Hafslund - A decrease in power prices resulted in a lower, but still solid result in the first three quarters of 2024

31 Oct 2024 14:29 CET

Hafslund achieved a profit after tax of NOK 2,651 million in the first three
quarters of 2024. This is a decrease of NOK 1,117 million compared to the
corresponding period last year.

Despite a weak third quarter in isolation, Hafslund achieved a solid result for
the first nine months of 2024. The result must be seen in light of lower power
prices in southern Norway, especially in the third quarter.

For the first nine months of the year, the average power price in price area NO1
was approximately 37 per cent lower than the corresponding period in 2023. The
achieved power price was 56 øre per kWh per third quarter of 2024.

The operating profit for the first three quarters of 2024 ended at NOK 6,328
million, compared to NOK 10,007 million in the corresponding period in 2023.

- Through good production optimisation, Hafslund has managed the water resources
with positive effects both for profitability and emergency preparedness. In the
district heating business, underlying operations have also been good, says CEO
of Hafslund, Finn Bjørn Ruyter.

There has been good operations and high availability at the power plants so far
this year. Hydropower production of 14.1 TWh in the first nine months of the
year was 7 per cent higher than normal production for the period and 2 per cent
higher than the corresponding period last year. Uptime at Klemetsrud was 95.4
per cent with delivery reliability of 99.99 per cent. Heat sales have also been
higher in the period, with 1,197 GWh compared to 1,114 GWh in the corresponding
period in 2023.

The third quarter 2024 interim report is also available at Hafslund’s website
www.hafslund.no.

Hafslund AS
Oslo, 31 October 2024


For further information:
Marte Hortemo, Communication Manager, tel: +47 993 56 242 or e-mail:
marte.hortemo@hafslund.no
Andreas Wik, Head of Treasury, tel: +47 924 97 255 or e-mail:
andreas.wik@hafslund.no

More information:
Access the news on Oslo Bors NewsWeb site

630935_Interim report Q3 2024.pdf