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DONG Energy Increases Stake in Norwegian Hydropower

Friday, December 7, 2007

DONG Energy increases its stake in Salten Kraftsamband (SKS) in Northern Norway by 3.3 per cent to just under 24 per cent. The ownership interest in SKS is part of DONG Energy’s commitment to increase its renewable energy activities. Besides its direct ownership in SKS, DONG Energy owns 33 per cent of the hydropower company Narvik Energi in Northern Norway, which has a 15 per cent stake in SKS via the company Nordkraft.

DONG Energy is purchasing the shares from the company BDF Energi. At the same time, the shareholders of SKS have decided to change the company’s Articles of Association to establish a balance between ownership interest and influence, to ensure the basis for the company's future development.

”We have been an owner of SKS for a number of years, and have now been given the opportunity to increase our holdings in the company and thus our ability to participate in the company's development. That is in line with our ambitions to grow our renewable energy activities in Northern Europe”, says CEO Anders Eldrup, DONG Energy.

In addition to hydropower, DONG Energy participates in the development of wind energy in Norway, and the company is active within oil and gas production and exploration and owns just over 10 per cent of Ormen Lange, Norway’s second largest gas field, which was brought on stream on 6 October this year. Furthermore, DONG Energy is constructing a gas-fired power plant together with Statoil, with the Norwegian State financing an adjoining plant for CO2 capture.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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