E-CO Energi - E-CO Energi

Norway's second largest producer of hydroelectricity

E-CO ENERGI is one of Norway's leading energy groups. Its core activities are the ownership and management of hydropower plants and consultancy services. The City of Oslo owns 100 % ofthe parent company, E-CO Energi AS.

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E-CO Vannkraft ("Hydropower") is Norway's second largest producer of hydroelectricity with a mean annual production of 9.7 TWh. The company owns and manages power plants in southern Norway and has ownership interests in Buskerud Kraftproduksjon AS, Oppland Energi AS and Norsk Grønnkraft AS. The main activity is operating and maintaining the power plants and exploiting available water reservoirs in the best possible manner in order to maximise revenue from power production.

The company is organised into three sectors:

Power plant owner is responsible for capital usage and evaluates investments and reinvestments in production facilities.
Power wholesaler is responsible for the application of the production resources and sells the power produced in the wholesale market.
Power plant operator is responsible for the operative management, control and maintenance of power plants and related regulation installations.

E-CO Vannkraft has approx. 150 employees at the main office in Oslo and the production facilities in Hallingdal, Aurland and Mørkfoss-Solbergfoss in Askim. The company is wholly owned by E-CO Energi.

OSLO LYSVERKER is for the most part made up of the management of the Group's 25 per cent stake in Opplandskraft DA.

NEWS:

Annual performance for 2009: A good year, despite lower prices and volumes

Press release 02/10

2009 was a good year for E-CO Energi. Despite lower production volumes and system prices than in 2008, the Group achieved good results from price hedging and obtained better selling prices in 2009 per kWh produced, i.e. no less than 118 per cent of the spot price for Oslo. The record-high profit for the year was also influenced by the Group's sale of its stake in EB Kraftproduksjon. In addition, the profit was favourably impacted by the reversal of unrealised provisions for net financial items from last year. Adjusted for gains on the disposal of assets, this year's operating margin is on a par with 2008, which was a record year for the Group.

Profit at end-September 2009: Strong YTD performance for E-CO

Press release 14/2009

E-CO posted a good result at 30 September 2009. The YTD profit before taxes was MNOK 2 257, up MNOK 662 from Q3 last year. The after-tax profit came to MNOK 1 464, an improvement of MNOK 674 from 2008. In addition to the gains on the sale of the stake in EB Kraftproduksjon, successful price hedging and lower net financial expenses have provided important contributions to performance trends this year.

First-half performance 2009: Lower power production - higher sales prices

Press release 09/09

E-CO's power production dropped off steeply in the first half of this year compared with last year. Higher sales prices compensated for most of the decline in terms of volume. The sale of the stake in EB Kraftproduksjon entailed a gain for accounting purposes of nearly MNOK 760. E-CO Energi posted a profit before tax of MNOK 1 907 at 30 June 2009, compared with MNOK 1 094 a year earlier. The after-tax profit came to MNOK 1 319, up from MNOK 584, year-on-year.

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Norway's second largest producer of hydroelectricity

Annual performance for 2009: A good year, despite lower prices and volumes

Profit at end-September 2009: Strong YTD performance for E-CO

First-half performance 2009: Lower power production - higher sales prices

Annual report 2009

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