Graninge buys network in Upplands Väsby

6/1/2001 6:56 AM EST

Graninge AB is to buy the power transmission network in the Municipality
of Upplands Väsby with 18,000 customers for a price of SEK 191 million
according to an agreement signed by the parties on Friday. The
transaction is conditional on approval by the municipal council of
Upplands Väsby, which is expected to take place on 18 June.

The intention is for Graninge to take over network operations from Väsby
Teknik including 14 employees as of 1 July this year. Vanja Edwinson,
Municipal Councillor, is highly satisfied with the agreement:

"This is an excellent arrangement that will enable the municipality to
free up resources and create scope for amortisation and reinforcement of
the planned investment programme including modernisation of schools,
construction of senior housing and a new cultural centre and library. In
Graninge we have a competent and stable partner that meets all of the
municipality's key criteria - not least from an environmental
standpoint.

For Graninge AB, the agreement with Upplands Väsby will further
consolidate the company's position as a leading energy company in the
Stockholm region. Lars Enslöf, Graninge's Managing Director and CEO,
says in a comment:

"We already have 100,000 customers in the Stockholm region, mainly in
the northern area, and this will further strengthen our presence there.
The acquisition will provide opportunities for additional efficiency
gains that will ultimately benefit our customers."

For additional information, contact:

Municipal Councillor Vanja Edwinson, Municipality of Upplands Väsby, +46
8 590 970 29 or
+46 708 57 70 29
Financial Director Mats Welander, Municipality of Upplands Väsby, +46 8
590 974 73 or
+46 708 57 70 73
Lars Enslöf, Managing Director and CEO of Graninge AB, +46 620 838 04
Hans Norberg, Managing Director of Graninge Nät, +46 8 753 68 56