Lysaker, 05 January 2005 During the last three weeks, the inflow of water to the Norwegian hydropower reservoirs has been 1.7 TWh above normal. Further, inflow above normal is expected during this week. Inflow above normal contributed to a relatively modest reduction in the reservoir filling level. During week 53, the reservoir filling level dropped 1.2 percentage points to 70.5 percent. In Sweden, the reservoir filling level dropped by 2.3 percentage points during week 53. Despite all the public holidays around Christmas being on Saturdays and Sundays, the consumption has been relatively low. Mild weather has contributed to keeping the consumption from rising. Both in Sweden and Denmark, electricity production has been higher than consumption in week 53. This has resulted in export from these countries to Norway of approximately 300 GWh. The high prices observed in Germany before Christmas has fallen, resulting in decreased differences between German and Nordic prices. This has led to reduced Nordic electricity export to Germany. High inflow and heavy snowfall in the mountains over the last couple of weeks have resulted in falling price expectations in Nord Pool's financial market. This again has led to a number of electricity suppliers announcing price cuts on their contracts. ------------------------------- Contact person at the Norwegian Water Resources and Energy Directorate: Marit Lundteigen Fossdal, NVE, tel: +47 2295 9353