DONG Energy has signed an agreement to sell its ownership interests in
Nordkraft and Salten Kraftsamband, two energy companies based in northern
Norway, to a company in the Troms Kraft Group. The selling price of Nordkraft
is approx. DKK 1.1 billion (approx. NOK 1.2 billion) while the selling price of
Salten Kraftsamband is approx. DKK 0.9 billion (approx. NOK 1.0 billion).
The sale of the two companies follows a decision by DONG Energy to focus on
establishing and operating other types of renewable energy production.
"Given the current rules and regulations in force in Norway, it is difficult
for us to develop our existing hydro assets in Norway. That is the reason why
we have resolved to divest these assets, so that we can devote our efforts to
our other green operations,” said Anders Eldrup, CEO of DONG Energy.
A substantial part of DONG Energy's investments and capital expenditure planned
for 2010-2012 is expected to involve establishing offshore wind farms and other
kinds of renewable energy production. These plans are intended to help DONG
Energy achieve its 85/15 strategy to reduce CO2 emissions to the effect that in
the future 85% of the company's energy production will derive from CO2-free
sources of energy.
DONG Energy owns 33.33% of the shares in Nordkraft and owns 23.7% of the shares
in Salten Kraftsamband.
Being subject to approval by among others the Ministry of Petroleum and Energy
in Norway, the sale is expected to be finalised in the autumn of 2010.
The sale will for DONG Energy result in a net gain before tax of approx. DKK
0.7 billion but will not affect the EBITDA. The expected EBITDA and the
expected investment level for the financial year 2010 financial year remains
For additional information, please contact:
Tel +45 9955 2023
Morten Hultberg Buchgreitz
Tel +45 9955 9750
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated just under DKK 50 billion (EUR
6.6 billion) in revenue in 2009. For further information, see