Hafslund ASA (HNA) has entered into an agreement to sell its Hydro assets in the US. The buyer is Canadian located Brascan (www.brascan.ca). The sales price is USD 30 millions, giving a marginal estimated effect on net income.

 

The sale will be effective from at latest March 2 2004, conditioned upon necessary approvals from the regulatory authorities.

 

The transaction is a natural step in the on-going work in Hafslund to de-invest non-core assets. The remaining Hafslund asset in the US activity to be sold after this is the biomass plant in Greenville.

 

For further information, please contact;

SVP Generation, Knut Mikalsen,

+ 47 901 24 873

 

SVP,Information & Public Affairs, Frode Geitvik,

+47 958 439 33

 

Oslo, September 25, 2003