New ownership structure for Naturkraft

September 22, 2004, 13:00 CEST

The owners of Naturkraft AS - Statkraft SF, Norsk Hydro ASA and Statoil ASA - have today, 22 September, agreed on a change in the ownership structure of Naturkraft AS.

Statoil will transfer its shares to state-owned electricity generator Statkraft and Hydro, who will then own power developer Naturkraft 50-50.

In 1997 Naturkraft was given the go-ahead to build and operate gas-fired power stations at Kårstø, north of Stavanger, and Kollsnes near Bergen.

The owners have agreed that the licence to build at Kollsnes will not be realised by Naturkraft and have informed the authorities accordingly.

As part of the restructuring, it has been decided that Naturkraft will keep the licence to build a power station at Kårstø, where the remaining owners intend to implement the project.

"We're very pleased with the agreement that has been reached," say Eivind Reiten, Hydro's chief executive, Bård Mikkelsen, chief executive of Statkraft, and Einar Strømsvåg, Statoil's senior vice president for manufacturing, in a joint statement. "Conditions are now right to increase the use of Norwegian gas in this country, and to secure further industrial development and energy supplies."