Result at end-September 2010: Strong YTD performance for E-CO

Press release 13/10

E-CO Energi posted a good profit for the first nine months of 2010. Little precipitation has entailed lower than normal power production, but this has been offset by relatively high energy prices. The profit after taxes was MNOK 713 for the period from January to September. Adjusted for last year's gains on the sale of a stake in EB Kraftproduksjon, the profit remained almost unchanged relative to last year. In its budget proposal for 2011, the Oslo City Council has signalled that the municipality will be taking out an extraordinary dividend of NOK 2 billion next year. E-CO Energi does not believe that the extraordinary dividend will impair its financial position significantly in the light of the Group's strategy.

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Performance at H1 2010: A good early half 2010 for E-CO Energi

Press release 09/10

E-CO Energi delivered a strong performance in the first half of 2010. Little winter precipitation entailed lower than normal power production, but this was compensated by high energy prices. The Group obtained a selling price that was about 4 per cent higher than the area price in H1. This was largely due to the successful disposition of the power produced. Higher spot prices resulted in a substantial increase in resource rent tax and in the tax rate. The H1 profit amounted to MNOK 612, which is MNOK 707 lower than in 2009. Adjusted for last year's gain on sales, the profit improved by MNOK 43.

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Performance in Q1 2010: Cold, dry winter = high prices

Press release 06/10

A cold, dry Q1 led to high prices in the power market. As a result of price hedging, the Group obtained a somewhat lower selling price than the area price for Oslo, while the selling price was higher than the selling price in Q1 last year. Production was somewhat higher than last year, although the level was still lower than the Q1 average over the past 10 years. The profit after tax came to MNOK 518, up 16 per cent from last year.

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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.

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