September 20, 2021

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Business, treacherous energy | The high electricity prices are worth their weight in gold for Agder Energy and the owners’ municipalities

Agder Energi generated base profit after tax of NOK 673 million in the first half of 2021. This is more than double the same period last year, when the group generated NOK 244 million after tax.

We’ve had a good six months behind us as the group’s energy production has yielded solid results. Higher energy prices, higher production and efficient operations across the group contributed to a strong half-year result. I am proud of the way our employees have stood up and shown the ability to adapt at a different time, says CEO Stephen Seifertsen.

Energy price increase

In Agder Energi’s price zone, the average spot price rose sharply in the first half of the year, and was 48.1 øre per share. Kilowatt-hours (kilowatt-hours). In the first half of last year, the average spot price was 10.1 øre pr. kWh.

In the first half of this year, hedging activities meant that realized energy prices were somewhat lower than spot prices.

Produced more hydroelectricity

In the first half of 2020, Agder Energi’s power plants produced 5,039 GW of renewable energy. This corresponds to the average power required for approximately 315,000 homes. Hydropower production in the first half of the year increased by 16 percent compared to the same period last year, when 4,359 GWh was produced.

The epidemic is closely monitored

Agder Energi is responsible for socially critical infrastructure – a community must have electricity to be able to function.

We have our own Crisis Preparedness Group that is closely following the situation, planning and implementing measures as needed, so that we are better equipped to deal with our important social role and contribute to reducing the pressure of infection in the community. Seifertsen says the group’s operations have not been affected by the pandemic.

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Brighter future prospects

After record energy prices fell in 2020, a sharp price recovery occurred in the first half of 2021. Forward prices indicate that prices will rise significantly during the remainder of 2021.

– At the end of the half-year, the stock of our resources, that is, water and snow, was slightly less than usual. With normal access to resources continuing into the future, we expect higher energy production in 2021, and a much higher net energy turnover in 2021 than it was last year, Sivertsen says.

industrial investments

The market received positively the group’s investment in new positions in the green transition. Battery company Morrow Binders implemented a successful capital increase and raised NOK 230 million, valuing the company at NOK 1.5 billion. The funding secures, among other things, the first phase of construction for the Morrow Innovation Center in Grimstad and a pilot plant in Arendal. After the release, Agder Energi holds a 35.3 percent ownership stake

Agder Energi, with Vårgrønn owned by HitecVision and Green Investment Group, has entered the competition for a license to build offshore winds in the South North Sea II.

We want to help accelerate the green transition. It would be good for the climate and good for Agder Energi. The good results give us a good foundation when we participate in the future in the renewable remanufacturing that is taking place. The potential is great, but if we want to build a new industry that will provide jobs in the future and create value, we must act now, Sivertsen says.

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Business developer Jarle Dyrdal at Agder Energi AS reveals a little about the ambitions of the large Norwegian offshore wind energy industry and what is expected of offshore wind development through 2050.

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– There may be 6000 offshore wind jobs in Agder