HNA/HNB Regarding passing of sentence in dispute

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The Borgarting Appeal Court passed a judgement 19 December 2002 in the appeal between Oslo Lysverker AS and Hafslund ASA, the latter represented by the subsidiary Kykkelsrud AS. The case concerns the price which shall apply for Hafslund's interminable obligation to supply an annual energy volume of 175.2 GWh to Oslo Lysverker AS. The Borgarting Appeal Court ruled in favour of Hafslund's claim.
Oslo Lysverker AS has stated that they accept the judgement of the Borgarting Appeal Court with respect to the applicable basic price between the parties of NOK 0.1112 per kWh as per 1 January 1996. This implies that Hafslund with final effect may enter as income appr. NOK 35 million. Hafslund is secured a minimum price of NOK 0.1112 per kWh in all future.
However, Oslo Lysverker has filed an appeal to the Supreme Court regarding the regulation of the basic price. The Borgarting Appeal Court decided that the basic price should be regulated annually as from 1 January 1997 in accordance with changes in the consumer price index. In accordance with the judgement of the Borgarting Appeal Court, the contract price shall, as from 1 January 2003, be NOK 0.1304 per kWh. Hafslund will file a defence reply in due time, maintaining the claim for a continued consumer price regulation. Whether the Supreme Court will handle the appeal is for the Supreme Court's Appeal Committee to decide during the spring 2003.
Oslo, 29 January 2003
For further information, please contact
Finance Manager Kent Moberg, tel. 905 83 017 or
Group Manager Christian Berg, tel. 917 46 910