Investor Presentaiton
Hedge levels for merchant exposure¹
As of 31 March 2023
Offshore
Merchant exposure covered with 'as produced' PPA contracts
Merchant exposure covered with fixed volume obligations
79%
69%
1%
49%
8%
79%
68%
17%
17%
41%
15%
15%
2%
-2%-
2023
2024
2025
2026
2027
Onshore
73%
67%
59%
60%
60%
29%
37%
42%
41%
41%
44%
30%
17%
19%
19%
2023
2024
2025
2026
2027
Bioenergy
27%
11%
1%
27%
11%
-1%-
2023
2024
2025
Group2
76%
64%
3%
54%
5%
5%
12%
29%
24%
73%
59%
42%
17%
24%
-7%-
5%
2023
2024
2025
2026
2027
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1. Exposure is calculated as the expected production times the forward price. The total hedge level is
expressed as merchant volumes that are covered either by 'as produced' PPAs or fixed volume
obligations traded in the market 2. Group hedge level include exposure from offshore, onshore,
contract exposure from IPPAs and BioenergyView entire presentation