Investor Presentaiton
Energy EBITDA development
Adjusted EBITDA and NO2 spot price
NOK million
NOK/MWh
5 500
5 000
4 500
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
0
500
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Adjusted EBITDA and NO2 spot price
NOK million
2400
2000
1600
1200
800
400
0
Hydro
•
2500
•
2000
1500
1000
Production and market prices strongly linked to hydrological
conditions
Seasonal market variations in demand and supply. Gains or losses
may occur from delink between area prices arising due to
transmission capacity limitations in the Nordic area
• Power portfolio optimized versus market
•
Lift in annual EBITDA contribution from 2021
Positive impact from expiry of legacy supply contract from 2021
8 TWh internal contract for power sales to Aluminium Metal in Norway effective
from 2021-30
• Stable and competitive production cost base:
NOK/MWh
4000
3500
3000
2500
•
2000
Mainly fixed costs
1500
• Volume-related transmission costs
1000
500
•
0
Maturing portfolio growth options; emphasis on flexible production &
selected geographies
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Adjusted EBITDA
Spot price
1) Adjusted EBIT 2006 based on USGAAP 2) Compared to 2020
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