Lysaker, 04 February 2004 Nord Pool has received the following information from the Norwegian Water Resources and Energy Directorate (NVE): The Norwegian hydropower reservoir levels dropped with 2.8 percentage points through week 5. At the beginning of week 6, the reservoir level was 44.2 per cent full. In week 6, there is expected increased influx and lower consumption due to the mild weather. In the Swedish water reservoirs the level was 34.9 per cent as of 2 February, after a hydropower reservoir tapping of 3.1 percentage points through week 5. Reduced consumption in the Nordic countries due to milder weather resulted in increased import to Norway from week 4 to week 5. In week 5, there was a total net import of 79 GWh. The prices in the Nordic spot market dropped with 0.01 NOK/kWh to 0.251 NOK/kWh in week 5. The average spot price of electric power in Germany (EEX) was 0.265 NOK/kWh in week 5. This contributed to increased export from the Nordic countries to Germany. Nevertheless, imports from Russia and Poland resulted in a total Nordic net import of 216 GWh in week 5. In the end-user market the prices for customers with a standard variable contract continue to fall. In week 8, there is a price alert of 0.362 NOK/kWh. The significant price in week 5 was 0.392 NOK/kWh and at this 0.048 NOK/kWh higher than the spot price agreement with a mark-up of 0.025 NOK/kWh. ------------------------------- Contact person at the Norwegian Water Resources and Energy Directorate: Marit Lundteigen Fossdal, NVE, tel: +47 2295 9353