Lysaker, 08 January 2004 Less tapping than last year of the reservoirs Nord Pool has received the following information from the Norwegian Water Resources and Energy Directorate (NVE): Norway experienced extensive imports of power and high reservoir influx by the end of last year. This led to low hydropower reservoir tapping, and the level in the Norwegian water reservoirs dropped with 1.2 and 0.7 percentage points in week 51 and 52. Lower influx and colder weather contributed to the hydropower reservoir tapping of 2.1 percentage points through week 1. In the beginning of week 2, the reservoir level was 55 per cent full. The reservoir level of the Swedish reservoirs was 46.4 per cent, after a decrease of 2.5 percentage points in week 1. Mild weather and low consumption in the rest of the Nordic countries contributed to the high power imports in Norway the two last weeks of 2003. During the three last weeks, the Norwegian net imports were close to 1 TWh. The transmission capacity from Sweden to Southern Norway is continuously kept at a level lower than the physical capacity, especially during the night-time and weekends. This limits Norway's import and contributes to a higher spot price in Norway than in Sweden. The power prices to end consumers with standard variable contracts are now below half of what it was at the same time last year. In week 4, the power price (incl. VAT) is expected to be 40.3 øre/kWh. The price is exclusive consumer tax, which is included in the grid rent as of 1 January 2004. ------------------------------- Contact person at the Norwegian Water Resources and Energy Directorate: Marit Lundteigen Fossdal, NVE, tel: +47 2295 9353