2007 was yet another record year for E-CO Energi. The Group attained its highest revenues, its best EBITA, a record-high pre-tax profit and a profit for the year after tax of MNOK 947. The Board proposes a dividend for Oslo Municipality of MNOK 650.
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On Friday, August 10th, the Norwegian Government passed a provisional decree in the King's Council regarding the right of reversion (hjemfall) with immediate effect. Licenses for acquisition of waterfalls and hydropower plants to non-public owners will no longer be granted.
The EFTA Court's judgment of 26 June implies a full victory for the ESA (EFTA Surveillance Authority) and defeat for the Kingdom of Norway. The conclusion of the judgment is that Norway has violated the EEA agreement by maintaining in force rules entailing that private undertakings and all undertakings from other EEA countries are granted time-limited concessions featuring reversion, while Norwegian public undertakings are granted perpetual licences.
2006 was a record year for E-CO Energi. Revenues were MNOK 215 higher than the year before. Lower operating costs and net financial items added MNOK 142 to the figure, but taxes climbed by MNOK 249. The profits before and after tax were the second highest in the Group's history. High power prices and efficient operations have engendered significant added value. Power prices in 2006 averaged 66 per cent higher that in 2005, and the price at year-end 2006 was higher than at the beginning of the year.