Increased production and strong profits in the first quarter

Increased production and strong profits in the first quarter

CEO of Å Energi, Steffen Sivertsen.

– Å Energi achieved a basic result of 541 million after tax for the first quarter of the year. Behind these good numbers lies a winter in which there was a lot of rain, which led to increased production, the energy company wrote in one of them press release Friday.

Over the next ten years, Å Energi plans to continue investing heavily in more grids and hydropower. The Fennefoss power station in the towns of Evje and Hornes was commissioned last year.

The Group achieved an underlying operating result of NOK 1,924 million (NOK 2,598 million). This produced an underlying result of NOK 541 million (NOK 710 million) after tax.

– Heavy rainfall in both Agder and Buskerud resulted in more hydropower production in the first three months of this year than in the same period last year. Despite lower energy prices, this contributed to a strong result in hydropower, says Steffen Sivertsen, CEO of Å Energi.

In the first quarter of last year, the price of energy in southern Norway exceeded Norwegian krone per kilowatt hour. The first quarter of the year shows prices falling by almost half compared to the same period in 2023.

Part of the reason is Europe's mild winters and thus low gas prices. This, combined with the continuing high costs of technology, rising interest rates, and continuing geopolitical uncertainty, makes market conditions for new investments difficult and unpredictable. At the same time, Å Energi and the industry face high demand for renewable energy to meet climate targets, secure jobs and develop new industry, Sivertsen explains.

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Hanisi Anenih

Hanisi Anenih

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