The Norwegian Parliament (Stortinget) approved the reorganisation to a limited company on 14 June 2004. The reorganisation provides Statkraft with a company organisation that is known and recognised in Norway as well as internationally. The company will thus be subject to the same framework conditions as the other participants in the power market and this will help Statkraft become more competitive.
- The transformation to a limited company is a small but absolutely necessary step in the direction of becoming Europe's leading company in environmentally friendly energy, says CEO Bård Mikkelsen in Statkraft.
The reorganisation to a limited company takes effect from 1 October 2004 and is subject to approval by a company meeting in Statkraft SF and the shareholders' meetings in Statkraft AS and Statkraft Energi AS on the same day. Transactions and increases of capital in connection with the reorganisation are described in a Notification to the Stock Exchange today.
Statkraft seeks to become a leading European player in environmentally friendly energy. With a history of more than a 100 years of knowledge and investment, the group is well equipped for further growth and development - with the expressed purpose of creating lasting value. We embody sustainable development both in relation to the environment and the economy. For 2003 the annual result was close on NOK 4.8 billion before taxes. The group has a total power production of 42 TWh and is thus the third largest power producer in the Nordic countries, and the second largest producer of renewable energy in Europe. The group has around 2000 employees, when the Skagerrak Energi and Trondheim Energiverk companies are included. Statkraft also has shares in the Norwegian power companies BKK, Agder Energi and Fjordkraft and in the Swedish company Sydkraft.