244 
Of which right-of-use assets 
Carrying value at 31 Dec. 20 
- 
- 
- 
- 
188 
180 
- 
368 
Carrying value at 31 Dec. 21 
- 
- 
- 
- 
195 
244 
- 
439 
Of which asset retirement obligations 
Carrying value at 31 Dec. 20 
108 
12 
111 
- 
- 
- 
- 
231 
Carrying value at 31 Dec. 21 
57 
4 
92 
- 
- 
- 
- 
153 
Acquisition cost for tangible fixed assets fully 
depreciated, but still in use 
355 
200 
786 
634 
1,961 
434 
769 
5,138 
Depreciation rate (straight-line) 
2% 
2-7% 
2-5% 
3-13% 
5-33% 
0-7% 
0-33% 
Purchase of grid facilities 
Additions in 2021 include the purchase of grid facilities due to the third energy package for an amount of NOK 440 million. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 8
 
Tangible 
and intangible assets
104 
Group 
Main 
circuit 
equip-
ment 
Control 
and 
auxiliary 
equip-
ment 
Buildings 
and land 
Other 
(Amounts in NOK million) 
Power 
lines 
Land and 
subsea 
cables 
ICT 
equip-
ment 
Total 
Acquisition cost at 1 Jan. 20 
21,468 
12,399 
15,517 
4,579 
4,933 
13,786 
2,457 
75,139 
Additions, acquisition cost 
2,816 
87 
2,429 
460 
735 
2,266 
128 
8,921 
Disposals, acquisition cost 
-38 
-6 
-130 
-83 
-203 
-51 
-71 
-582 
Reclassification to Assets held for sale 
- 
-40 
-21 
- 
- 
-44 
-989 
-1,094 
Acquisition cost at 1 Jan. 21 
24,246 
12,440 
17,795 
4,956 
5,466 
15,957 
1,524 
82,385 
Additions, acquisition cost 
561 
4,964 
1,740 
423 
1,152 
1,098 
101 
10,041 
Disposals, acquisition cost 
-121 
-7 
-210 
-80 
-20 
-115 
-44 
-595 
Reclassification to Assets held for sale 
- 
40 
21 
- 
- 
44 
989 
1,094 
Acquisition cost at 31 Dec. 21 
24,685 
17,438 
19,346 
5,300 
6,599 
16,986 
2,570 
92,924 
Accumulated depreciation and amortisation 
at 1 Jan. 20 
5,861 
1,576 
4,071 
1,749 
2,462 
2,148 
1,613 
19,480 
Depreciation and amortisation 
465 
304 
481 
272 
694 
453 
150 
2,820 
Disposals, depreciation and amortisation 
-31 
- 
-95 
-81 
-203 
-26 
-65 
-501 
Reclassification to Assets held for sale 
- 
-40 
-14 
- 
- 
-44 
-742 
-840 
Accumulated depreciation and amortisation 
at 1 Jan. 21 
6,295 
1,840 
4,443 
1,940 
2,953 
2,528 
956 
20,955 
Depreciation and amortisation 
517 
370 
583 
292 
732 
489 
96 
3,080 
Disposals, depreciation and amortisation 
-38 
1 
-179 
-63 
-21 
-36 
-122 
-458 
Reclassification to Assets held for sale 
- 
40 
14 
- 
- 
44 
742 
840 
Accumulated depreciation and amortisation 
at 31 Dec. 21 
6,774 
2,250 
4,861 
2,169 
3,665 
3,025 
1,673 
24,418 
Carrying value at 31 Dec. 20 
17,951 
10,600 
13,352 
3,016 
2,514 
13,429 
568 
61,430 
Carrying value at 31 Dec. 21 
17,911 
15,188 
14,484 
3,131 
2,934 
13,958 
898 
68,504 
Of which intangible fixed assets 
Carrying value at 31 Dec. 20 
- 
- 
- 
- 
1,077 
- 
56 
1,133 
Carrying value at 31 Dec. 21 
- 
- 
- 
- 
1,681 
- 
56 
1,737 
Of which right-of-use assets 
Carrying value at 31 Dec. 20 
- 
- 
- 
- 
188 
181 
- 
369 
Carrying value at 31 Dec. 21 
- 
- 
- 
- 
195 
244 
- 
439 
Of which asset retirement obligations 
Carrying value at 31 Dec. 20 
108 
12 
111 
- 
- 
- 
- 
231 
Carrying value at 31 Dec. 21 
57 
4 
92 
- 
- 
- 
- 
153 
Acquisition cost for tangible fixed assets 
fully 
depreciated, but still in use 
355 
200 
786 
634 
1,962 
434 
646 
5,017 
Depreciation rate (straight-line) 
2% 
2-7% 
2-5% 
3-13% 
5-33% 
0-7% 
0-33% 
Expenditure on research and development 
Research and development activities that have been 
carried out and do not meet the criteria for being 
capitalized in 2021 and 2020 have 
been expensed with NOK 55 million and NOK 
79 million respectively. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 9
 
Plants under construction
105 
Statnett is currently undertaking substantial investments. 
For the most part, this is done 
through projects that are recorded in 
the balance 
sheet as plants under construction until the assets are ready for use.
Principle
Plants under construction are recognised in the balance sheet at acquisition cost less any accumulated 
losses from impairments. Plants 
under construction are not depreciated.
Development projects starts with 
a feasibility and alternative 
study. Project costs are recognized through 
profit or loss until the 
conclusion 
from the study is available, and the 
main development concept has been selected. After this, 
project costs are capitalized. At this point, 
a licence has not been granted and no final 
investment decision has been made. Statnett’s experience is 
that once a main concept has 
been selected for development, 
it is highly probable that 
the project will be fulfilled. 
Should Statnett no longer 
deem project completion as 
probable, the capitalized project costs are impaired.
Accrued costs in development projects are measured according to 
the progress in the project. 
Deliveries from suppliers where Statnett 
has gained control are included in the accrued costs.
Ongoing 
assessments 
are 
made 
of 
whether 
licensing 
conditions 
or 
other 
causes 
necessitate 
a 
full 
or 
partial 
write-down 
of 
project 
expenses incurred. Write-downs are reversed when there is no longer any basis 
for the write-down.
Construction loan 
costs related 
to the 
company’s own 
plants 
under construction 
are capitalised 
in the 
balance sheet. 
The interest 
is 
calculated based 
on the 
average borrowing 
interest 
rate and 
scope of 
the investment, 
as the 
funding is 
not identified 
specifically for 
individual projects.
When plants under 
construction are available for 
use, plants under 
construction are reclassified 
as tangible or intangible 
assets. The term 
“available for use” means 
that the asset is in the 
location and condition necessary 
for it to be 
capable of operating in 
the manner intended 
by management. For grid infrastructure, available for use means the grid infrastructure is ready 
to operate in the power grid.
Spesification this year's change of plants under construction 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
11,425 
9,955 
Aquisition cost at 1 January 
10,081 
11,505 
6,963 
5,669 
Additions 
5,570 
7,039 
260 
120 
Capitalised construction interest 
120 
260 
-8,642 
-9,596 
Transferred to tangible and other intangible fixed assets 
-9,534 
-8,670 
-53 
-40 
Write-offs 
-40 
-53 
9,955 
6,108 
Acquisition cost at 31 December 
6,197 
10,081 
22 
- 
Hedge accounting effects 
- 
22 
9,976 
6,108 
Plants under construction at 31 December 
6,197 
10,103 
Average capitalisation rate used to determine the loan expense that 
can be capitalised: 
2021 
2020 
1.41% 
2.13% 
Contractual obligations 
Contractual obligations as at 31 December 
2021 amounts 
to NOK 2.1 billion. The reported obligation 
includes investment projects where 
future contractual obligations exceed NOK 50 million.
Effects of the corona pandemic on construction projects 
For transmission line 
projects, the corona 
pandemic has resulted 
in tighter 
plans of progress 
and increased costs. 
At the end 
of 2021, 
project reporting 
shows no 
particular changes 
from the 
last quarter, 
but the 
risk of 
increased costs 
and delays because 
of the 
corona 
situation is still present. During 2021, there have not been any write-downs related 
to the corona pandemic.

Financial reporting 
Notes
Note 10
 
Financial income and costs
106 
Financial income 
and financial 
costs 
mainly comprise 
interest income 
and interest 
expenses relating 
to the 
Group's 
financing. Other 
financial items not attributable to operating conditions are also included. 
Principle 
Interest income and 
interest expenses on 
loans and receivables 
are calculated using 
the effective interest 
method and are 
recognised 
when they are earned/accrued. 
Interest income, unrealised 
and realised 
changes in value 
of market-based securities 
are presented net 
as Net gain/loss 
from market-
based securities. 
Interest expenses relating to asset retirements obligations are presented under Other interest costs.
The interest element in the asset 
retirements obligations is discussed in more detail in note 24 Other liabilities. 
Interest expenses relating to plants under construction are recognised in the balance 
sheet together with the plants under construction, 
see note 9 Plants under construction. 
Currency gains or losses deriving from operating assets and liabilities, and hedging 
of these items, are classified as Other operating 
costs, see note 27 Other operating costs.
Unrealised currency gains or losses relating to hedging of loans 
are presented net as a 
change in value derivatives.
Other currency effects are presented net as Net currency exchange gain/loss. 
The interest element in pension costs is recognised in pensions, 
see note 7 Pensions. 
For the Group: 
Investments in associates are recognised in 
accordance with the equity 
method for the Group. Shares 
of profits/losses and impairment 
of shares for associates are recognised net under Net financial income from associates or 
Net financial costs from associates, see note 
20 Investments in subsidiaries, jointly controlled company and associates.
For the parent company:
Investments in subsidiaries and associates are recognised in 
accordance with the cost method in the 
parent company accounts. Group 
contribution and 
dividends received 
are recorded 
in the 
income statement 
as financial 
income, as 
long as 
the Group 
contribution and 
dividends are 
within the 
earnings accrued 
during the 
period of ownership. 
Group contributions and 
dividends are 
recorded in 
the year 
they are adopted. Impairments and impairment reversals of shares in subsidiaries and gains/losses on the sale 
of shares in subsidiaries 
are presented as Net financial income from subsidiaries or as Net financial costs from 
subsidiaries.

 
Financial reporting 
Notes
Note 10
 
Financial income and costs
107 
Specification of financial income and financial costs 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
Financial income 
65 
148 
Group contribution and dividend from subsidiaries 
- 
- 
1 
- 
Net financial income from subsidiaries 
- 
- 
135 
52 
Net financial income from associates 
-9 
125 
166 
95 
Interest income from subsidiaries 
- 
- 
15 
14 
Other interest income 
15 
17 
25 
6 
Net gain/loss from market-based securities 
5 
30 
20 
-22 
Change in value of derivatives 
13 
20 
- 
- 
Net currency exchange gain 
- 
1 
1 
- 
Other financial income 
14 
15 
428 
293 
Total financial income 
37 
209 
Financial costs 
- 
- 
Net financial costs from associates 
- 
1 
1 
1 
Interest costs from subsidiaries 
- 
- 
901 
696 
Other interest costs 
696 
902 
-260 
-120 
Capitalised construction interest 
-120 
-260 
6 
11 
Net currency exchange loss 
13 
- 
15 
19 
Other financial costs 
54 
15 
662 
607 
Total financial costs 
644 
658

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 11
 
Trade accounts and other short-term receivables
108 
This note 
presents 
trade and other 
receivables relating 
to the 
Group's operating activities. 
Other current 
receivables can 
be either interest-
bearing or non-interest-bearing. 
Principle 
Trade receivables are recognised and presented at the original invoice amount (the transaction rate) at the invoicing date.
Subsequently, 
trade 
and 
other 
current 
receivables are 
measured at 
amortised 
cost 
using 
the 
effective 
interest 
method. The 
interest 
element is ignored since it is deemed to be immaterial for the Group's receivables. 
Impairment losses 
Trade 
and 
other 
current 
receivables 
are 
assessed 
for 
potential 
impairment 
on 
an 
ongoing 
basis. 
Impairments 
for 
losses 
on 
trade 
receivables follow the 
simplified method and 
are measured in 
an amount corresponding 
to the 
expected loss over 
the asset's lifetime.
Loss provision is 
recognised on a 
separate provision account 
if the 
loss potential is 
material and it 
is deemed highly 
probable that the 
receivable will not be redeemed.
An impairment is immediately recognised for the receivable if attempts to recover the receivable do not 
succeed and there are objective criteria that a loss-inducing event has occurred that can be reliably measured and will affect repayment 
of the receivable.
For other current 
receivables, credit risk 
relating to individual 
assets is assessed 
on an ongoing 
basis. If there 
is deemed 
to be a 
significant increase in 
expected credit risk 
for the asset, 
a loss provision 
is recognised in 
an amount corresponding 
to the expected 
loss over the asset's lifetime. 
Spesification of trade accounts and other short-term 
receivables 
Parent company 
Group 
2021 
2020 
2020 
2021 
(Amounts in NOK million) 
199 
450 
Trade account receivables 
453 
192 
37 
325 
Short-term receivables group companies 
- 
- 
1,452 
986 
Other short-term receivables * 
681 
1,169 
1,689 
1,761 
Total trade accounts and other short-term receivables 
1,134 
1,362 
Age distribution trade account receivables 
(Amounts in NOK million) 
Not due 
1-30 
days 
31-60 
days 
61-90 
days 
Over 90 
days 
Total trade 
acc. rec. 
Parent company 
359 
85 
- 
5 
1 
450 
Group 
353 
94 
- 
5 
1 
453 
Impairment assessment
Trade 
and other 
current receivables 
account for 
a relatively 
small share 
of the 
Group's balance 
sheet, and 
errors in 
the valuation 
of 
customers'/debt owners' ability to 
pay will normally not 
result in material errors 
in the financial statements. 
A material share of 
the Group's 
income (around 85 percent) derives from the Group's grid agreements with 
grid customers for connection to and use of the central grid. 
Stringent 
sanctions 
and 
requirements 
for 
pledging 
of 
collateral 
mean 
that 
the 
risk 
of 
losses 
on 
these 
trade 
receivables 
is 
deemed 
extremely low. A specific assessment is made on material overdue other trade receivables. 
As of 31 December 2021, NOK 2 million were recognised as loss for trade receivables 
and other current receivables.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 12
 
Market-based securities
109 
This note presents 
the size of the Group’s liquidity surplus invested in market-based securities. 
Principle 
Market-based securities 
are part 
of a 
trading portfolio 
or have 
cash flows 
consisting of 
payments of 
more than 
principal amounts 
and 
interest and are classified at fair value with changes in value through profit or loss. 
Market-based securities 
Parent company 
Group 
Acquisition cost 
Carrying value 
(Amounts in NOK million) 
Acquisition cost 
Carrying value 
Bonds and interest rate funds 
- 
- 
Government 
- 
- 
- 
- 
Municipality/municipal operations 
36 
35 
- 
- 
Financial institutions, including banks 
249 
249 
- 
- 
Covered bonds 
60 
59 
- 
- 
Private/industry 
60 
59 
993 
994 
Norw. interest rate and money market fund 
993 
994 
993 
994 
Total bonds 
1,338 
1,337 
Equity funds 
- 
- 
Norwegian equity funds 
16 
35 
- 
- 
Foreign equity funds 
16 
35 
- 
- 
Total equity funds 
32 
70 
993 
994 
Total market-based securities 
1,370 
1,407 
Market-based securities are 
recognised at fair 
value at valuation level 
1, since the 
securities are listed 
on a stock 
exchange and freely 
tradable, and are measured at the most recent quoted price. Please see description of the measurement hierarchy in note 3 Accounting 
estimates and assumptions. 

 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 13
 
Liquid Assets
110 
This note presents 
the Group’s liquid assets. 
Principle 
Cash and cash equivalents 
comprise cash and 
bank deposits. Bank deposits 
include deposits under 
Credit Support Annexes (CSAs) 
that 
freely can be used by the Group.
Restricted funds are funds that the Group may only use to a limited degree. Restricted funds comprise 
tax withholdings, deposits from power trading and subordinated capital in relation to 
the settlement of the regulated power market. 
Specification of liquid assets 
Parent company 
Group 
2021 
2020 
2020 
2021 
(Amounts in NOK million) 
690 
1,605 
Bank deposits 
1,681 
786 
271 
703 
Restricted bank deposits 
706 
273 
961 
2,308 
Total liquid assets 
2,387 
1,058 
Unused credit facilities of NOK 8 billion are not included in liquid assets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 14
 
Other non-current financial assets
111 
This note presents 
financial items of a non-current nature and includes both interest-bearing and 
non-interest-bearing items. 
Principle 
Financial assets 
are 
classified as 
non-current 
when they 
include amounts 
expected to 
be recovered 
more than 
12 
months 
after 
the 
reporting period. Non-current receivables and non-current loans to Group companies are recognised at fair value at the agreement date 
with the addition 
of transaction costs 
and subsequently measured at 
amortised cost using 
the simplified effective 
interest rate method. 
Shares that are not part of a trading portfolio are recognised 
at fair value through profit or loss.
Impairment losses 
Impairments of non-current 
receivables and non-current 
loans to Group companies 
are assessed on an 
ongoing basis.
If the expected 
credit risk is deemed to have materially increased, a loss 
provision is recognised in an amount corresponding to the expected 
loss over 
the asset’s lifetime. 
Specification of other non-current financial 
assets 
Parent company 
Group 
2021 
2020 
2020 
2021 
(Amounts in NOK million) 
49 
53 
Long-term receivables 
51 
47 
4,665 
4,683 
Long-term loans Group companies 
- 
- 
75 
75 
Subord. capital in Statnett SF's pension fund 
75 
75 
3 
3 
Shares and funds 
3 
3 
4,792 
4,814 
Total Other non-current financial assets 
128 
125 
Subordinated capital in Statnett 
SF’s Pension Fund 
and Shares and funds 
are recognised at fair 
value at valuation level 
3. Please see 
description 
of 
the 
measurement 
hierarchy 
in 
note 
3 
Accounting 
estimates 
and 
assumptions. 
There 
were 
no 
transfers 
between 
the 
respective levels in 2020 and 2021. There were no changes in level 3 in 
2021. 
Long-term loans to 
Group companies account for 
a material share of 
non-current financial assets. The 
risk of default for 
these loans is 
deemed to be extremely 
low both in the 
short and long term 
due to the company’s 
non-distributable equity, its various regulated activities, 
including deliveries to 
the parent company, 
and financing agreements and 
guarantees with the 
parent company. 
The credit risk 
for the 
loans is deemed to be low. 
Long-term receivables account for an immaterial share of the company’s balance sheet. Impairments 
are assessed on an ongoing basis 
and loss provision is recognised for material changes in the items’ credit risk. 
Based on the assessment at the end of the year, no loss provisions were recognised for non-current receivables or loans 
to 
subsidiaries at the reporting date. 
There is an insignificant difference between carrying value and fair value for other non-current financial 
assets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
112 
This note describes which 
of the Group’s risk 
exposures are hedged using derivatives 
in accordance with hedge accounting 
principles. 
The description includes 
how the risk 
exposures arise, which 
derivatives are 
used as hedging 
instruments and the 
Group’s hedging policy 
when using derivatives. Information 
and tables will be 
the same for the 
parent company and the 
Group due to the 
fact that only the parent 
company uses financial derivatives and hedge accounting. 
Principle 
Derivatives are initially 
recognised at fair 
value at the 
date the contract 
is entered into, 
and subsequently on 
an ongoing basis 
at fair value. 
Derivatives with a positive value 
are classified as assets, while 
derivatives with a negative value 
are classified as liabilities in the 
financial 
statements.
Changes in fair value and gains/losses on realisation are immediately recognised in profit or loss 
if the derivative is not part 
of a hedging relationship that satisfies the criteria for hedge accounting.
Embedded currency derivatives in major procurement contracts 
are separated from the 
host contract and measured individually.
Derivatives that hedge the 
Group’s borrowings are classified as 
interest-
bearing, and derivatives that hedge currency risk 
for procurements are classified as non-interest-bearing. Derivatives 
are accounted for 
and presented on an individual 
bases. Derivatives that expire within 
12 months are classified as 
current, while derivatives that are 
settled 
after more than 12 months are classified as non-current. 
Spesification of derivatives 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
6,220 
4,500 
Derivatives, interest-bearing 
4,500 
6,220 
- 
- 
Derivatives, non-interest-bearing 
- 
- 
6,220 
4,500 
Total derivatives, non-current assets 
4,500 
6,220 
565 
- 
Derivatives, interest-bearing 
- 
565 
1 
1 
Derivatives, non-interest-bearing 
1 
1 
566 
1 
Total derivatives, current assets 
1 
566 
6,785 
4,501 
Total derivatives, assets 
4,501 
6,785 
206 
169 
Derivatives, interest-bearing 
169 
206 
1 
- 
Derivatives, non-interest-bearing 
- 
1 
207 
169 
Total derivatives, non-current liabilities 
169 
207 
28 
10 
Derivatives, interest-bearing 
10 
28 
38 
7 
Derivatives, non-interest-bearing 
7 
38 
66 
17 
Total derivatives, current liabilities 
17 
66 
273 
186 
Total derivatives, liabilities 
186 
273 
6,512 
4,316 
Total derivatives, net asset (+) / liability (-) 
4,316 
6,512 
Derivatives are measured at fair value at valuation 
level 2, see description of the measurement hierarchy 
in note 3. 
Description of risk exposure hedged in accordance with the rules for hedge 
accounting
Currency risk 
Currency risk is the risk 
of fluctuations in exchange rates affecting Statnett’s 
income statement and balance sheet. Currency risk 
arises 
when the Group has income or expenses, raises 
loans, 
has bank accounts or makes investments in 
securities in foreign currency. Some 
of this currency risk is inherently hedged, but the 
Group is exposed to currency risk in 
some major investment projects through material 
procurements and through 
new loans 
in foreign 
currency. 
The Group’s 
finance policy 
defines frames 
within which 
the currency 
risk of 
loans and major procurement contracts, should be hedged. 

Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
113 
Interest rate risk 
The Group is 
exposed to interest 
rate risk 
through its loan 
portfolio, liquidity 
holdings, 
placements in interest 
and money market 
funds 
and derivative contracts. Interest rate risk 
relating to the loan portfolio is 
hedged using interest swaps. Interest on 
loans can be hedged 
both from 
fixed to 
floating and 
from floating 
to fixed 
interest rates. 
Limits have 
been established 
providing guidelines 
on how 
much of 
Statnett’s loans should be at floating interest rates as well as criteria for hedging interest on loans. 
Description of derivatives used in hedging relationships 
The Group uses different types 
of derivatives to manage 
currency risk and interest rate 
risk deriving from procurement 
contracts and new 
loans. Forward 
exchange contracts 
are used 
to manage currency 
risk in 
procurement contracts. Interest 
swaps or 
combined currency 
and interest swaps are used to manage currency and/or interest rate risk in loan 
contracts. 
Hedge accounting 
The Group applies the rules for hedge accounting when derivatives are used to hedge 
interest and currency risk. 
A hedging relationship satisfies the requirements for hedge accounting only 
if the following criteria are satisfied: 
1. 
The hedging relationship consists solely of hedging instruments and 
hedged items that satisfy the criteria 
2. 
Satisfactory documentation has been established on the entering into of the 
hedge that describes the hedging relationship, the 
nature of the risk being hedged and how the Group will 
assess whether the hedging relationship satisfies the requirements for 
hedge effectiveness 
3. 
The requirements for hedge effectiveness are as follows: 
a. 
There is an economic relationship between the hedged item and the hedging 
instrument 
b. 
The effect of credit 
risk does not dominate changes in value deriving from the economic 
relationship 
c. 
Ineffectiveness in the hedge does not affect the hedge ratio
 
The Group uses the following types of hedging relationships 
Fair value hedge 
A fair value hedge 
is defined as a hedge 
of the exposure to changes 
in fair value of a 
recognised asset, liability or binding 
agreement that 
can be 
attributed to 
a particular 
risk and 
can affect 
profit or 
loss.
Changes in 
the fair 
value of 
the derivative 
designated as 
a hedging 
instrument are recognised in profit or loss on an ongoing basis.
Changes in the fair value of the hedged item 
are similarly recognised in 
profit 
or loss 
within the 
same line 
item.
For fair 
value hedges 
of hedged 
items recognised 
at 
amortised cost, 
the change 
in value 
is 
amortised in the income statement over the residual term to maturity. 
For loans that are hedged using interest swaps or combined currency 
and interest swaps, critical terms match, incurring cash flows from 
both the hedged object and the hedging instrument to coincide. The 
unrealized change to fair value during the hedging relationship from 
the hedged object and the hedging instrument 
results in an immaterial inefficiency in the hedging 
relationship. Consequently, no hedging 
ineffectiveness has been recognized in the hedging relationship.
In fair value hedging of major procurement contracts in foreign currency, 
fair value is calculated for both the hedging instrument and the 
hedged item. 
Different maturity 
dates for 
the hedging 
instrument and 
hedged item 
and rolling 
of the 
hedging instrument 
will result 
in 
ineffectiveness 
that 
is 
recognised 
in 
profit 
or 
loss 
under 
Other 
operating 
expenses. 
Realised 
effects 
of 
the 
hedge 
for 
the 
hedging 
instrument and the hedged item affect profit or loss in the same period.
The Group discontinues fair value hedging if: 
1. The hedging instrument expires, or is sold, terminated or exercised, 
2. The hedge does not satisfy the terms for hedge accounting, or 
3. The Group cancels the hedge for other reasons 
Should a hedging 
relationship expire, the change 
in value of the 
hedged item that has 
been recognised in the 
balance sheet, is amortised 
over the residual term using the effective interest rate method. 
Cash flow hedge 
A cash flow 
hedge is a 
hedge of the 
exposure to variability 
in cash flows 
that is attributable 
to a particular 
risk associated with 
all or 
a 
component of a recognised asset or liability 
or a highly probable forecast transaction, 
which could also affect profit or loss. All 
derivatives 
defined as hedging instruments in cash 
flow hedges are recognised at fair 
value in the balance sheet. The effect 
is recognised as cash 
flow hedge reserve as 
part of equity. 
The effective portion of 
changes in the 
fair value of the 
hedging instrument is 
recognised in other 
comprehensive income, and reclassified through profit or loss on implementation of the transaction that the derivative is hedging, and is 
presented on 
the same 
line as 
the hedged 
transaction. If 
changes to 
fair value 
for the 
hedging instrument 
is greater 
than that 
for the 
hedging object, the 
ineffective portion is 
recognised in profit 
or loss 
on an ongoing 
basis. If 
the forecast future 
transaction is no 
longer 

Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
114 
expected to be implemented, the amount previously recognised in other comprehensive income is recognised under financial income or 
financial costs. If the hedging instrument expires or is 
sold, terminated or exercised, or Statnett elects to cancel 
the hedging relationship, 
despite the fact 
the hedged transaction is 
expected to take place, 
accumulated gains or losses 
remain in other comprehensive 
income 
and are recognised in profit or 
loss when the transaction is 
implemented. If the hedged transaction is 
no longer expected to take place, 
the accumulated unrealised gains or losses are immediately recognised in profit or loss. 
Economic hedge - derivatives not included in hedge accounting 
Statnett also holds derivatives that does not qualify for hedge accounting under IFRS. These derivatives are measured at fair 
value and 
all changes in value 
are recognized in 
profit or loss as 
Financial income or 
costs. This type of 
derivatives are referred 
to as "Free 
standing 
derivatives". 
Embedded currency derivatives 
For major 
procurements contracts, 
Statnett will 
separate embedded 
derivatives if 
agreed payment 
is in 
a currency 
different 
from the 
contract 
parties 
own 
functional 
currency, 
and 
that 
the 
contract 
is 
not 
considered 
to 
be 
commonly 
used 
for 
the 
relevant 
economic 
environment defined 
as the countries 
involved in 
the transaction. Embedded 
derivatives are 
recorded at fair 
value in 
the income statement 
under Other operating costs. 

 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
115 
The Group’s hedging strategy
The table describes how the Group hedges different categories of risk exposure:
Risk 
exposure 
category
Hedged item
Hedging instrument
Hedging strategy
Type of hedge
Currency risk 
in major 
contracts with 
uncertain 
payment 
milestones
Major procurement 
contracts with foreign 
suppliers in foreign 
currency. The contract has 
multiple milestones that 
are invoiced in accordance 
with the degree of project 
completion. The exact 
payment date for each 
individual milestone is 
unknown at the time the 
contract is entered into, but 
final completion and the 
total contract amount is 
defined as a “firm 
commitment”.
Forward exchange 
contract in an 
amount 
corresponding to the 
total hedged contract 
amount. The forward 
exchange contracts 
mature after more 
than one year. A new 
forward exchange 
contract is 
established to hedge 
residual contract 
payments.
All or part of the contract is hedged. 
Ineffectiveness is recognised 
through profit or loss and classified 
as Other operating expenses. To 
achieve an adequate economic 
relationship, the hedged item is 
hedged at the forward exchange 
contract’s spot rate. The forward 
points (forward premiums) are 
recognised through profit or loss 
under Other operating expenses. 
Fair value hedge
Currency risk 
in major 
contracts with 
fixed 
payment 
milestones
Major procurement 
contracts with foreign 
suppliers in foreign 
currency with fixed 
payment dates.
Forward exchange 
contract with the 
same amount and 
payment date as the 
hedged cash flow.
All or part of the contract is currency 
hedged. In essence, no changes are 
expected in the payment plan.
For minor changes in the payment 
plan, the forward contract is rolled 
over to the bank account. 
For major changes in the payment 
plan, the forward contract is rolled 
over to a new forward contract.
Hedging rate: The forward exchange 
rate (spot rate plus forward points).
Fair value hedge
Currency and 
interest rate 
risk in loan 
contracts
Loans with fixed or floating 
interest in foreign currency.
Interest and currency 
swaps that hedge the 
loan in NOK at a 
floating NOK interest 
rate.
Currency and interest rate risk is 
hedged in accordance with 
frameworks for financial 
management. 
Fixed-interest loans: Fair 
value hedge
Floating-interest loans: 
Fair value hedge
Interest rate 
risk on 
Norwegian 
loans 
Floating-rate loans in NOK.
Interest swap with 
floating interest 
switched to fixed 
interest.
Interest rate risk is hedged in 
accordance with frameworks for 
financial management.
Cash flow hedge
Interest rate 
risk on Norw. 
loans 
Fixed-rate loans in NOK.
Interest swap with 
fixed interest 
switched to floating 
interest.
Interest rate risk is hedged in 
accordance with frameworks for 
financial management.
Fair value hedge

 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
116 
Description of hedge effectiveness and how this is measured for various risk categories:
Risk category 
Assessment of effectiveness
Measurement of 
effectiveness
Currency risk in major 
contracts with multiple 
uncertain payment 
milestones
Different settlement dates for milestones in the hedged item and hedging 
instrument create ineffectiveness that must be measured.
Dollar offset method
Currency risk in major 
contracts with fixed 
payment milestones
Qualitative assessment based on the Principal Terms Match method provided 
that critical factors in the hedged item and hedging instrument are matched.
Critical factors:
●
currency
●
amount
●
payment date
Provided that critical factors are matched, the hedge is considered to be 
approximately 100 per cent effective. Ineffectiveness arises when the 
payment date is changed and the hedging instrument must be rolled over.
When critical factors are 
not matched:
Dollar offset method
Interest rate and 
currency risk on loans
Qualitative assessment based on the Principal Terms Match method provided 
that critical factors in the hedged item and hedging instrument are matched.
Critical factors:
●
principal amount (amount and currency)
●
maturity date
●
interest dates
Provided that receipts from the interest and currency swap match payments 
on the loan, the hedge will be 100 per cent effective.
When critical factors are 
not matched:
Dollar offset method
Fair value measurement 
Foreign exchange forward contracts are measured 
at fair value based on observable 
forward rates on contracts with similar terms on 
the 
balance sheet date. 
Fair value for 
interest and currency 
swap contracts is 
the present value 
of future cash 
flows based on 
observable 
market rates and 
foreign currency rates 
at the balance 
sheet date. Fair value 
of interest swap contracts 
is the present 
value of future cash 
flows based 
on observable 
market rates 
on balance sheet 
day. 
During 2020, 
the Group 
started 
using market 
data from 
Bloomberg to 
calculate fair value of interest and currency swap 
contracts and interest swap contracts. By using marked 
data from only one source, the 
Group ensures that the fair value can be calculated on the same point 
of time during the balance sheet day for all contracts. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
117 
Repayment profile for derivatives related to debt 
Parent Company and Group 
Amounts in NOK million
Under 1 
year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
> 15 years 
Total 
market 
value 
Type of hedge 
accounting 
Assets 
Interes swap fixed to floating 
- 
94 
133 
13 
- 
240 
Fair value hedge 
Interest and currency swap 
- 
966 
1,300 
1,555 
306 
4,127 
Fair value hedge 
Interest and currency swap 
- 
- 
133 
- 
- 
133 
Cash flow hedge 
Interest and currency swap 
- 
- 
- 
- 
- 
- 
Free standing derivatives 
Total assets 31.12.2021 
- 
1,060 
1,566 
1,568 
306 
4,500 
Total assets 31.12.2020 
565 
1,413 
2,347 
2,095 
365 
6,785 
Liabilities 
Interes swap fixed to floating 
- 
- 
-10 
- 
- 
-10 
Fair value hedge 
Interest rate floating to fixed 
-10 
-29 
- 
- 
- 
-39 
Cash flow hedge 
Interest and currency swap 
- 
-129 
- 
- 
- 
-129 
Fair value hedge 
Total liabilities 31.12.2021 
-10 
-158 
-10 
- 
- 
-178 
Total liabilities 31.12.2020 
-28 
-206 
- 
- 
- 
-234 
The table below presents 
the effect of cash 
flow hedges that are presented as 
a hedging reserve in equity (negative 
figures reduce the 
Group’s equity). 
During 2020 
and 2021, 
no effects 
relating to 
hedge ineffectiveness 
or hedging 
instruments that 
no longer 
qualify for 
hedge accounting were recognised in the income statement. 
Development in cash flow hedge reserve 
Amounts in NOK million 
31.12.2021 
31.12.2020 
Cash flow hedge reserve before tax at 1 
January 
-204 
41 
Change in market value 
298 
-246 
Cash flow hedge reserve before tax at 31 December 
94 
-204 
Deferred tax on cash flow hedge reserve 
-21 
-45 
Cash flow hedge reserve after tax at 31 
December 
73 
-159 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 15
 
Derivatives and hedge accounting
118 
Derivatives related to investments in foreign currency 
Forward exchange options 
Statnett uses forward exchange contracts in order to 
hedge the currency risk on major acquisitions 
in currencies other than NOK. 
Overview of derivatives related to investments 
in foreign currency 
Parent Company and Group 
Amounts in NOK million
Currancy 
Nominal 
amount 
currency 
Hedging 
rate 
Market 
rate 
Under 1 
year 
1 to 5 
years 
Total market value 
Assets 
Fair value hedge 
EUR 
-7 
10.30 
10.10 
1 
- 
1 
Total assets 
- 
1 
- 
1 
Liabilities 
Fair value hedge 
EUR 
-11 
10.57 
10.08 
-5 
- 
-5 
Embedded derivatives 
EUR 
-2 
- 
- 
- 
- 
- 
Embedded derivatives 
SEK 
- 
- 
- 
- 
- 
- 
Total liabilities 
- 
-5 
- 
-5 
Net value of foreign currency derivatives 
-4 
- 
-4 
Changes in market value and income statment 
effects of currency hedging derivatives 
related to procurement contracts 
Parent Company and 
Group 
Amounts in NOK million
Hedging instrument 
Hedged item 
Income statement effects 
31.12.2021 
31.12.2020 
Change 
in market 
value 
31.12.2021 
31.12.2020 
Change 
in market 
value 
Unrealised 
ineffectivenes 
Realised 
ineffectiveness 
Realised 
forward 
premium 
Currency hedging 
derivatives 
-4 
-8 
4 
1 
7 
-6 
2 
-4 
1 
Embedded derivatives in procurement contracts in foreign currency 
As of year-end 2021, the 
Group has embedded derivatives with 
a carrying value of NOK 
-1 million. NOK 4 
million was recognized as a 
gain related to 
unrealised
 
changes in value in 2021. 
NOK 2 million was recognized 
as a loss in 2021 
related to 
realised
 
changes in value. 
Effects from the IBOR reform (changes of interest reference rates) 
During two phases, 
certain amendments have been 
made to IFRS 
9, IAS 39 
and IFRS 7 
in terms 
of reliefs that 
can ensure continued 
hedge accounting 
under the 
transition to 
new interest 
reference rates 
under the 
IBOR reform. 
Statnett has 
chosen to 
early adopt 
the 
amendments from phase 1 as from 2019 and from phase 2 as from 
2020. 
In 2021, Statnett adhered 
to the ISDA 
«Fallback Protocol» that provides replacement 
rates for IBOR rates 
that will go out 
of use. All of 
Statnett’s derivative counterparties in 2021, have 
either adhered to the ISDA «Fallback 
Protocol», or have entered 
an equivalent bilateral 
agreement with Statnett. 
No active financial 
instrument are so 
far been affected 
by the changes, 
only interest on 
collateral (CSA). The 
transition to new reference 
rates has not caused 
changes to accounting of or 
cash flows related to 
financial instruments. Nor, 
have the 
amendments impacted Statnett’s hedge accounting, and 
none of the hedge accounting relationships 
have been cancelled following the 
amendments. The IBOR reform has not changed Statnett’s approach to financial risk management. Please see note 16 Interest-bearing 
liabilities for a s
pecification of interest-bearing debt and derivatives 
pr. currency. 
 
Statnett has issued bond loans and entered derivative agreements with NIBOR as reference rate. On the date 
of reporting, Statnett has 
not 
identified 
reliable 
indicators 
suggesting 
that 
NIBOR 
will 
be 
replaced 
by 
a 
new 
reference 
rate, 
all 
though alternatives 
have 
been 
discussed, including 
a transition 
to a 
rate based 
on NOWA 
(Norwegian Overnight 
Weighted Average). 
Consequently, 
Statnett has 
no 
ongoing process for replacing NIBOR with a new reference rate in affected agreements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 16
 
Interest-bearing liabilities
119 
This note 
presents 
current and 
non-current interest-bearing 
liabilities for the 
Group. The 
composition and 
level of 
interest-bearing liabilities 
are managed through the company’s financing activities and are described in more detail in note 
15 Derivatives and hedge accounting. 
Principle 
Interest-bearing liabilities are recognised at fair value of 
received funds, net after transaction costs.
Loans are subsequently recognised 
at amortised cost using the effective interest method, where the difference between net funds and the 
redemption value is recognised in 
profit or loss over the loan term. 
At 
initial 
recognition lease 
liabilities 
are 
recognized at 
the 
present 
value 
of 
the 
lease 
payments 
that 
are 
not 
paid 
at 
that 
date. 
Such 
payments 
include 
fixed 
payments 
and 
qualifying 
variable 
lease 
payments. 
The 
recorded 
lease 
liability 
is 
subsequently 
measured 
at 
amortised cost 
over the 
lease period. 
Payments related 
to expected 
termination penalties, 
exercise of 
payment options 
and residual 
value guarantees are included 
if considered applicable. 
Under leases that include 
options to extend 
or terminate the lease, 
the lease term 
is determined on the 
basis of reasonably certain exercises 
of such options. Payments 
are discounted using the 
interest rate implicit in the 
lease if that rate can be 
readily determined. Otherwise are payments discounted using Statnett’s 
incremental borrowing rate. The lease 
liabilities are adjusted by 
changes in expected lease 
payments resulting from changes 
in indices determining variable 
lease payments, 
changes in 
lease terms 
or changes 
in the 
assessment or 
exercise of 
options. The 
first year’s 
instalments are 
reclassified as 
current 
liabilities.
Specification of interest-bearing debt 
Parent company
(Amounts in NOK million)
2021 
2020 
Debt 
Carrying value 
Fair value 
Carrying 
value 
Fair value 
Long-term interest-bearing debt 
46,859 
45,664 
47,067 
47,560 
Long-term interest-bearing debt Group companies 
19 
18 
21 
21 
Long-term lease liabilities 
191 
191 
169 
169 
Total long-term interest-bearing debt 
47,069 
45,874 
47,258 
47,750 
Short-term interest-bearing debt 
6,799 
6,798 
8,627 
8,649 
Short-term interest-baring debt Group companies 
158 
21 
378 
378 
Short-term lease liabilities 
33 
33 
32 
32 
Total short-term interest-bearing debt 
6,990 
6,852 
9,037 
9,059 
Group
(Amount in NOK million)
Debt 
Long-term interest-bearing debt 
46,880 
45,664 
47,067 
47,560 
Long-term lease liabilities 
191 
191 
169 
169 
Total long-term interest-bearing debt 
47,072 
45,855 
47,236 
47,729 
Short-term interest-bearing debt 
6,799 
6,798 
8,627 
8,649 
Short-term lease liabilities 
33 
33 
32 
32 
Total short-term interest-bearing debt 
6,831 
6,831 
8,660 
8,681 
Interest-bearing debt measured at fair value due to hedge 
accounting, is measured at fair value at valuation 
level 2. A description of the 
measurement hierarchy can be found in note 3 
Accounting estimates and assumptions. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 16
 
Interest-bearing liabilities
120 
Changes in liabilities arising from financing activities 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
50,150 
56,529 
Liabilities in debt portfolio 01.01. - previously reported 
56,130 
50,199 
10,254 
16,782 
Borrowing of new debt (cash flow, received) 
16,782 
10,254 
-8,484 
-13,719 
Repayment of debt (cash flow, paid) 
-13,719 
-8,484 
1,923 
-2,576 
Changes in CSA liabilities (cash flow, received) 
-2,576 
1,923 
2,301 
-2,561 
Changes in fair value (non-cash flow) 
-2,561 
2,301 
9 
-180 
Amortizations (non-cash flow) 
-180 
9 
-5 
- 
Changes in intercompany liabilities (cash flow, paid) 
- 
- 
66 
-3 
Changes in intercompany liabilities (cash flow, received) 
- 
- 
311 
-219 
Changes in intercompany liabilities (non-cash flow) 
- 
- 
3 
16 
Other (non-cash flow) 
27 
-72 
56,529 
54,068 
Liabilities in debt portfolio 31.12. 
53,903 
56,130 
Repayment profile for interest-bearing debt 
Parent company 
The loans are measured at amortised cost adjusted 
for the effect of fair value hedging. 
Maturity date 
(Amounts in NOK million) 
Under 
1 year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
15 
years + 
Total 
Fixed rate loans 
Certificate issues 
1,500 
- 
- 
- 
- 
1,500 
Bond issues 
- 
13,162 
16,625 
4,348 
680 
34,815 
Lease liabilities 
33 
82 
61 
18 
30 
224 
Total fixed rate loans 31.12.2021 
1,533 
13,244 
16,686 
4,366 
710 
36,539 
Total fixed rate loans 31.12.2020 
1,491 
13,192 
12,093 
8,595 
765 
36,136 
Floating rate loans 
Collateral under CSA agreements* 
4,032 
- 
- 
- 
- 
4,032 
Other interest-bearing debt 
168 
177 
10 
- 
- 
355 
Bond issues 
- 
3,799 
- 
- 
- 
3,799 
Loans from financial institutions 
1,266 
1,909 
3,120 
2,621 
427 
9,343 
Total floating rate loans 31.12.2021 
5,466 
5,885 
3,130 
2,621 
427 
17,529 
Total floating rate loans 31.12.2020 
7,573 
6,416 
2,253 
3,620 
531 
20,393 
Total interest-bearing debt 31.12.2021 
6,999 
19,129 
19,816 
6,987 
1,137 
54,068 
Total interest-bearing debt 31.12.2020 
9,064 
19,608 
14,346 
12,215 
1,296 
56,529 
* 
Debt related to collateral under CSA agreements 
(Credit Support Annex) reflecting unrealised gains/losses on 
derivatives. 
The loans are settled weekly. 
Group 
The repayment profile for interest-bearing 
debt of the Group differs from the parent company's 
repayment profile with intra-group 
loans. Within "Other interest-bearing debt" Statnett 
SF has two intra-group long-term loans, totalling NOK 
40 million, payable on demand. 
In addition, Statnett SF has intra-group debt of 
NOK 91 million, concerning the Group cash pool 
arrangement. The loans are eliminated 
in the Group statement. Please refer to the analysis 
of liqudity risk in note 18 Financial risk 
management. 

 
Financial reporting 
Notes
Note 16
 
Interest-bearing liabilities
121 
Maturity of fixed interest of the loan 
portifolio 
(Amounts in NOK million)
Under 
1 year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
15 
years + 
Total 
Interest-bearing debt 31.12.2021 
43,995 
5,660 
4,365 
18 
30 
54,068 
Interest-bearing debt 31.12.2020 
48,342 
6,103 
2,039 
18 
27 
56,529 
Specification of interest-bearing debt and 
derivatives 
Principal 
debt 
Currency 
Principal 
debt 
NOK 
Principal 
swap 
NOK 
Interest rate 
loan 
Interest rate 
swap 
Fair value 
swap 
(Amounts in 
million) 
(Amounts in 
NOK million) 
(Amounts in 
NOK million) 
(Amounts in 
NOK million) 
Secured liabilities - fair value hedging 
NOK 
4,000 
4,000 
4,000 
4.10% 
1.51% 
230 
SEK 
3,750 
3,690 
3,690 
0.75% 
1.50% 
-29 
USD 
1,080 
7,208 
7,208 
3.17% 
1.52% 
2,875 
EUR 
1,070 
10,025 
10,025 
1.15% 
1.29% 
1,152 
Secures liabilities - cash flow hedging 
NOK 
2,193 
2,193 
1,393 
1.24% 
2.96% 
-10 
USD 
360 
3,039 
3,039 
2.79% 
1.63% 
133 
EUR 
312 
4,813 
3,000 
0.88% 
2.49% 
-29 
Unsecured liabilities 
NOK - floating interest rate 
9,000 
9,000 
- 
2.02% 
0.00% 
- 
NOK - fixed interest rate 
8,552 
8,552 
- 
1.28% 
0.00% 
- 
CSA 
NOK 
1,888 
1,888 
- 
* 
- 
- 
EUR 
215 
2,144 
- 
** 
- 
- 
Total 
4,322 
* 
NOWA (Norwegian Overnight Weighted Average rate) - daily interest for deposits in NOK
** EONIA overnight - daily interest rates announced by the European Banking Federation 
(EBF)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 17
 
Trade accounts payable and other short-term debt
122 
This note 
presents 
trade payables 
and other 
current non-interest-bearing 
liabilities. Trade 
payables are 
directly related 
to operational 
activities, 
while other 
current liabilities 
relate to 
other payables 
such as 
public taxes 
and charges, 
salaries and 
holiday pay, 
accrued 
interest, etc. 
Principle 
Non-interest-bearing liabilities are classified as current when they are part of ordinary 
operations, are used for trading purposes and due 
by 12 
months. Other 
liabilities are 
non-current. Trade 
and other 
current liabilities 
are measured 
at amortised 
cost using 
the effective 
interest method. The interest element is ignored since 
it is deemed to be immaterial for the overwhelming 
majority of the Group’s current 
non-interest-bearing liabilities. 
Specification of trade accounts payable and other short-term 
liabilities 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
1,312 
1,551 
Trade accounts payable 
1,564 
1,318 
3 
9 
Short-term liabilities Group companies 
- 
- 
374 
691 
Public fees 
701 
383 
280 
300 
Payroll 
308 
286 
244 
262 
Accrued interest 
262 
244 
247 
188 
Asset retirement obligations 
188 
247 
285 
1,063 
Other short-term debt 
1,180 
1,427 
2,745 
4,063 
Total Trade accounts payable and other short-term debt 
4,202 
3,906 
Provisions related to progress 
measurement of investment 
projects are classified as 
other current liabilities. Such 
progress measurement 
is further described in note 9 Plants under construction. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 18
 
Financial risk management
123 
Financial risk 
The objective of 
Statnett SF's 
financial policy is 
to ensure 
that the enterprise 
achieves the 
necessary financing of 
planned operational 
and investment 
programmes in 
accordance with 
external legal 
requirements and 
internal risk 
tolerance. A 
detailed framework 
is developed 
for the execution of the finance function in order to minimize the enterprise's credit, interest rate and foreign exchange risks. Statnett SF 
uses financial derivatives to manage the financial risks.
Capital management 
The loan agreements do not impose any capital requirements on the enterprise which are expected 
to restrict the capital structure in the 
Group. Nor are there any explicit equity requirements other than those stipulated in applicable laws and regulations. The main 
objective 
of Statnett's capital management structure is to 
ensure that the enterprise has a sound 
financial position, which enables the enterprise to 
operate and develop 
the main grid in 
a socio-economically profitable 
manner in line 
with plans and 
the owner's expectations. 
It is a 
priority 
with the Statnett Board of Directors to maintain a robust A 
rating or better. The dividends are decided 
upon by the company meeting on 
a yearly basis. The owner’s dividend policy for the period 2019-2022, 
such as expressed in the State Budget 2020-2021, is 
to distribute 
50 percent of the Group’s 
underlying result. The underlying result is the 
Group’s net result for the year 
after tax adjusted for changes in 
the net 
higher/lower revenue 
after tax. 
Moreover, 
the capital 
structure is 
managed by 
raising and 
paying off 
short-term and 
long-term 
debt, as well as through changes in liquid assets. There have been no material changes to capital management guidelines or objectives 
through the year.
Overview of capital included in capital structure 
management 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
47,258 
46,900 
Long-term interest-bearing liabilities 
46,903 
47,236 
9,037 
6,990 
Short-term interest-bearing liabilities 
6,831 
8,660 
2,249 
3,302 
Liquid assets and investment in market-based 
securities 
3,794 
2,693 
54,046 
50,588 
Net liabilities 
49,940 
53,203 
Liquidity risk 
Statnett SF 
aims to 
be able 
to carry 
out 12 
months of 
operations, investments 
and refinancing 
without raising 
any new 
debt. This 
will 
make Statnett less 
vulnerable during periods of 
low access to 
capital in the financial 
markets and periods 
with unfavourable borrowing 
conditions. Liquidity is followed up continuously through weekly reporting.
Statnett reduces 
liquidity risk 
related to 
maturity of 
financial liabilities 
by having 
an evenly 
distributed maturity 
structure, 
limits on 
the 
proportion of the 
loan portfolio that 
can fall due 
within a 12-month 
period, access to 
several sources of 
funding in Norway 
and abroad, 
and sufficient liquidity 
to cover scheduled 
operations, investment and 
financing needs without 
incurring any new 
debt within a 
time horizon 
of 12 months. 
31 December the 
liquidity consists 
of bank/time deposits, 
investments in market-based 
securities and 
a credit 
facility of NOK 
8 billion, 
running until January 2024. 
The credit facility has 
not yet been 
utilised. 
Up to NOK 4 
billion of the 
credit facility can be 
drawn at very short 
notice. Statnett has an unused loan from the European Investment Bank (EIB) of EUR 130 million. 
Together with 
other sources of liquid 
assets, Statnett has a good 
ability to handle large liquidity 
needs that may occur 
at short notice, e.g. related 
to collateral for derivatives 
under CSA agreements with weekly settlement
.
Statnett SF has a 
high credit rating. Standard 
& Poor's and Moody's 
Investor Service have 
given Statnett SF credit 
ratings for non-current 
borrowings of A+ and A2 respectively. The high credit ratings provide Statnett SF good borrowing opportunities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 18
 
Financial risk management
124 
The table below presents all gross cash flows related 
to financial liabilities. The cash flows have not been 
discounted and are based on 
 
interest rates and exchange rates at the end 
of the reporting period. 
(Amounts in NOK million) 
Parent company 
Under 
1 year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
15 
years + 
Total 
Interest-bearing debt and interest payments 
7,810 
18,007 
20,574 
6,716 
1,213 
54,320 
Trade acc.payable and other short-term debt 
4,063 
- 
- 
- 
- 
4,063 
Derivatives 
683 
11,107 
9,648 
2,281 
425 
24,144 
Financial liabilities 31.12.2021 
12,556 
29,114 
30,222 
8,997 
1,638 
82,527 
Financial liabilities 31.12.2020 
14,341 
32,092 
23,546 
16,266 
1,731 
87,976 
Derivatives 
Under 
1 year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
15 
years + 
Total 
Received 
860 
12,492 
11,467 
3,616 
717 
29,152 
Disbursed 
-683 
-11,107 
-9,648 
-2,281 
-425 
-24,144 
Net derivatives 31.12.2021 
177 
1,385 
1,819 
1,335 
292 
5,008 
Net derivatives 31.12.2020 
804 
1,957 
2,386 
1,427 
296 
6,870 
(Amounts in NOK million) 
Group 
Under 
1 year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
15 
years + 
Total 
Interest-bearing debt and interest payments 
7,652 
17,989 
20,574 
6,716 
1,213 
54,144 
Trade acc.payable and other short-term debt 
4,202 
- 
- 
- 
- 
4,202 
Derivatives 
683 
11,107 
9,648 
2,281 
425 
24,144 
Financial liabilities 31.12.2021 
12,537 
29,355 
30,280 
8,997 
1,638 
82,807 
Financial liabilities 31.12.2020 
15,124 
32,071 
23,546 
16,266 
1,731 
88,738 
Derivatives 
Under 
1 year 
1 to 5 
years 
5 to 10 
years 
10 to 15 
years 
15 
years + 
Total 
Received 
860 
12,492 
11,467 
3,616 
717 
29,152 
Disbursed 
-683 
-11,107 
-9,648 
-2,281 
-425 
-24,144 
Net derivatives 31.12.2021 
177 
1,385 
1,819 
1,335 
292 
5,008 
Net derivatives 31.12.2020 
804 
1,957 
2,386 
1,427 
296 
6,870 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 18
 
Financial risk management
125 
Credit risk 
Credit risk refers to the risk that the counterparty will default on its contract obligations, 
resulting in a financial loss for the Group. 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
961 
2,308 
Liquid assets 
2,387 
1,058 
1,288 
994 
Investment in market-based securities 
1,407 
1,635 
6,785 
4,501 
Derivatives 
4,501 
6,785 
4,792 
4,814 
Long-term receivables, excl. derivatives 
128 
125 
1,689 
1,761 
Trade accounts and other short-term receivables 
1,134 
1,362 
15,515 
14,378 
Total maximum credit exposure 
9,557 
10,965 
Statnett SF 
is exposed 
to credit 
risk through 
investment of 
surplus liquidity 
with issuers 
of securities 
and through 
the use 
of different 
interest 
rate 
and 
currency 
derivatives. 
To 
limit 
this 
risk, 
Statnett 
has 
frameworks 
establishing 
requirements 
for 
creditworthiness 
and 
maximum 
exposure 
for 
each 
individual 
counterparty. 
Furthermore, 
the 
enterprise 
ensures 
that 
credit 
risk 
in 
hedging relationships 
is 
extremely 
low 
by 
entering 
into 
collateral 
agreements 
based 
on 
Credit 
Support 
Annexes 
(CSA) 
for 
its 
most 
important 
derivative 
counterparties. 
All placements 
of liquid 
assets are made 
within sector 
limits and 
maximum limits 
for individual counterparties 
with a 
high credit rating, 
where higher 
credit 
ratings result 
in 
higher limits. 
Market-based securities 
consist 
of multiple, 
well-diversified investment 
grade fixed 
interest funds.
A 
CSA 
is 
a 
legal 
document 
that 
regulates 
credit 
support 
(collateral) 
for 
derivative 
transactions 
with 
weekly 
settlement 
of 
unrealised 
gains/losses. Unrealised 
gains on 
derivatives result 
in Statnett 
receiving settlements 
that increase 
the company’s 
bank balances 
and 
current liabilities. Conversely, 
unrealised losses on derivatives result in 
Statnett paying settlements to its counterparties 
that reduce the 
company’s bank balances and increase current receivables.
The table below shows the relationship 
between collateral pledged under the CSAs, 
unrealised values of derivatives in 
scope of the CSA 
agreements 
and 
unrealised 
values 
of 
all 
derivative 
transactions 
with 
external 
counterparties. 
Deposits 
are 
recognised 
in 
separate 
accounts, but 
are not 
classified as 
restricted funds. 
This means 
that bank 
balances may 
not always 
fully reflect 
the amounts 
actually 
received from counterparties.
Specification of the relationship between collateral 
and derivatives 
(Amounts in NOK million) 
Totaly paid 
Market value 
derivatives under CSA 
agreements 
Market value all 
derivatives 
Received collateral under CSA agreements 
4,032 
4,366 
4,316 
Collateral under CSA posed to counterparty 
- 
- 
- 
Internal 
limits 
define 
minimum 
ratings 
that 
counterparties 
in 
CSAs 
should 
have 
received 
with 
leading rating 
agencies. 
Higher 
rating 
requirements are defined for counterparties without a CSA arrangement.
The Group’s customer base primarily consists 
of municipal energy companies, Norwegian industrial customers and other 
Nordic TSOs. 
Historically losses on trade 
receivables have been low and 
as a starting 
point this situation is 
not expected to change. Please 
however 
refer to note 29 for 
a description of possible 
effects in relation to Events 
subsequent to the balance 
sheet date. In the event 
of default, the 
Group has efficient 
routines for 
rapid and 
close follow-up of 
customers, stringent 
sanction options and 
the opportunity 
to demand collateral 
as part of the network agreement. Consequently, the Group deems credit risk for trade receivables to be very low. 
Statnett SF 
provides loans 
to subsidiaries 
and associates. 
The parent company 
has established 
cash pool 
into which 
the subsidiaries 
Elhub AS 
and NordLink 
Norge AS 
have pooled 
their cash 
with the 
cash of 
their parent. 
The two 
subsidiaries are 
granted a 
NOK 100 
million credit limit each within the cash pool. 
The creditworthiness of the relevant subsidiaries is closely 
linked to Statnett SF’s own credit 
rating due to ownership, the pledging of guarantees and/or receipt of services. Statnett SF also provides loans 
if needed to the eSett Oy 

 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 18
 
Financial risk management
126 
(associated) and 
Fifty AS 
(jointly controlled). 
Credit assessments 
are carried 
out when 
loan terms 
are established. 
All companies 
are 
monitored through 
board representation. 
Some of 
the loan 
agreements impose 
requirements on 
the equity 
ratios. No 
conditions have 
been registered that indicate potential impairments of loans.
Recognition and measurement of expected credit losses
The Group recognises provisions for expected 
credit losses on financial assets measured at 
amortised cost or at fair value through 
Profit 
for 
the year 
(Other operating 
costs) or 
Other comprehensive 
income in 
accordance with 
IFRS 9. 
The loss 
provision is 
based on 
the 
Group’s assessment of the financial assets’ credit risk.
For banks, 
derivative counterparties 
and other 
credit institutions, 
creditworthiness is 
regularly assessed 
during the 
year through 
monitoring 
of official 
ratings. Counterparty 
risk is 
monitored and 
reported on 
an ongoing 
basis to 
ensure that 
the enterprise’s 
exposure does 
not 
exceed established credit limits and 
complies with internal rules. Credit risk for 
trade payables, other current receivables 
and non-current 
receivables is assessed monthly 
in the event of 
default or should other 
information become available that 
indicates that the borrower 
may 
not be able to redeem all or parts of its liabilities. A financial instrument is deemed 
to be in default if it has not been settled at the agreed 
date. Impairments are recognised using the following methods:
1. 
Expected credit loss over the asset’s lifetime
The expected credit loss resulting from all potential default events during a 
financial instrument’s lifetime.
If the credit risk for a financial instrument has materially increased since initial recognition, the loss provision for that financial instrument 
is recognised in an amount corresponding to the expected credit loss over 
the lifetime.
2. 
Expected credit loss over 12 months
The portion of the expected credit loss during the lifetime relating to the expected credit loss 
attributable to potential default events for a 
financial instrument within 12 months after the reporting date.
If 
the 
credit 
risk 
for 
a 
financial 
instrument 
has 
not 
materially 
increased 
since 
initial 
recognition, 
the 
loss 
provision 
for 
that 
financial 
instrument is recognised in an amount corresponding to the expected credit loss over 
12 months.
The Group has defined the following categories for credit scoring to assess 
credit risk.
Category
Description
Method of impairment recognition
Performing
No 
overdue 
liabilities 
and no 
increase 
in 
credit 
risk 
since 
initial 
recognition.
Expected credit loss over 12 months.
Doubtful
Liabilities 
more 
than 
30 
days 
overdue, 
or 
there 
has 
been 
a 
significant increase in credit risk since initial recognition.
Expected 
credit 
loss 
over 
the 
asset’s 
lifetime; effective 
interest is 
calculated on 
the gross amount.
In default
Liabilities more 
than 90 
days overdue, 
but there 
are indications 
that the asset is creditworthy.
Expected 
credit 
loss 
over 
the 
asset’s 
lifetime; 
effective 
interest 
is 
calculated 
at 
amortised cost.
Write-off
There are indications that the creditor’s financial problems are so 
great that the receivables must be deemed lost.
The receivable is written off in full.
See also note 11 Trade and other current receivables and note 14 Non-current financial assets, for loss assessments.
Foreign exchange risk 
Foreign exchange risk is the 
risk of fluctuations in foreign 
exchange rates that will result 
in changes in Statnett's income 
statement and 
balance sheet. 
Currency risk relating 
to major 
procurement contracts and 
loans in 
foreign currency 
is hedged 
within the 
framework defined 
for the 
execution of 
the finance 
function. Please 
refer to 
note 15 
for further 
information. At 
the reporting 
date, there 
were no 
currency 
reserves that were not swapped or reserved for future liabilities. The Group has 
foreign equity funds and shares of NOK 35 million. 
Interest rate risk 
The Group is exposed to 
interest rate risk through 
its loan portfolio and liquid 
assets. Statnett SF is 
also exposed to interest rate 
levels 
on which the revenue cap for the grid operations is based (the NVE 
interest rate). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 18
 
Financial risk management
127 
In order to reduce the interest rate risk and minimise fluctuations in the result, 
the interest expense of Statnett's debt should correlate to 
the extent possible with the interest on the revenue side following from 
the NVE interest rate. The NVE interest rate is calculated based 
on daily 
averages of 
the five-year 
swap interest rate. 
In addition, 
the NVE 
interest rate 
comprises a 
fixed interest rate 
portion with the 
addition of inflation and 
a surcharge for credit 
risk. To achieve the desired fixed-interest 
period on the 
enterprise's debt, interest 
rate swap 
agreements linked to the underlying debt are used.
Average effective interest rate 
The table below presents the average effective interest rate for the various types 
of financial instruments. 
Parent company 
Group 
2020 
2021 
2021 
2020 
2.56% 
0.59% 
Investment in market-based securities 
0.35% 
2.85% 
-0.42% 
0.10% 
Bank deposits 
0.10% 
0.22% 
- 
- 
Shares and equity funds 
23.31% 
9.28% 
2.04% 
1.39% 
Loans 
1.39% 
2.04% 
Negative interest rates on the parent company’s 
bank deposits have their cause in CSA related bank deposits in EUR carrying negative 
interest rates in combination with negative bank deposits in NOK.
Sensitivity analysis 
Interest rate sensitivity 
(Amounts in NOK million) 
Parent company 
Change in interest rate level 
Group 
2020 
2021 
Percentage points 
2021 
2020 
-8 
-15 
+ 1 
-22 
-15 
8 
15 
- 1 
22 
15 
The table presents the sensitivity for parent company 
and Group due to potential changes in 
the interest rate for asset placements. It shows 
the assumed effect on the result of a change in the interest 
rate level with 1 percentage point as at 31 
December. The Group utilizes interest 
rate swap agreements to minimize variations for 
profit and loss due to changes in interest rates. 
Exchange rate sensitivity 
(Amounts in NOK million) 
Parent company 
Change in NOK exchange rate 
Group 
2020 
2021 
Percent 
2021 
2020 
-3 
1 
+ 5 
-2 
-5 
3 
-1 
- 5 
2 
5 
The table presents the company's sensitivity to potential 
changes in the exchange rate of the Norwegian 
Krone, if all other factors remain 
unchanged. The calculation is based on an identical 
change in relation to all relevant currencies. 
The effect on profit (before tax) is due to a 
change in the value of monetary items that are not 
fully hedged. Other monetary items and all 
foreign currency debt are hedged, and the 
change in value is matched by a change in the 
value of the derivative. 
The effects of the Covid-19 pandemic 
on Statnett’s financial area in 2021 
Overall, the volatility in the financial markets in 2021 following the Covid-19 outbreaks has 
not affected Statnett’s financial position or 
income statement negatively. For a period of time, a weakened Norwegian krone led to substantial payments from Statnett’s derivative 
counterparties as a result of established agreements concerning collateral support 
(CSA). Measures taken by the central banks, 
including cuts in interest rates, resulted in lower short and long interest rates. Because 
of this, Statnett’s interest costs were 
substantially lowered. For the Group, however, lowered interest costs have been counteracted by a lowered NVE 
interest rate resulting 
in a lower income (as a result of a lower 5 year swap rate).

Financial reporting 
Notes
Note 19
 
Taxes
128 
Income tax 
is calculated 
in accordance 
with ordinary 
tax rules 
and by 
applying the 
adopted tax 
rate. The 
tax expense 
in the 
income 
statement comprises taxes payable 
and changes in 
deferred tax liabilities/tax assets. 
Taxes 
payable are calculated on 
the basis of 
the 
taxable income for the year. 
Deferred tax liabilities/assets are calculated 
on the basis of 
temporary differences between the accounting 
and tax values and the tax effect of tax losses and interest expenses carried forward.
Principle
The tax 
expense in 
the income 
statement comprise 
both the 
annual taxes 
payable and 
changes in 
deferred tax 
liabilities/tax assets. 
Taxes payable are calculated on the basis of the taxable income of the year. Deferred tax assets/liabilities are calculated on the basis of 
temporary differences between the accounting and tax values, and the 
tax losses and interest expenses carried forward. 
Deferred tax 
liabilities and 
deferred tax 
assets are 
recognised net 
provided that 
these are 
expected to 
reverse in 
the same 
period. Deferred 
tax assets are recognized to the extent that it is probable 
that they will be utilised. Deferred tax liabilities/tax assets are recognized 
using 
the nominal tax rate.
Tax 
related to items recognised in other 
comprehensive income is also recognised in 
other comprehensive income, while tax related 
to 
equity transactions is recognised in equity.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 19
 
Taxes
129 
The tax expense comprises the following 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
- 
- 
Income tax 
40 
57 
- 
- 
Income tax previous years 
- 
- 
729 
888 
Change in deferred tax/tax benefit 
892 
665 
729 
888 
Tax 
932 
722 
Tax payable in the balance sheet 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
- 
- 
Tax payable for the year 
40 
57 
- 
- 
Tax payable on group contribution 
- 
-44 
- 
- 
Tax payable 
40 
12 
Reconciliation of nominal tax rate and effective tax 
rate 
The following table provides a reconciliation of 
reported tax expense and tax expense 
based on nominal tax rate of 22 percent for 2021 
and 
2020. 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
3,446 
4,089 
Profit before tax 
4,239 
3,419 
758 
900 
Expected tax expense at nominal rate 
933 
752 
Effect on taxes of: 
-30 
-12 
Permanent differences 
-2 
-32 
1 
- 
Share of profit/loss in associates 
1 
3 
- 
- 
Changes in previous years taxes 
- 
- 
729 
888 
Tax 
932 
723 
21% 
21% 
Effective tax rate 
21% 
21% 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 19
 
Taxes
130 
Breakdown deferred tax 
The following table provides a breakdown 
of the net deferred tax. Deferred tax assets are recognised 
in the balance sheet to the 
extent it is probable that these will be utilised. 
The tax rate used when assessing deferred 
tax is 22 percent as of 31 December 
2021 and 2020. 
Parent company 
(Amounts in NOK million) 
31.12.20 
Recognised 
Other compre-
hensive income 
Group 
contribution 
31.12.21 
Current assets/current liabilities 
1 
-4 
- 
- 
-3 
Fixed assets 
4,062 
410 
- 
- 
4,472 
Pension liabilities 
-54 
16 
8 
- 
-30 
Other long term items 
575 
-103 
66 
- 
538 
Tax loss carried forward 
-1,617 
570 
- 
20 
-1,027 
Total 
2,968 
888 
74 
20 
3,950 
Group 
(Amounts in NOK million) 
31.12.20 
Recognised 
Other compre-
hensive income 
Group 
contribution 
31.12.21 
Current assets/current liabilities 
85 
28 
- 
- 
113 
Fixed assets 
4,162 
433 
- 
- 
4,595 
Pension liabilities 
-55 
16 
8 
- 
-31 
Other long term items 
604 
-95 
66 
- 
538 
Tax loss/interest expenses carried forward *) 
-1,710 
550 
-0 
- 
-1,159 
Total 
3,086 
932 
73 
- 
4,055 
On 
December 17, 2021 Statnett received a notice 
of an adjustment to the tax assessment for 
the income year 2018 from the Central Tax 
Office for Large Enterprises. The notice is related to 
tax deduction of maintenance costs incurred in 
specific voltage upgrading projects in 
which it argues that all costs related to these 
projects must be capitalized for tax purposes. The 
notice is of a preliminary nature and a 
potential tax exposure cannot be calculated at this 
time. 
However, the exposure could be substantial. A dialog has been 
initiated with the 
Central Tax Office for Large Enterprises with respect to the factual circumstances. Statnett disagrees with 
the arguments that were put 
forward and has therefore not made a provision 
for any a potential tax claim in the financial 
statements. 
Deferred tax recognised in other comprehensive 
income 
Parent company 
Group 
31.12.20 
31.12.21 
(Amounts in NOK million) 
31.12.21 
31.12.20 
-25 
8 
Change in estimate deviations of pension liabilities 
8 
-25 
-54 
66 
Changes in fair value for cash flow hedges 
66 
-54 
-79 
74 
Total deferred tax recognised in other comprehensive income 
74 
-79 

Financial reporting 
Notes
Note 20
 
Investments in subsidiaries, jointly controlled company 
and associates
131 
The activities 
of Group 
companies are 
mainly concentrated 
in the 
parent company. 
The Group 
also includes 
seven subsidiaries, 
one 
jointly owned 
company and 
ownership interests 
in certain 
associated companies. 
Reference is 
made to 
note 22, 
related parties, 
for a 
description of the activities of the subsidiaries. 
Principle
Consolidated companies
The consolidated 
financial 
statements comprise 
Statnett 
SF 
and subsidiaries 
in 
which Statnett 
SF 
alone has 
a 
controlling 
influence. 
Normally, Statnett SF is assumed to have controlling influence 
when direct or indirect ownership 
interests make up more than 
50 percent 
of the voting shares. If Statnett owns less than 100 percent of the voting shares, or, through an agreement, has less than 100 percent of 
the votes, the Group assesses whether the Group has actual control.
The consolidated financial statements 
are prepared using the 
acquisition method and show 
the Group as if it was 
one unit. The cost price 
of 
shares 
in 
the 
subsidiaries 
is 
eliminated 
against 
the 
equity 
at 
the 
time 
of 
acquisition. 
Any 
excess 
value 
beyond 
the 
equity 
of 
the 
subsidiaries is allocated to assets 
to which the excess value can be attributed. The part of the cost of purchasing a business 
that cannot 
be attributed to specific assets, is presented as goodwill.
Statnett SF's Pension Fund is not part of the Statnett Group. Contributed equity to the pension fund is valued at fair value and classified 
as financial fixed assets.
Jointly controlled company
Currently, one jointly controlled company in the Group, Fifty AS, is considered to be a joint operation. Firstly, the company is considered 
to be a joint arrangement since Statnett, together with another 
party, is bound by contract, and the contract gives the parties joint control 
over Fifty AS. Secondly, the company is considered a joint operation since the parties have rights to the assets and 
responsibility for the 
obligations in Fifty AS. The investment 
in the jointly controlled company is 
recognized on the basis of proportional 
consolidation, implying 
that Statnett accounts for its share of revenues, expenses, assets and liabilities. 
Investment in associated companies
Associates are companies where 
Statnett has significant influence, 
i.e. Statnett can influence 
financial and operational decisions 
in the 
company, 
but does 
not have 
control of 
the company. 
Normally, 
these will 
be companies 
where the 
Group owns 
between 20 
and 50 
percent of the 
voting shares. Associates 
are recognized using 
the equity method. 
This means that 
the Group’s share 
of profit/loss and 
amortisation of 
any excess 
value is 
recognised in 
the income 
statement. The 
financial statements 
of associates 
are restated 
in accordance 
with IFRS. 
In 
the 
consolidated balance 
sheet, 
ownership 
in 
associates 
are 
recognised 
as 
financial 
fixed assets 
at 
historic 
cost 
plus 
accumulated profit/loss, less dividends and impairment if applicable.
Purchase/sale of subsidiaries, jointly controlled companies and associates
In the 
case of 
acquisition or 
sale of 
subsidiaries, jointly 
controlled companies 
or associates, 
the companies 
are included 
in the 
consolidated 
financial statements for the part of the year which they have been part of or associated 
with the Group.
Investments in subsidiaries, 
jointly controlled companies and associates in Statnett SF (parent company 
accounts)
Investments in subsidiaries, jointly 
controlled companies and associates 
are recognised in accordance 
with the cost method 
in the parent 
company accounts. Group 
contribution paid (net 
after tax) is 
added to the 
cost price of 
investments in subsidiaries. 
Group contribution 
and dividends received are 
recorded in the income statement 
as financial income, as 
long as the Group 
contribution and dividends are 
within the earnings accrued during the period of ownership. Dividends in excess of earnings during the ownership period are 
accounted 
for as a reduction in the share investment. Group contributions and dividends 
are recorded in the year they are adopted.
Impairment
At each reporting 
date, the Group 
assesses whether there 
are objective indications 
of impairment. 
If such indications 
exist, the investment 
is tested for 
impairment. The investment 
is impaired if 
the recoverable amount 
(higher of fair 
value less sales 
costs or value 
in use) is 
lower than the carrying value.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 20
 
Investments in subsidiaries, jointly controlled company 
and associates
132 
Business combinations
Business 
combinations 
are 
recognised 
according 
to 
the 
acquisition 
method. 
Acquisition 
costs 
are 
the 
total 
of 
the 
fair 
value 
on 
the 
acquisition date of assets acquired, liabilities incurred or taken 
over as compensation for control of the acquired 
enterprise. Transaction 
costs attributable to business combinations are recognized in the income 
statement.
The acquired enterprise's identifiable assets, liabilities and contingent liabilities, 
which satisfy the conditions for recognition according to 
IFRS 3, are recognised at 
fair value on the 
acquisition date. Goodwill arising from 
acquisitions, is recognised as an 
asset measured as 
the excess of the total consideration transferred and the value 
of the minority interests in the acquired company, 
beyond the net value of 
acquired identifiable 
assets 
and assumed 
liabilities. 
If the 
Group's share 
of the 
net fair 
value of 
the acquired 
enterprise's 
identifiable 
assets, 
liabilities 
and 
contingent 
liabilities 
exceeds 
the 
total 
consideration 
after 
re-assessment, 
the 
surplus 
amount 
is 
immediately 
recognised in the income statement.
Statnett SF had the following investments at 31 
December 2021: 
Company 
Business nature 
Year of 
acquisition 
Registered 
office 
Ownership 
interest 
Voting 
rights 
Carrying 
value 
Subsidiaries 
(Amounts in 
NOK 
thousand) 
Statnett Transport AS * 
Transport and shipping 
1996 
Drammen 
100% 
100% 
38,157 
Statnett Forsikring AS 
Insurance 
1998 
Oslo 
100% 
100% 
30,200 
Nord Link Norge AS 
Develop and operate national 
transmission grid 
2010 
Oslo 
100% 
100% 
2,090,262 
NorGer AS 
General Partner 
2010/2011 
Oslo 
100% 
100% 
1,887 
NorGer KS 
No activity 
2010/2011 
Oslo 
100% 
100% 
2,776 
Nydalshøyden Bygg C AS 
Real estate 
2013 
Oslo 
100% 
100% 
3,312 
Elhub AS 
Data hub for electricity meetering 
data 
2014 
Oslo 
100% 
100% 
209,719 
Total subsidiaries 
2,376,313 
Joint controlled company and associates 
Fifty AS 
Develop and operate regulation 
and market systems 
2017 
Oslo 
50% 
50% 
5,000 
TSO Holding AS ** 
Marketplace 
2002/2008 
Bærum 
32% 
32% 
55,143 
eSett OY 
Nordic imbalance settlement 
2013 
Finland 
25% 
25% 
12,668 
KraftCERT AS 
IT security 
2014 
Oslo 
33% 
33% 
1,663 
Total jointly controlled company and associates 
74,474 
Total subsidiaries, jointly controlled company and and associates 
2,450,787 
* In 2020, Statnett Transport's operations were transferred 
to Statnett SF. Se note 22 for further review. 
** Ownership in TSO Holding AS has increased 
from 30,2 
to 32,2 per cent in 2021. See note 22 
for further review. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 20
 
Investments in subsidiaries, jointly controlled company 
and associates
133 
Group value of companies recorded according to the 
equity method 
(Amounts in NOK thousand) 
Group value 
at 1 Jan. 
Increase / 
Deduction 
Result for 
the year 
Dividend 
Group value 
at 31 Dec. 
2021 
TSO Holding AS, 32,2% ** 
87,262 
9,411 
-8,767 
-51,516 
36,390 
eSett OY, 25,0% 
18,910 
- 
-395 
- 
18,515 
KraftCERT AS, 33.3% 
1,408 
- 
189 
- 
1,597 
Total associates 
107,580 
9,411 
-8,973 
-51,516 
56,502 
2020 
TSO Holding AS, 30,2% ** 
90,439 
9,411 
122,782 
-135,370 
87,262 
eSett OY, 25,0% 
16,902 
- 
2,008 
- 
18,910 
KraftCERT AS, 33.3% 
958 
- 
450 
- 
1,408 
Total associates 
108,299 
9,411 
125,240 
-135,370 
107,580 

Financial reporting 
Notes
Note 21
 
Joint operations
134 
The Group 
has entered 
into agreements 
with transmission 
system operators 
in the 
Netherlands, Denmark, 
Germany and 
England to 
construct and operate subsea cables to the continent and the 
UK. These agreements are regarded as joint operations under IFRS. 
Principle 
A "joint operation" is a joint arrangement whereby the parties 
that have joint control of the arrangement have rights to the assets 
and the 
liabilities relating to the arrangement. The 
Group recognises its share of 
assets, liabilities, revenues and operating expenses 
relating to 
its involvement in a joint operation.
Subsea cables 
TenneT TSO BV and Statnett SF have constructed a subsea cable to transport energy between Norway and the Netherlands, known as 
the NorNed cable. Each 
party owns its physical 
half of the 
cable, with Statnett SF 
owning the northern 
part and TenneT the southern part. 
The NorNed 
cable became 
operational in 
May 2008. 
Costs and 
trading revenues 
from the 
operation of 
the NorNed 
cable are 
shared 
equally between TenneT and Statnett. 
Statnett SF owns Skagerrak cables 1-3 whereas 
Energinet.dk holds a long-term lease agreement for half 
of the cable capacity. 
Income 
from the 
lease is 
included in 
"Other 
operating revenue". 
At the 
end of 
December 2014, 
the 
Skagerrak Cable 
4 
became operational. 
Statnett SF and Energinet.dk each own a 
physical half of the cable, with 
Statnett SF owning the northern part and 
Energinet.dk owning 
the southern part. Costs and trading revenues related 
to the operation of the Skagerrak cables are 
shared equally between Energinet.dk 
and Statnett SF. 
Statnett 
SF, 
the 
German 
companies 
TenneT 
and 
KfW 
have built 
a 
HVDC 
interconnector 
between 
Norway 
(Tonstad) 
and 
Germany 
(Wilster). 
The project's 
name is 
NordLink. 
NordLink has 
a transmission 
capacity 
of 1400 
MW. 
The interconnector 
consists 
of 53 
km 
overhead line 
on the 
Norwegian side, 
a 514 
km subsea 
cable and 
a 55 
km land 
cable on 
the German 
side. The 
ownership is 
shared 
equally, where Statnett 
SF owns the northern part 
through the wholly owned subsidiary NordLink Norge 
AS, and TenneT 
and KfW own 
the southern 
part through 
a jointly 
owned German 
company. 
Costs 
and trading 
revenues are 
shared equally 
between Germany 
and 
Norway. 
Statnett SF’s assets in the cables are included in the asset group Land and subsea cables in the note related to Tangible and intangible 
assets. 
Subsea cable completed in 2021 
In the winter of 2015, Statnett SF signed a cooperation agreement with the British 
company National Grid North Sea Link Ltd (NNL) with 
the purpose to realize an HVDC interconnector between Kvilldal in Norway and Blyth in North-East England. The North Sea Link project 
has a 
transmission capacity 
of 1400 
MW, 
and the 
interconnection consists 
of converter 
stations in 
Blyth and 
Kvildal, 714 
km subsea 
cable, 6 km land cable on the Norwegian 
side and 2 km land cable on the British side. The 
ownership is divided equally, with Statnett SF 
as the owner 
of the eastern 
part and NNL 
of the western 
part. Costs and 
trading revenues will 
be shared equally between 
the parties. 
The entire 
plant was 
completed 
in 
2021, 
and trial 
operation of 
the 
plant began 
on 
October 
1st. 
Trial 
operations are 
expected 
to 
be 
completed in the summer of 2022.
In 2021, the subsea 
cable in The 
North Sea Link 
project with a 
procurement cost of 
NOK 4.8 billion was 
transferred from Plants 
under 
construction to Tangible assets.

Financial reporting 
Notes
Note 22
 
Related parties
135 
Principle 
Two parties are related if a party can 
influence the other party’s decisions. Transactions between related 
parties are conducted at market 
terms. 
Owner 
As of 31 December 2021, Statnett 
SF was wholly-owned by the Norwegian State 
through the Ministry of Petroleum 
and Energy (MPE). 
Statnett has the following relations with MPE both as owner and regulatory 
authority.
Regulatory authority 
The Norwegian 
parliament (Storting) 
is the 
legislative authority 
that passes 
legislation based 
on bills 
put forward 
by the 
government. 
Regulations are adopted by 
the King in Council. The 
MPE administers its areas of responsibilities 
and delegates the administration of 
the 
greater part 
of the 
Energy Act 
to The 
Norwegian Water 
Resources and 
Energy Directorate 
(NVE). Pursuant 
to the 
Norwegian Public 
Administration Act, any administrative decision made by the NVE may be 
appealed to the MPE as the superior authority.
The Norwegian Energy Regulatory Authority (RME), part of the NVE, is appointed as a national independent regulatory authority 
for the 
electricity market in Norway. RMEs task is 
to ensure that the participants comply with the regulations that ensure competitive conditions 
in the power market and an efficiently operated power grid. Any decision 
made by the RME may be appealed to the Energy Complaints 
Commission.
Other related parties
Investments in subsidiaries, joint venture and associates are listed in note 20 
Parent company
Statnett SF is the borrower of the Group's 
external loans. The central treasury function in Statnett 
SF coordinates and manages financial 
risks related to currency, interest rates and liquidity within the Group. Loan 
agreements have been entered into between Statnett SF 
and 
its subsidiaries. 
The Group established 
a cash 
pool system in 
2020. The parent 
company is 
the main 
account holder and 
other group 
companies are sub-account holders, linked to the main account. The total bank deposits in the cash pool system are presented as bank 
deposits in Statnett SF. Sub-account holders’ part of the main account, are included in the intercompany balances.
In addition, there are agreements entered relating 
to services between companies within the Statnett 
Group. All agreements are part of 
normal commercial operations, 
and the transactions are 
conducted at market terms. 
Transactions with subsidiaries relate 
mainly to the 
following:
Statnett Forsikring AS 
Statnett Forsikring AS is licensed to provide insurance coverage 
and reinsurance, though limited to companies within the Statnett 
Group 
where the ownership exceeds 50 percent. In addition, Statnett Forsikring AS operates both as a direct personal 
insurance company and 
a non-life insurance company.
Statnett Transport AS 
Until 30 June 2020 Statnett Transport AS provided transportation services, transporting heavy 
machinery/equipment on land and at sea. 
The operations in 
Statnett Transport 
AS have been 
transferred to 
Statnett SF with 
effect from 
1 July 2020. 
The business transfer 
was 
implemented with the 
arm's length principle 
and assets and 
liabilities were valued 
at fair value. 
Statnett SF had 
granted Statnett Transport 
AS a 
subordinated loan 
that ranks behind 
other creditors. The 
subordinated loan 
was paid 
as part of 
the purchase 
price. Statnett Transport 
AS 
has 
granted 
a 
loan 
to 
Statnett 
SF 
of 
21 
MNOK 
as 
of 
31 
December 
2021. 
Until 
30 
June 
2020, 
Statnett 
SF 
has 
also 
provided 
administrative services within ICT, 
legal, purchasing and finance. From 1 July 2020, there is no operational activity in Statnett Transport 
AS.
NordLink Norge AS 
NordLink Norge 
AS is 
the developer 
and owner 
of the 
northern part 
of NordLink, 
an electricity 
cable connecting 
the German 
and the 
Norwegian high-voltage electricity grids. The German companies TenneT and KfW, 
through a jointly owned German company, will build 
and own the southern 
part of NordLink. NordLink 
is the first direct 
interconnector between the 
Norwegian and German 
electricity markets, 
with 
a 
capacity 
of 
1400 
MW. 
NordLink 
is 
operated 
by 
the 
transmission 
system 
operators, 
Statnett 
and 
TenneT 
respectively. 
The 
installation of the subsea power cable between Norway and Germany, as well as the converter station at Ertsmyra and the line between 
Ertsmyra and Vollesfjord are completed. In December 2020, the power exchange started.
Statnett SF 
is committed 
to providing the 
necessary funding for 
the project. 
The funding committed 
is equal 
to NordLink 
Norge AS 
50 
percent share of the total investments costs related to the 
project. The drawdown will be made at intervals ensuring that NordLink 
Norge 
AS will be in a 
position to fulfil its own obligations. 
Statnett SF has issued payment guarantees towards the 
main suppliers on NordLink 

Financial reporting 
Notes
Note 22
 
Related parties
136 
Norge AS' behalf according to the terms and conditions in the agreements entered into with the respective suppliers. The guarantee fee 
is at market terms. NordLink Norge AS has no employees. Statnett SF provides project 
services in the construction phase in addition to 
certain administrative services to support the operation of the company. NordLink Norge AS is part of the group cash pool 
system. 
Elhub AS 
Elhub AS operates and develops 
the central datahub for metering values 
and market processes in the 
Norwegian electricity market. Its 
main function is automated metering processing and distribution of same, as well as processing of market processes such as change of 
electricity supplier, 
transfers and reporting. The 
datahub became operational in 
February 2019. Elhub 
AS has a 
loan from Statnett 
SF. 
Statnett SF also 
provides certain administrative 
services within ICT, 
legal, purchasing and 
finance. Elhub 
AS is 
part of the 
group cash 
pool system. 
NorGer AS and NorGer KS
Statnett SF owns 100 percent of 
the shares in NorGer AS 
and 90 percent of the shares 
in NorGer KS. In addition, NorGer 
AS owns 10 
percent of 
the shares 
in NorGer 
KS. This 
entails that 
Statnett SF, 
including indirect 
ownership, controls 
100 percent 
of the 
shares in 
NorGer KS. The companies have limited operation. 
Nydalshøyden Bygg C AS 
The company is 
titleholder to the 
property Nydalen Alle` 
in Oslo, where 
Statnett SF has its 
head office. The company 
has granted Statnett 
SF a loan of NOK 18 million.
Fifty AS
Fifty AS is a jointly controlled 
company between Statnett SF and Affärsverket 
svenska kraftnät, where each company 
owns 50 percent of 
the shares 
in Fifty 
AS. Fifty 
AS maintains 
and develops 
ICT solutions 
to support 
the balancing 
of the 
Nordic power 
system. Fifty 
AS 
delivers 
licences-, development- 
and maintenance 
services 
to Statnett 
SF. 
Fifty 
AS has 
no employees. 
Statnett 
SF 
provides project 
services related to the 
development of ICT systems 
in addition to certain 
administrative services to support 
the operation of the 
company. 
Transactions between Statnett SF and Fifty AS is listed in the table below, as jointly controlled company. 
TSO Holding AS (previously Nord Pool Holding AS) 
TSO Holding AS 
is an associated company 
owned 32.2 % by 
Statnett SF. The associated company owns 
34% of the shares 
in Nord Pool 
AS. Statnett SF purchases transmission losses on Nord Pool AS on a 
daily basis and settle at the power exchange's market prices.
Effective January 15, 2020, TSO Holding AS (previously Nord 
Pool Holding AS) sold 66 percent of the shares 
in Nord Pool Holding 2 AS 
to Euronext Nordics Holding 
AS. Nord Pool Holding 2 
AS is the sole owner 
of the shares in Nord Pool 
AS and European Market Coupling
Operator AS. The Statnett Group has an 
accounting gain from the sale of NOK 
127 million. In August 2021, 
the parent company Statnett 
SF received a dividend of NOK 52 million from TSO Holding AS. 
In March 2021, Statnett SF bought 2% of the shares in TSO Holding 
AS and increased its holdings 
from 30.2 to 32.2 percent.
eSett OY
eSett 
OY 
delivers 
services 
related 
to 
imbalance 
settlement 
of 
electricity 
markets 
in 
Finland, 
Sweden 
and 
Norway. 
In 
May
2019, 
an 
agreement was signed between the 
Danish transmission system operator Energinet and 
Svenska kraftnät, Fingrid and Statnett, 
stating 
that Denmark will join 
Nordic imbalance settlement 
and Energinet will become 
eSett’s new shareholder. The transaction 
makes Energinet 
a shareholder in eSett 
Oy and the share 
capital is divided equally 
between the four shareholders, 
with each party holding 
25 percent. The 
agreement means that Energinet 
become a part 
of the Nordic 
cooperation on settlement 
of imbalances in 
the power market in 
early 2021. 
Statnett SF and the other owners 
provided identical loans to the company. 
As of December 31, 2021 the loan from 
Statnett SF to eSett 
OY amounted to NOK 6 million. 
Dividend and group contribution 
In 2021, Statnett SF has received dividends and group contribution from subsidiaries and 
associates totalling NOK 200 million.

 
Financial reporting 
Notes
Note 22
 
Related parties
137 
Statnett SF inter-company accounts 
Trade accounts 
Lending 
Borrowing 
Trade acc. Payable 
(Amounts in NOK million) 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
Subsidiaries 
83 
25 
4,699 
5,009 
399 
176 
3 
- 
Jointly controlled company 
173 
46 
- 
- 
- 
- 
6 
27 
Interest rates 
Interest rates on long-term borrowing and lending 
have been agreed at six months' NIBOR with a 
mark-up in the interval 0.3 - 1.3 percent. 
The interest rates in the cash pool systems are agreed 
at three months Nibor with a mark-up of 0,25 
and 0,7 precent for receivables 
and liabilites respectively. 
Statnett SF's intra-group trading 
Regulated operating revenue 
Other oper. revenues 
Operating costs 
(Amounts in NOK million) 
2020 
2021 
2020 
2021 
2020 
2021 
Subsidiaries 
-644 
-633 
85 
141 
-66 
-75 
Jointly controlled company 
- 
- 
54 
58 
-1 
-17 
Financial income 
Financial costs 
(Amounts in NOK million) 
2020 
2021 
2020 
2021 
Subsidiaries 
167 
95 
-1 
-1 
Group contribution received 
Dividend received 
(Amounts in NOK million) 
2020 
2021 
2020 
2021 
Subsidiaries 
66 
148 
135 
52

Financial reporting 
Notes
Note 23
 
Remuneration to Group Management
138 
The Board's statement regarding salaries and other remunerations to Group management 
2021 
The statement concerning remuneration to the 
President and CEO and the 
Group management has been 
prepared in accordance with 
the enterprise's articles of association, provisions in the Public Limited Liability Companies Act as well as the Ministry of 
Trade, Industry 
and Fisheries’ "guidelines for salary and other remuneration for Group 
management in enterprises and companies with state ownership" 
as of 13 February 2015.
Management remuneration policy 
The Group's guiding principle is to keep 
remuneration and other benefits for the Group 
management at a competitive level to 
ensure that 
the Group attracts and retains high-quality senior executives, though 
not taking a leading position when it comes to salary. However, the 
salary must be competitive for the industry and compared to other companies recruiting in the same market as Statnett. Also, the salary 
must reflect 
individual experience, 
area of 
responsibility and 
achieved results. 
The management 
remuneration policy 
is applicable 
for 
Statnett SF and subsidiaries.
Guidelines for salary and other remuneration
Based on the 
Ministry of Trade, Industry 
and Fisheries’ "guidelines 
for salary and 
other remuneration for 
Group management in 
enterprise 
and companies with state 
ownership", the Board of 
Directors has set a framework 
for elements to be 
included in the Group's future 
salary 
and remuneration package for new members of Group management. The 
following guidelines are applicable:
Fixed salary:
 
Fixed salary is 
determined based on an 
assessment of the specific 
position and the market, 
while considering Statnett's 
policy of being competitive without taking a leading position. When the fixed salary is determined, the total remuneration 
should be used 
as a basis.
Pensions:
 
Membership in Statnett's defined contribution plan. 
Personnel 
insurance:
 
Arrangements 
applicable 
for 
other 
employees 
including 
group 
life-, 
accident-, 
sickness 
insurance 
as 
well 
as 
occupational injury- and travel insurance, are also applicable for Group management.
Car arrangement:
 
Car allowance can be offered. In exceptional cases a company car can be offered if needed in the 
line of duty.
Other 
remunerations:
 
Coverage 
of 
newspapers, 
mobile 
phone 
and 
broadband 
communication 
in 
accordance 
with 
established 
standards.
Internal board members:
 
Internal board members do not receive remuneration. Board insurance exists for all board 
members. 
This is applicable for Statnett SF and subsidiaries and will also be applicable 
for 2021.
Existing arrangements for Group management 
The remuneration to the Group management is established in accordance with the
guidelines described above. From historical reasons, 
the 
Group 
management 
may 
have 
different 
remuneration 
in 
relation 
to 
individual 
agreements 
entered 
before 
the 
guidelines 
were 
determined. 
In addition to a fixed salary, Group management is entitled to a company car or car allowance and membership in the Group’s collective 
pension scheme. In accordance with previously 
entered work agreements, four members of Group 
management have individual pension 
arrangements for 
salary beyond 
12 times 
the Norwegian 
national insurance 
scheme basic 
amount. Three 
members of 
Group management 
have a 
company car. 
This is 
in compliance 
with agreements 
entered at 
an earlier 
stage. In 
accordance with 
entered agreements, 
the 
retirement age for 
four members of 
Group management is 
at 65 years 
of age. Group 
management employed in 
2019 and later 
do not 
have such a regulation in their agreement. It 
is a mutual understanding and acceptance that it is 
possible to address the need or desire 
for transition to 
another position at 
any time after 
the age of 
60. There is 
no bonus scheme, 
share-based pay or 
other incentive based 
schemes for Group management.
The Board of Directors has hired a new CEO that started her position at 15 March 2021. In addition 
to a fixed salary, the CEO’s benefits 
are 
limited 
to 
membership 
in 
the 
Group’s 
collective 
pension 
scheme, 
collective 
insurance 
schemes, 
car 
allowance, 
coverage 
of 
newspapers and 
broadband communication. 
The CEO 
is granted a 
12 months’ severance 
pay in the 
event of 
dismissal from the 
company. 
No other members of Group management have an 
agreement granting severance pay. One executive in a subsidiary has an agreement 
granting 12 months’ severance pay including a notice period in the 
event of dismissal from the company.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 23
 
Remuneration to Group Management
139 
Execution of remuneration principles in 2021 
The remuneration 
approval for 
Group management 
in 2021 
was 
conducted in 
accordance with 
the 
above guidelines 
in Statnett 
and 
subsidiaries. 
The 
Board 
of 
Directors 
approves 
the 
annual 
salary 
adjustment 
for 
the 
company's 
President 
and 
CEO, 
and 
adopts 
a 
framework that the 
President and 
CEO uses to 
adjust the 
rest of the 
salaries of the 
Group management 
team. The 
salary of the 
company’s 
President and CEO was established upon the appointment and was not further increased 
in 2021. 
The declaration 
for 2019 
provided information 
on an 
ongoing evaluation 
of the 
Group management 
and the 
need for 
possible salary 
measures as a 
consequence of this.
The result was 
presented to the 
board in February 
2020, which set a 
framework for salary 
measures.
The first step was implemented from 1 November 2020, and has been completed 
as of 1 March 2021. 
The Board of Directors’ assessment is 
that the remuneration to Group 
management, is in compliance with requirements 
in the Ministry of 
Trade, Industry 
and Fisheries "guidelines for 
salary and other remuneration 
for Group Management 
in enterprises and 
companies with 
state ownership".
Organisation 
The Board of 
Directors has established 
a remuneration committee, 
consisting of two 
owner-appointed board members 
and one employee 
representative. The 
remuneration committee is 
an advisory 
and preparatory 
body for the 
Board of Directors, 
and will 
put forward 
proposals 
for salary adjustments in accordance with the guidelines specified above. Separate instructions has been prepared for the remuneration 
committee. 
The 
President 
and 
CEO 
is 
a 
regular 
member 
of 
the 
committee. 
The 
Senior 
Vice 
President 
Employer 
Relations 
acts 
as 
committee secretary.
New guidelines for remuneration effective from 2022
The Board has implemented new guidelines for 
remuneration for senior executives on the basis 
of §8 in the Articles 
of Association, §6-
16a and §6-16b in the Public Limited 
Liability Companies Act, and the Ministry of Trade, Industry 
and Fisheries’ guidelines for salary and 
other remuneration for group 
management. The guidelines are 
to be adopted at the 
Annual General Meeting for 
2022. The guidelines will 
be taken into account for the Board's statement regarding salaries and other 
remunerations to Group management for 2022.
Remuneration to the Board
(Amounts in NOK)
Board remuneration 
Board members 
2021 
2020 
Jon Fredrik Baksaas 
Chair 
468,000 
449,000 
Tove Elisabeth Pettersen 
Vice Chair 
361,000 
347,000 
Egil R Gjesteland 
Board member 
303,000 
296,000 
Maria Sandsmark 
Board member 
283,000 
278,500 
Einar Strømsvåg (until June 2020) 
Board member 
- 
148,000 
Wenche Teigland (from June 2020) 
Board member 
283,000 
138,000 
Christian Henrik Prahl Reusch (from June 2020) 
Board member 
248,000 
120,500 
Steinar Jøråndstad 
Board member 
248,000 
258,500 
Ole Bjørn Kirstihagen 
Board member *) 
283,000 
258,500 
Ingeborg Skjelkvåle Ligaarden (from June 2020) 
Board member *) 
283,000 
138,000 
Pernille Dørstad (until June 2020) 
Deputy member *) 
27,000 
138,000 
Kåre Eidem 
Deputy member *) 
18,000 
- 
Total board remuneration 
2,805,000 
2,570,000 
All figures are exclusive of employer's NICs. 
Board members receive compensation for their participation 
in the audit committee, remuneration committee or 
project committee. 
Board remunerations may therefore vary. 
*) In the case of employee representatives, only board 
members' fees are stated. 

 
Financial reporting 
Notes
Note 23
 
Remuneration to Group Management
140 
Remuneration/benefits to the Group management 
2021
(Amounts in NOK)
Salary 
Other remun-
eration*) 
Pension 
cost 
Total 
remun-
eration 
President and CEO 
Hilde Tonne (as of March 15th) 
4,058,065 
158,176 
144,860 
4,361,100 
Auke Lont (Through March 14th) 
648,247 
37,056 
713,331 
1,398,634 
Executive Vice Presidents 
Håkon Borgen 
Offshore Development 
2,379,118 
119,278 
644,172 
3,142,568 
Knut Hundhammer 
CFO, 
Finance & Corporate 
Affairs 
2,923,383 
143,281 
892,547 
3,959,211 
Peer Olav Østli 
System Operations 
2,504,695 
169,093 
1,089,405 
3,763,193 
Elisabeth Vike Vardheim 
Grid & Asset Management 
2,574,710 
222,213 
781,997 
3,578,920 
Beate Sander Krogstad 
Transformation & Digital 
2,421,457 
159,592 
204,156 
2,785,205 
Gunnar G. Løvås 
Markets & System 
Development 
2,720,779 
165,014 
180,836 
3,066,629 
Bente Monica Haaland (as of September 1th) 
People & Sustainability 
637,805 
5,775 
72,067 
715,646 
Total remuneration 
20,868,258 
1,179,476 
4,723,371 
26,771,105 
All figures are exclusive of employer's NICs. 
*) Included value of company car or fixed 
car allowance, phone, newspapers and personal 
insurance. 
Remuneration/benefits to the Group management 
2020
 
(Amounts in NOK)
Salary 
Other remun-
eration*) 
Pension 
cost 
Total 
remun-
eration 
President and CEO 
Auke Lont 
3,201,565 
182,105 
2,412,303 
5,795,972 
Executive Vice Presidents 
Håkon Borgen 
Technology & Development 
2,222,691 
120,528 
633,793 
2,977,012 
Knut Hundhammer 
CFO & Chief of Staff 
2,811,101 
138,304 
856,299 
3,805,704 
Peer Olav Østli 
Operations 
2,292,035 
152,118 
1,080,873 
3,525,026 
Elisabeth Vike Vardheim 
Construction 
2,402,269 
230,795 
739,357 
3,372,421 
Beate Sander Krogstad 
IT 
2,261,175 
147,903 
200,512 
2,609,589 
Gunnar G. Løvås 
System & Market 
2,600,766 
143,749 
174,204 
2,918,719 
Total remuneration 
17,791,602 
1,115,501 
6,097,341 
25,004,445 
All figures are exclusive of employer's NICs. 
*) Included value of company car or fixed 
car allowance, phone, newspapers and personal 
insurance.

 
 
 
 
 
 
Financial reporting 
Notes
Note 23
 
Remuneration to Group Management
141 
Terms and conditions, senior executives 
Title/name 
Terms 
and 
conditions 
for 
retirement 
age, 
early 
retirement 
pension, 
retirement 
pension 
and 
severance pay 
President and CEO: 
Hilde Tonne
Auke Lont
(1.1.-14.3.2021)
In addition to a fixed salary, the President and CEO’s remuneration is limited to membership in Statnett’s 
defined 
contribution 
pension 
scheme, 
collective 
insurance 
schemes, 
car 
allowance 
and 
coverage 
of 
newspapers and 
broadband communication. 
The President 
and CEO 
has agreed 
to a 12 
month severance 
pay in the event of dismissal from the company.
From the 
age of 
65, the 
full annual 
retirement pension 
is 66 
percent of 
the pension 
base. The 
pension 
base is 
adjusted annually 
by the 
same percentage 
increase as 
in the 
basic amount 
under the 
National 
Insurance Scheme. From the age of 67, the annual retirement pension of 66 percent will be co-ordinated 
with the 
retirement pension 
disbursed from Statnett 
SF's Group Pension 
Fund and the 
Norwegian National 
Insurance Scheme. 
Upon death, any surviving spouse and children under the age of 21 
will receive a pension. 
Should the President and CEO 
become disabled before the age of 
65, he will receive a disability 
pension. 
The full disability pension equals the retirement pension awarded at the age of 65. The disability pension 
disbursement will be reduced according to disability.
The 
President 
and 
CEO 
is 
entitled 
to 
12 
months' 
severance 
pay 
in 
the 
event 
of 
dismissal 
from 
the 
company, after a notice period of 6 months.
Executive Vice President:
Håkon Borgen
The retirement age is 65, but 
with the right to retire with 
an early retirement pension after the 
age of 62. In 
the event of retirement between 62 
and 65 an annual payment 
of 66 percent of the 
pension base will be 
disbursed. The 
pension base 
is adjusted 
annually by 
the same 
percentage increase 
as in 
the basic 
amount 
under the National Insurance Scheme. In the event 
that income is received from others and this, together 
with 
the 
early 
retirement 
pension 
disbursed 
by 
Statnett, 
exceeds 
the 
final 
salary 
the 
early 
retirement 
pension will be reduced by 50 percent of the amount that exceeds the 
final salary.
From the 
age of 
65, the 
full annual 
retirement pension 
is 66 
percent of 
the pension 
base. The 
pension 
base is 
adjusted annually 
by the 
same percentage 
increase as 
in the 
basic amount 
under the 
National 
Insurance Scheme. 
Upon death, 
any surviving 
spouse and 
children under 
the age 
of 21 
will receive 
a 
pension. 
Entitlements to pension benefits beyond what is gained through the 
collective pension scheme, will lapse 
if they are 
no longer 
employed by Statnett 
SF on their 
62nd birthday. 
Should any of 
the above 
persons 
become disabled 
before reaching 
the age 
of 65, 
he or 
she will 
receive a 
disability pension. 
The full 
disability 
pension equals the retirement pension awarded at 
the age of 65. The disability pension disbursement will 
be reduced according to disability.
Håkon Borgen is included in 
the enterprise's defined contribution 
scheme and related compensation plan.

 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 23
 
Remuneration to Group Management
142 
Executive Vice President:
Peer Olav Østli
The retirement age is 65, with the right to retire with an early retirement 
pension at any time after 62. The 
full contribution period 
is 30 years. In 
the event of retirement 
between ages 62 
and 65, an annual 
payment 
shall be disbursed of 
66 percent of the 
pension base, less one 
percentage point for each 
year between 62 
and 65. The pension base is adjusted annually by the same 
percentage increase as in the basic amount 
under the 
National Insurance 
Scheme. Pension 
disbursement may 
be reduced 
if the 
member receives 
any salary, pension or remuneration from other companies in the Statnett Group. 
From the 
age of 
65, the 
full annual 
retirement is 
66 percent 
of the 
pension base. 
The pension 
base is 
adjusted annually by the same percentage increase as in the basic amount under the National Insurance 
Scheme. From 
the age 
of 67, 
the annual 
retirement pension is 
covered through the 
National Insurance 
Scheme 
and 
Statnett's 
Group 
pension 
scheme, 
plus 
66 
percent 
of 
the 
part 
of 
the 
pension 
base 
that 
exceeds 12 times the basic amount, provided that there is a full contribution 
period (30 years).
Upon death, any children under the age of 21 will receive a children's pension.
If the Vice President leaves 
the company before retirement age, 
a pension rights certificate will 
be issued, 
which will secure retirement pension benefits 
from age 65. The pension rights certificate 
will be adjusted 
by 75 percent of the increase in the basic amount for each year until 
retirement.
Upon disability before reaching the age of 65, the Vice President will receive a disability pension. The full 
disability pension equals the retirement pension awarded at the age of 67, based on the pension base at 
the time the 
disability occurred. The 
disability pension 
disbursement will be 
reduced according 
to disability.
Executive Vice 
Presidents: 
Knut Hundhammer 
Elisabeth Vike Vardheim
Bente Monica Haaland 
(1.9 -31.12)
The 
retirement 
age 
is 
65. 
A 
pension 
agreement 
has 
been 
entered 
into 
in 
addition 
to 
the 
ordinary 
membership in 
the enterprise's 
Group pension 
scheme, where 
the pension 
is secured 
through a 
bank 
saving 
account 
balance, 
including 
interest, 
disbursed 
to 
Vice 
Presidents. 
Statnett 
will, 
each year 
until 
retirement or resignation, pay up to 30 
percent of the difference between the ordinary 
salary and 12 times 
the Norwegian 
national insurance 
scheme basic 
amount to 
the pension 
fund scheme. 
Upon death, 
the 
surviving spouse 
or spouse 
equivalent will 
receive an 
amount corresponding 
to the 
remaining savings 
balance including interest from Statnett SF. This lump sum will be taxable for the receiver.
 
Knut Hundhammer 
og Elisabeth 
Vike Vardheim 
are in 
addition entitled 
to pension 
from the 
enterprise's 
defined benefit scheme from 67 years of age.
Executive Vice 
Presidents: 
Beate Sander Krogstad
Gunnar G. Løvås
The 
Executive 
Vice 
Presidents 
have 
ordinary 
membership 
in 
Statnett’s 
defined 
contribution 
pension 
scheme. Beate Sander Krogstad is also included in the related compensation 
plan.
No loans have been made or security provided for members of the 
Group Management or Board of Directors.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 24
 
Other liabilities
143 
Other liabilities mainly consist of asset retirement obligations related to grid facilities and investment 
grants received.
Principle
Estimates of costs related to retirement of tangible assets are 
recorded as liabilities from the time the Group deems 
that a legal or actual 
retirement obligation 
exists. Asset retirement 
obligations are 
discounted using 
estimates of future 
inflation and 
NVE interest rate. 
Changes 
in estimates due to 
asset retirement obligations approaching 
the estimated time of 
settlement are recorded as 
interest costs (accretion 
expenses). See note 8 Tangible and intangible assets for a further description of the recording of asset retirement obligations.
Investment grants 
are financial 
contributions from other 
companies to 
finance facilities to 
which Statnett builds 
and retains 
ownership. 
The investment grants are recorded as a liability when received and 
allocated over the lifetime of the relevant facility.
Specification of changes in other liabilities 
Parent company 
(Amounts in NOK million) 
Asset retirement 
obligations 
Other liabilites 
Total 
Liabilities at 1 January 2020 
378 
88 
465 
New or changed estimates 
165 
47 
212 
Amounts charged against liabilites 
-44 
- 
-44 
Reduction due to divestments 
-9 
- 
-9 
Accretion expenses 
21 
- 
21 
Reclassification to short-term liability 
-146 
- 
-146 
Liabilities at 31 December 2020 
366 
135 
500 
New or changed estimates 
47 
23 
69 
Amounts charged against liabilites 
-179 
- 
-179 
Reduction due to divestments 
- 
- 
- 
Accretion expenses 
24 
- 
24 
Reclassification to short-term liability 
59 
- 
59 
Liabilities at 31 December 2021 
317 
157 
473 
Group 
Asset retirement 
obligations 
Other liabilites 
Total 
Liabilities at 1 January 2020 
378 
88 
465 
New or changed estimates 
165 
47 
212 
Amounts charged against liabilites 
-44 
- 
-44 
Reduction due to divestments 
-9 
- 
-9 
Accretion expenses 
21 
- 
21 
Reclassification to short-term liability 
-146 
- 
-146 
Liabilities at 31 December 2020 
366 
135 
500 
New or changed estimates 
47 
45 
91 
Amounts charged against liabilites 
-179 
- 
-179 
Reduction due to divestments 
- 
- 
- 
Accretion expenses 
24 
- 
24 
Reclassification to short-term liability 
59 
- 
59 
Liabilities at 31 December 2021 
317 
180 
495 
For expected timing of cash outflows, see note 18 
Financial risk management. 
Total asset retirement obligations amount to NOK 505 million at year end, of which NOK 188 
million has been classified as short-term debt. 

Financial reporting 
Notes
Note 25
 
Secured debt and guarantees
144 
The parent company 
may not pledge 
the enterprise's assets or 
provide other security, apart 
from providing 
security to financial 
institutions 
in 
connection 
with 
day-to-day 
banking 
transactions, 
and 
providing 
the 
customary 
security 
as 
part 
of 
the 
day-to-day 
operations. 
For 
guarantees issued on behalf of subsidiaries, see the note on related parties for details.
Note 26
 
Contingent assets and liabilites
Principle 
Contingent assets 
and liabilities are 
a potential 
asset or 
obligation where the 
existence is 
uncertain, and will 
be confirmed by 
a future 
event that may or may not occur, for example the 
outcome of a legal case or an 
insurance payment. Contingent liabilities are recorded in 
the annual financial statements, based 
on best estimate, if 
it is likely (more than 
50 percent) that an obligation 
has occurred. When the 
probability is 
lower, information 
is disclosed 
if the 
potential obligation is 
significant and 
likelihood of 
payment is 
very low. 
A contingent 
asset will only be recorded in the balance sheet if it is highly probable 
(more than 90 percent) that the Group will receive the asset. If the 
probability is less 
than 90 percent, 
but there is 
a certain probability 
that the asset 
will benefit the 
Goup, this 
will be disclosed 
in the financial 
statements.
Higher/lower revenues are contingent 
liabilities/assets in accordance with IFRS 
and are not 
recorded in the balance 
sheet
. 
Please see 
note 4 for further details.
There are not recorded contingent assets or liabilities in the financial statements.
Sale of property
In 2014 Statnett sold its former head office at Husebyplatået in Oslo to Husebyplatået 
AS with a recorded gain of NOK 56 million. In 
2016 Statnett sold Noreveien 26 with a recorded loss of NOK 39 million, to the 
same buyer. The settlement is not final, and is 
dependent on the utilisation of the property granted to Husebyplatået AS as part of the 
future construction permit. Statnett estimates 
that the entity will receive payments of approximately NOK 800 million during the 
period 2023 – 2028 if the construction plans for 
Husebyplatået are realised. These expected payments are not recognized, 
and the estimates are uncertain.
Uncertain tax positions
A dispute, or the tax authorities' subsequent assessment of a special tax 
treatment, can affect the accounting of both payable and 
deferred tax. When the group assesses the accounting of uncertain tax benefits or tax 
liabilities, it is assessed whether the asset or 
liability is probable. If the final outcome of tax cases deviates from the 
amount recognized in the balance sheet, the deviation will affect 
the tax cost in the subsequent period. See note 19 Taxes.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 27 
Other operating costs
145 
Other operating costs comprise cost types that are not classified on the other lines under 
operating costs. 
Principle
Other operating costs are recognized when incurred. 
Property tax is classified as other operating costs and recognized in the financial year when an invoice that 
applies to the current year is 
received from the municipalities. 
Leases – IFRS 16
Leases recognized in the balance sheet pursuant to IFRS 16 are shown 
under note 8 Tangible and intangible assets and note 16 
Interest-bearing liabilities. 
Parent company 
Group 
2020 
2021 
(Amounts in NOK million) 
2021 
2020 
68 
66 
Lease rental payable * 
75 
68 
459 
485 
Contracted personnel/consultants/purchase of services 
720 
657 
97 
166 
Insurance 
132 
83 
486 
286 
Materials and subcontractors 
122 
380 
320 
368 
Property tax 
387 
340 
186 
216 
IT costs 
237 
187 
373 
318 
Miscellaneous 
322 
315 
1,989 
1,905 
Total other operating costs 
1,995 
2,030 
* Includes only rental costs that do not qualify 
for recognition under IFRS16 Leases. Covid 19 has 
not effected rental costs. 
Auditor's fee 
Parent company 
Group 
2020 
2021 
(Amounts in thousand kroner) 
2021 
2020 
985 
1,003 
Statutory audit 
1,442 
1,471 
624 
650 
Other attestation services 
675 
693 
10 
- 
Tax-related assistance 
- 
31 
132 
- 
Other assistance 
- 
146 
1,751 
1,653 
Total fees (excl. VAT) 
2,117 
2,341 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial reporting 
Notes
Note 28 
Other comprehensive income
146 
Other 
comprehensive 
income 
is 
part 
of 
Total 
comprehensive 
income, 
and 
is 
also 
part 
of 
Statement 
of 
changes 
in 
equity. 
Other 
comprehensive income to be reclassified to profit or loss in subsequent periods, is recorded as Other 
items in the Statement of changes 
in equity, 
while Other comprehensive 
income not to 
be reclassified to 
profit or 
loss in subsequent 
periods, is recorded 
as Other equity 
accrued in the Statement of changes in equity.
Spesification of other comprehensive income 
Parent company/Group
(Amounts in NOK million) 
Fair value of 
financial 
instruments 
Cash flow 
hedge reserve 
 
see note 15 
Total Other 
compre-
hensive 
income 
recorded in 
Other items 
Estimate 
deviations of 
pension 
liabilities 
Total Other 
compre-
hensive 
income 
recorded in 
Other equity 
accrued 
Total Other 
compre-
hensive 
income 
Carrying value 1.1.20 
- 
33 
33 
-99 
-99 
-66 
Changes, gross 
- 
-246 
-246 
-114 
-114 
-360 
Tax effect 
- 
54 
54 
25 
25 
80 
Carrying value 31.12.20 
- 
-159 
-159 
-188 
-188 
-346 
Carrying value 1.1.21 
- 
-159 
-159 
-188 
-188 
-346 
Changes, gross 
- 
298 
298 
36 
36 
334 
Tax effect 
- 
-66 
-66 
-8 
-8 
-74 
Carrying value 31.12.21 
- 
73 
73 
-160 
-160 
-86 

 
 
 
 
Financial reporting 
Notes
Note 29 
Events subsequent to the balance sheet date
147 
Principle
New information on the company’s positions on the balance sheet date is incorporated 
into the annual financial statements. Events after 
the balance sheet date that do not affect the 
company’s position on the balance sheet date, but 
will affect the company’s position in the 
future, are disclosed if they are material.
The war 
in Ukraine 
increases uncertainty. 
Our initial 
assessment of 
the increased 
risk 
is that 
there are 
no significant 
changes in 
the 
recorded value of assets and liabilities. We have not identified any need for impairments. 
Exposure through changes of interest rates and foreign exchange rates
Due to hedging strategies, Statnett has little exposure to changes of interest rates and 
foreign exchange rates. 
Exposure to energy prices
The increases in 
energy prices have resulted 
in high congestion revenues, 
providing a temporary, 
positive effect on 
liquidity. However, 
over time, Statnett’s underlying and recognized profit is to a small degree affected by energy prices. 
Counter party exposure
We have deposits 
in solid Nordic 
banks with high credit 
rating, which we 
continuously surveil. The 
value of the financial 
instruments in 
the banks are to 
a great degree hedged with 
collateral deposits (CSA). We 
have no Russian suppliers 
or customers and have routines 
for complying with relevant sanctions. 
Exposure to loan marked
Statnett expects a low need 
for loans in 2022. The 
loan markets are still functioning, and 
we have a high liquidity 
reserve through unused 
loans from the European Investment Bank (EIB) of EUR 130 million and a credit 
facility of NOK 8 billion. In total, the war in 
Ukraine has 
to a small degree affected our financial risk.

Financial reporting 
Notes
Note 30 
Assets held for sale
148 
Principle
If 
the carrying 
amount of 
a 
non-current 
asset is 
expected to 
be recovered 
principally 
through a 
sale 
transaction rather 
than 
through 
continuing use, the asset is to be classified as held for sale. The asset must be available for immediate sale, and its sale must be highly 
probable and expected to take place within one year. 
Upon reclassification, depreciations cease even when the asset is still in use, and 
the asset is to be measured 
at the lower of its carrying amount and fair value less costs to sell.
The Group has 
entered an exclusive 
negotiaton process with 
a prospective buyer 
of gas turbines 
and other equipment 
at the 
back-up 
power plant at Nyhamna. 
The carrying value of the 
assets is NOK 254 million, 
and the assets were 
reclassified as Assets held 
for sale 
during the fourth quarter of 2020. The sale is planned to take place during 
the autumn of 2021.

Financial reporting 
Auditor’s report
149 

Financial reporting 
Auditor’s report
150 

Financial reporting 
Auditor’s report
151 

Financial reporting 
Auditor’s report
152 

Financial reporting 
Auditor’s report
153 

 
Sustainability report 
Accounts
154 
Sustainability accounts 
We have collected detailed information on the three main categories described in the Sustainability 
report. 
Information on social conditions 
Safety 
2021 
2020 
2019 
Serious Incident Frequency 
SIF 
Number 
SIF value 
Number 
SIF value 
Number 
SIF value 
Total 
10 
2.3 
29 
6.2 
15 
2.9 
Lost-time injuries (LTIF) 
Number of 
injuries 
LTIF value 
Number of 
injuries 
LTIF value 
Number of 
injuries 
LTIF value 
Employees 
3 
1.0 
4 
1.5 
6 
2.3 
Subcontractors 
6 
4.0 
13 
6.6 
16 
6.2 
Total 
9 
2.0 
17 
3.6 
22 
4.2 
Injuries (TRIF) 
Number of 
injuries 
TRIF value 
Number of 
injuries 
TRIF value 
Number of 
injuries 
TRIF value 
Employees 
7 
2.4 
12 
4.4 
15 
5.7 
Subcontractors 
19 
12.7 
23 
11.7 
34 
13.2 
Total 
26 
5.9 
35 
7.5 
49 
9.4 
Fatalities 
2021 
2020 
2019 
Employees 
0 
0 
0 
Subcontractors 
0 
1 
0 
Lost day rate (LDR) 
Number of 
lost days 
LDR value 
Number of 
lost days 
LDR value 
Number of 
lost days 
LDR value 
Employees 
90 
31 
67 
24 
62 
23 
Subcontractors 
167 
112 
258 
131 
155 
60 
Total 
257 
58 
325 
70 
217 
42 
Total recordable injuries (TRIF) and lost-time injuries (LTIF) are not differentiated by gender or region. The lost-time 
injuries frequency (LTIF) 
shows the frequency of work-related lost-time injuries 
per million working hours. The total recordable 
injury frequency (TRIF) shows the total 
number of work-related injuries per million working 
hours. The serious incident frequency (SIF) indicator 
captures the most serious 
incidents/conditions involving injuries, near misses, environmental 
harm and recorded hazardous conditions per 
million working hours relating 
to electrical safety and working at height. Absence days 
are defined as lost working days in relation 
to the total number of working days the 
injured person is away from the first day after the work 
injury occurred. Lost day rate shows the absence 
rate or the frequency of absence due 
to the work injury per million hours worked. A 
fatal accident is considered as 230 days absence. 
Differences in results between employees and 
subcontractors can be explained by the fact that 
the contractors work operationally, while the employees also includes administrative 
positions.

 
Sustainability report 
Accounts
155 
Sanctions, health and safety 
Unit 
2020 
2019 
2018 
Cases where legal or administrative sanctions have 
been issued for serious 
breaches of health and safety legislation 
Number 
0 
0 
0 
Fines or charges for serious breaches of health 
and safety legislation 
MNOK 
0 
0 
0 
Supply chain 
Payment to suppliers
1)
2021 
2020 
2019 
MNOK 
Number of 
suppliers 
MNOK 
Number of 
suppliers 
MNOK 
Number of 
suppliers 
Development and operation 
4,215 
948 
5638 
982 
5666 
842 
IT 
1,113 
445 
1072 
428 
903 
440 
Administrativt 
470 
2390 
463 
2313 
490 
2463 
Consultants 
718 
438 
982 
397 
733 
332 
Other 
764 
1133 
514 
1338 
2105 
1471 
Totalt (unique suppliers) 
7,280 
4597 
8669 
4382 
9898 
4403 
1) Payments are categorized by procurement categories. 
IT includes IT-consultans. 
Decent working life 
Trade unions 
Unit 
2021 
2020 
2019 
Percentage of employees 
with collective agreements as at 31.12 
% 
84 
78 
80 
Penal sanctions, human rights 
Unit 
2021 
2020 
2019 
Cases where legal or administrative sanctions have 
been issued 
for material breaches of human rights legislation
1)
Number 
0 
0 
0 
Fines or charges for material breaches of human rights 
legislation 
MNOK 
0 
0 
0 
1)
 
Material legal sanctions for discrimination, forced labour, 
child labour or breaches of freedom of association, indigenous 
rights or employee rights.

 
Sustainability report 
Accounts
156 
Working environment 
Employees 
Unit 
2021 
2020 
2019 
Employees as at 31 Dec 
Number 
1594 
1530 
1445 
Employees in subsidiaries as at 31 Dec
1)
Number 
53 
46 
48 
Employees in full-time positions as at 31 Dec 
% 
98.9 
98.6 
98.8 
Turnover 
% 
4.0 
2.3 
4.7 
Apprentices as at 31 Dec 
Number 
30 
28 
30 
Trainees as at 31 Dec 
Number 
11 
9 
10 
Age distribution 
Unit 
2021 
2020 
2019 
Employees under 30 
% 
6.7 
8.0 
8.3 
Employees aged 30–50 
% 
47.6 
47.2 
47.2 
Employees over 50 
% 
45.7 
44.8 
44.5 
Average age, all employees 
Years 
47.4 
46.9 
46.8 
Average age, men 
Years 
47.9 
47.4 
47.3 
Average age, women 
Years 
45.8 
45.4 
45.3 
Gender equality 
Unit 
2021 
2020 
2019 
Female quota, Group 
% 
26.6 
26.8 
26.2 
Female quota, management positions 
% 
29.5 
24.7 
25.9 
Female quota, Group Management 
% 
50.0 
28.6 
28.6 
Female quota, Board of Directors 
% 
44.4 
44.4 
37.5 
Female quota, new employees 
% 
34.4 
36.7 
26.6 
Female quota, new managers 
% 
57.9 
28.7 
25.3 
Female quota, full-time employees 
% 
26.2 
26.1 
25.3 
Female quota, part-time employees 
% 
53.8 
68.1 
75.0 
Equal pay
2)
Unit 
2021 
2020 
2019 
Average salary for women as a percentage of average 
salary for 
all employees 
% 
99.6 
99.0 
99.4 
Average salary for men as a percentage of average 
salary for all 
employees 
% 
100.1 
100.4 
100.2 
Average salary for female managers as a percentage of 
average 
salary for all managers 
% 
101.0 
100.5 
101.8 
Average salary for male managers as a percentage of 
average 
salary for all managers 
% 
99.7 
99.8 
99.4

 
Sustainability report 
Accounts
157 
Employees by 
group 
Number 
of 
women 
percenta
ge 
women 
average 
age 
women 
Number 
of men 
Percent
age men 
Average 
age men 
Total 
number 
Total 
average 
age 
Average salary 
for women per 
cent in relation 
to average 
salary for all 
employees 
Average salary 
for men per cent 
in relation to 
average salary 
for all 
employees 
1 
20 
29.4 
42.9 
48 
70.6 
27.6 
68 
32.1 
113.1 
94.5 
2 
31 
9.5 
48.1 
296 
90.5 
43.7 
327 
44.1 
96.7 
100.3 
3 
289 
29.8 
42.8 
680 
70.2 
48.2 
969 
46.6 
93.3 
102.8 
4 
86 
31.9 
52.0 
184 
68.1 
54.1 
270 
53.4 
96.9 
101.4 
Total 
426 
26.1 
45.1 
1,208 
73.9 
47.2 
1,634 
46.6 
99.5 
100.2 
Sickness absence 
Unit 
2021 
2020 
2019 
Short term, 1–16 days 
% 
1.1 
1.1 
1.4 
Long term (>16 days) 
% 
1.8 
1.7 
1.5 
Women 
% 
3.8 
3.7 
4.5 
Men 
% 
2.7 
2.4 
2.5 
Totalt 
% 
3.0 
2.8 
2.9 
Statnett as employer 
Unit 
2021 
2020 
2019 
Employee satisfaction and motivation 
Employee engagement
3)
Scale of 1-5 
- 
- 
4.2 
Response rate 
% 
- 
- 
89 
Employees who have had an annual appraisal 
% 
82 
82 
81 
1)
 
Elhub 
2) 
Reported for the first time in 2019; not all historical figures are available. 
3)
 
From Statnett’s annual internal organisation survey. 
Replaced with two work environment surveys in 2020.

 
Sustainability report 
Accounts
158 
Environmental and climate information 
Environment 
2021 
2020 
Form of protection 
Number of 
protected areas 
Kilometres of 
power lines 
Areal (km2) 
Number of 
protected areas 
Kilometres of 
power lines 
Areal (km2) 
Biotope protection under the 
Norwegian Wildlife Act 
4 
85 
6 
4 
85 
6 
Animal protection area 
11 
44 
3 
11 
44 
3 
Landscape protection area 
14 
141 
14 
14 
141 
11 
National Park 
0 
0 
0 
0 
0 
0 
Nature reserve 
70 
123 
2 
68 
120 
8 
Protected plant area 
0 
0 
0 
0 
0 
0 
Total 
99 
393 
25 
97 
390 
28 
Waste type
1)
Unit 
2,021 
2020 
2019 
Biological waste and sludge 
tonnes 
4,229 
2,495 
2,646 
Paper and cardboard 
tonnes 
20 
33 
69 
Glass 
tonnes 
7 
1 
5 
Metals 
tonnes 
6,812 
3,151 
556 
WEEE 
tonnes 
257 
261 
551 
Soil and inorganic materials 
tonnes 
33,083 
315 
1,193 
Plastics 
tonnes 
10 
28 
46 
Chemicals 
tonnes 
0 
0 
2 
Batteries 
tonnes 
3 
7 
13 
Hazardous waste 
tonnes 
375 
359 
103 
Total source-separated waste 
tonnes 
44,797 
6,648 
5,183 
Mixed waste 
tonnes 
473 
701 
674 
Source separation rate 
per cent 
89 
89 
87 
Estimated reported 
per cent 
85 
85 
85 
1)
 
Statnett clasifies waster in accordance to NS9431 
Sanctions, environment 
Unit 
2021 
2020 
2019 
Cases where legal or administrative sanctions have 
been issued 
for material breaches of environmental legislation 
Number 
0 
1 
0 
Fines or charges for breaches of environmental 
legislation 
MNOK 
0 
0.6 
0

 
Sustainability report 
Accounts
159 
Environmental incidents 
Unit 
2021 
2020 
2019 
Statnett 
Serious environmental incidents
1)
Number 
2 
1 
1 
Less serious environmental incidents 
2)
Number 
1 
2 
17 
Contractors 
Serious environmental incidents 
Number 
1 
4 
0 
Less serious environmental incidents 
Number 
7 
7 
11 
Total 
Number 
11 
14 
29 
1) Incidents that cause serious or irreversible environmental impacts. 
2) Incidents that cause minor or moderate negative 
environmental impacts. 
Climate 
Energy consumption 
Unit 
2021 
2020 
2019 
Electricity 
Own consumption 
GWh 
24.3 
20.4 
17.1 
Grid losses 
GWh 
2,609 
2,336 
2,238 
Grid losses as percentage of power transported 
in the 
transmission grid 
% 
2.4 
2.3 
2.4 
Fossil fuels 
Natural gas, gas-powered plants 
Ton 
82 
5 
23 
Fuel, own cars and machinery 
m
3
970 
892 
934 
Fuel, business car travel 
m
3
29 
37 
48 
Fuel, Statnett Transport 
m
3
1,295 
1,395 
586 
Fuel, own helicopter use 
m
3
297 
297 
308 
District heating and cooling 
Own consumption 
MWh 
2,663 
2,545 
2,441 
Of which renewable 
% 
99 
82 
67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sustainability report 
Accounts
160 
Emission intensity 
Unit 
2021 
2020 
2019 
Total greenhouse gas emissions 
tCO
2
37,001 
60,929 
61,292 
Total power transmission in the main grid 
TWh 
109 
101 
95 
GHG emission intensity 
tCO
2
/TWh 
341 
602 
644 
Greenhouse gas emissions
1)
Unit 
2021 
2020 
2019 
Direct emissions (scope 1) 
tCO
2 
equivalents 
13,450 
18,141 
13,159 
From fuel consumption
2)
tCO
2 
equivalents 
2,024 
2,215 
2,205 
From company car travel
3)
tCO
2 
equivalents 
64 
84 
108 
From helicopter use (Statnett)
4)
tCO
2 
equivalents 
730 
754 
781 
From fugitive emissions (SF6)
5)
tCO
2 
equivalents 
6,788 
11,203 
8,389 
Fra Statnett Transport 
tCO
2 
equivalents 
3,618 
3,871 
1,612 
From reserve power facilities (natural gas) 
tCO
2 
equivalents 
226 
14 
63 
Indirect emissions (scope 2)
6)
tCO
2 
equivalents 
21,068 
40,067 
42,638 
Electricity 
tCO
2 
equivalents 
195 
347 
323 
Grid losses 
tCO
2 
equivalents 
20,872 
39,712 
42,298 
District heating and cooling
7)
tCO
2 
equivalents 
1 
8 
17 
Other indirect emissions (scope 3) 
tCO
2 
equivalents 
2,484 
2,721 
5,495 
From company air travel
8)
tCO
2 
equivalents 
569 
824 
2,685 
From helicopter use
4)
tCO
2 
equivalents 
1,915 
1,897 
2,811 
Total emissions 
tCO
2 
equivalents 
37,002 
60,929 
61,292 
1)
 
Greenhouse gas emissions relate to Statnett, with the exception 
of helicopters (contractors). Consolidation is based 
on operational control. The figures in the 
table have been calculated in accordance with the GHG 
protocol and show emissions using the location-based method 
of calculation. In 2020, total scope 2 
emissions using the market-based method, which corrects 
for sales of guarantees of origin, amounted to 933 317 
tonnes of CO2 (emission factor per NVE equates 
to 396 tonnes CO2/GWh). 
2)
 
Emission factor: SSB Sales of petroleum products and gov.uk 
Greenhouse gas reporting 
3)
 
Emission factor: OFV AS 
4)
 
Emission factor JET A-1 (Kerosene): Asplan Viak report 
"Notodden airport - GHG emissions". The emissions 
for helicopter use are based on estimated average 
hourly usage per kilometer line section, which means there 
is some uncertainty in the numbers. 
5)
 
Emission factor: United Nation GWP potential, GWP 
23,900 
6)
 
Emission factor: NVE electricity disclosure 2019 
7)
 
Source: Avantor. A larger proportion 
of Statnett’s buildings that use district heating 
and cooling have been included in 2019. Figures for previous 
years have been 
restated using the new method. 
8)
 
Source: Via Egencia. A new method (Defra) was introduced 
in 2019 for calculating greenhouse gas emissions from 
flights. Figures for 2018 have been restated 
using the new method. 
Levels and emissions, SF
6
Unit 
2021 
2020 
2019 
Levels as of 31 Dec
1)
kg 
175,199 
148,343 
129,281 
SF6 emissions 
kg 
284 
469 
353 
Substations with gaseous components 
Number 
178 
172 
141 
Of which gas-insulated substations 
Number 
35 
31 
30 
1)
 
Levels include SF6 in stations and stock. 

 
Sustainability report 
Accounts
161 
Sustainable economic information 
Business ethics and anti-corruption 
Whistle-blowing cases 
Unit 
2021 
2020 
2019 
Total number of concerns reported 
Number 
58 
55 
52 
Of which linked to business ethics and anti-corruption
1)
Number 
28 
26 
22 
Of which linked to working environment
2)
Number 
30 
29 
30 
Sanctions, business ethics and anti-corruption 
2021 
2020 
2019 
Cases where legal or administrative sanctions have 
been issued 
for material breaches of business ethics legislation
3)
Number 
0 
0 
0 
Fines or charges for material breaches of business ethics 
legislation 
MNOK 
0 
0 
0 
1)
 
Concerns linked to business relationship, for example work-related 
crime and impartiality 
2) 
Concerns linked to employees, for example conflicts of interest 
and discrimination. 
3)
 
Material legal sanctions for accounting fraud, corruption.

 
Alternative resultatmål
Accounts
162
Alternative performance measures* 
 
(MNOK) 
2021 
2020 
2019 
2018 
2017 
Operating revenues underlying 
Operating revenues accounting 
14,412 
10,761 
9,641 
9,138 
7,401 
Change in accumulated higher/lower revenue (+/-) 
before tax 
2,350 
792 
-791 
362 
-646 
Operating revenues underlying 
12,062 
9,969 
10,432 
8,776 
8,047 
EBITDA underlying 
EBITDA accouting 
7,926 
6,688 
5,366 
5,062 
3,585 
Change in accumulated higher/lower revenue (+/-) 
before tax 
2,350 
792 
-791 
362 
-646 
EBITDA underlying 
5,576 
5,896 
6,157 
4,700 
4,231 
EBIT underlying 
EBIT accounting 
4,846 
3,868 
3,027 
3,120 
1,312 
Change in accumulated higher/lower revenue 
(+/-) before tax 
2,350 
792 
-791 
362 
-646 
EBIT underlying 
2,496 
3,076 
3,818 
2,758 
1,958 
Profit before tax underlying 
Profit before tax accounting 
4,239 
3,420 
2,440 
2,701 
976 
Change in accumulated higher/lower revenue 
(+/-) before tax 
2,350 
792 
-791 
362 
-646 
Profit before tax underlying 
1,889 
2,628 
3,231 
2,339 
1,622 
Profit for period underlying 
Profit for period accounting 
3,307 
2,697 
1,906 
2,213 
813 
Change in accumulated higher/lower revenue 
(+/-) after tax 
1,833 
618 
-617 
279 
-491 
Profit for period underlying 
1,474 
2,079 
2,523 
1,934 
1,304 
Equity adjusted for higher/lower revenue after tax 
Equity 
21,467 
18,938 
17,783 
16,194 
14,011 
Accumulated higher/lower revenue (+/-) befor tax 
1,880 
47 
-571 
45 
-230 
Equity underlying 
19,587 
18,891 
18,354 
16,149 
14,241 
Return on capital employed before tax, adjusted 
for higher/lower revenue
 
4)
Return on capital employed before tax, 
7.0 % 
5.9 % 
5.1 % 
6.0 % 
5.3 % 
Change in accumulated higher/lower revenue (+/-) 
before tax 
2,350 
792 
-791 
362 
-646 
Return on capital employed before tax underlying 
3.6 % 
4.7 % 
6.5 % 
5.3 % 
4.3 % 
Equity ratio after tax, adjusted for higher/lower 
revenue 
Equity ratio after tax 
25.4 % 
22.8 % 
23.3 % 
23.0 % 
23.9 % 
Change in accumulated higher/lower revenue (+/-) 
after tax 
1,880 
47 
-571 
45 
-230 
Equity ratio after tax, underlying 
23.7 % 
22.8 % 
24.0 % 
23.0 % 
24.3 % 
 
* To provide a better understanding of Statnett’s underlying result we also present 
a number of alternative performance 
measures. Alternative 
performance measures are defined in ESMA’s guidelines as a financial 
measure of historical or future financial performance, 
financial position, or cash 
flows, other than a financial measure defined 
or specified in the applicable financial reporting 
framework. Statnett’s alternative performance measures 
are adjusted for higher/lower revenue and 
supplement the figures in the IFRS financial 
statements. In addition to annual higher/lower 
revenue, reported 
accumulated rhigher/lower revenue also include 
applied interest and any prior-year adjustments. 
Changes in selected key financial and operational 
ratios used by management to monitor 
alternative performance measures over 
time are also shown. 
**The underlying result is based on regulated 
permitted revenue, while the accounting result 
will vary depending on established tariffs 
and congestion 
revenues. The difference is known as higher/lower 
revenue (see Note 4). 
4)
 
Return on capital employed before tax, 
adjusted for higher/lower revenue = EBIT, adjusted for higher/lower revenue 
/ Average capital employed last 
two years.g sysselsatt kapital de to siste 
år.