Elkem becomes one of Statkraft's largest industrial customers

(Oslo, 28 June 2010) Norske Skog today announced the resale of 1.5 TWh of energy annually from 2011 to 2020 to Elkem. The agreement will make Elkem one of Statkraft's largest industrial customers, and Statkraft will continue to deliver 2 TWh annually to Norske Skog. "Elkem is one of Norway's largest and oldest industrial companies. Statkraft is very pleased to establish a long-term customer relationship with Elkem under this resale agreement. The contract volume is significant and the agreement provides Elkem with predictable energy prices for its smelteries for the coming decade," says Statkraft Executive Vice President Asbjørn Grundt. "We have for some time now worked to secure our long-term energy needs. We are very pleased to have reached an agreement with Norske Skog to take over part of their contract with Statkraft. This agreement strengthens the competiveness of the Norwegian smelteries," says Elkem CEO Helge Aasen. The agreement will make Elkem one of Statkraft's largest industrial energy customers, with annual volumes of approx. 1.5 TWh until 2020. Norske Skog and Statkraft will continue their cooperation with an annual volume of 2 TWh, reduced from the previous 3.5 TWh. Statkraft is Europe's largest renewable energy company. The group develops and generates hydropower, wind power, gas power, solar power and district heating, and is a major player on the European power exchanges. Statkraft also develops osmotic power and other innovative energy solutions. In 2009 Statkraft posted gross operating revenues of EUR 2.9 billion. The group employs 3,400 staff in more than 20 countries. For more information, please contact: Lars Magnus Günther, acting spokesperson, Statkraft AS tel.: +47 24 06 71 50/ +47 912 41 636 www.statkraft.no www.statkraft.com [HUG#1427718] This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction for further distribution is prohibited. Source: Statkraft via Thomson Reuters ONE