Investor Presentaiton
Energy EBITDA development
Hydro
.
Adjusted EBITDA and NO2 spot price
NOK million
5 000
4 000
4 926
NOK/MWh
2 500
3 791
2 000
3 146
3.000
1 500
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
2012
2 085
2 000 1 545
1 803
1 588
1 359 1 300
1553 1754
1 496
1 000
1 234
⚫ Power portfolio optimized versus market
1 000
500
0
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Adjusted EBITDA and NO2 spot price
NOK million
2 500
2 000
1 500
1 000
500
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
- NO2 spot price
Adjusted EBITDA
1) Adjusted EBIT 2006 based on USGAAP 2) Compared to 2020
NOK/MWh
4 000
3 500
- 3 000
.
- 2 500
2 000
•
1 500
1 000
•
500
0
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:
Mainly fixed costs
Volume-related transmission costs
Maturing portfolio growth options; emphasis on flexible production &
selected geographies
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