(HNA) Hafslund increases commitments in Sweden

Wed, Jun 26, 2002 13:06 CET

Hafslund ASA is increasing its commitments in Sweden. Göta Energi Holding AB, in which Hafslund's wholly-owned subsidiary Tindra AS has a 50 percent stake, has acquired the power sales company Brukskraft AB. Sellers are three municipalities in Värmland county, Degerfors, Filipstad and Kristinehamn.

Göta Energi Holding will pay approx. SEK 22 million for Brukskraft. The acquisition is subject to approval by the appropriate municipal agencies.

Brukskraft has just over 19,000 customers and a total annual volume of approx. 250 GWh. The company is engaged in the sale of electrical power as well as power trading and invoicing for both grid and sales.

The acquisition of Brukskraft is part of the owners' strategy of regional expansion in the sales of electrical power for Göta Energi Holding.

Göta Energi Holding also owns Västringen Energi. Västringen Energi is a power sales company and has approx. 42,000 customers in the Gothenburg region. The company has recently been successfully restructured. Tindra and Öresundkraft established Göta Energi Holding as a holding company for their joint ventures.

- Hafslund and Öresundkraft have thereby consolidated their position in Sweden, gaining access to more customers in a favourable geographical area. We believe that there is a growth potential both in the form of further development of customer relations and through acquisitions, and mergers with other local power utilities. In our position as a Scandinavian operator we will be able to contribute towards further development in the energy industry and provide our customers with services that are better adapted to their requirements, says Ragnar Brekke, CEO of Tindra.