Norsk Hydro has established a new trading company, Norsk Hydro Energie AS. Troughout the next few months, electricity trading in Germany, France, Belgium and the Netherlands will be transferred to the new company.
As from 1 July 2003, the new company will be responsible for power trading in the German market. This means that Norsk Hydro Energie will take over from Norsk Hydro Aluminium Deutschland GmbH.
Following the acquisition of aluminium smelters in Germany, Hydro is one of the largest electricity consumers in Europe. Consequently, Hydro is developing own electricity supply portfolio in key markets. The organisational change has been made in order to increase the market presence, to simplify business operations, and to strengthen business relations with existing customers and partners.
Norsk Hydro Energie is a 100% subsidiary of Norsk Hydro, and will be fully supported by parent company guarantees.