Lysaker, 22 December 2004 Nord Pool has received the following information from the Norwegian Water Resources and Energy Directorate (NVE): Normal hydropower reservoirs in Norway The Norwegian reservoir filling was 73.5 percent on 20 December . This equals the normal level and is 15.7 percentage points above previous year's level. In week 51, the precipitation energy to the Norwegian hydropower system was 50 percent above normal. An equal amount of precipitation is expected this week. High levels of precipitation combined with high inflow of water to the reservoirs have contributed to lower spot prices in the Nordic Market. Nord Pool's day-ahead price fell with 10 NOK to 210 NOK/MWh in week 51. The EEX spot price in the German market was 288 NOK/MWh in week 51. The price differential between Germany and Norway has led to an increase in exports from the Nordic countries to Germany and Poland. Week 51 gave a net export from the Nordic market for the first time since week 31 in 2002. In week 1, the announced price on standard variable price contract is on average 0.336 NOK/kWh in a sample of the dominating suppliers in the 26 largest grid areas in Norway. The 15 cheapest nation-wide suppliers listed by the Norwegian Competition Authority had an average price of 0.306 NOK/kWh. This is 9 percent lower than the average of the dominating suppliers' prices. ------------------------------- Contact person at the Norwegian Water Resources and Energy Directorate: Marit Lundteigen Fossdal, NVE, tel: +47 2295 9353