E-CO Energi E-CO Energi Company presentation

Transcription

1 E-CO Energi E-CO Energi Company presentation

2 E-CO Energi's vision is to be to be a leading producer of hydropower COMPETENT AND CREATIVE 2

3 E-CO Energi - a leading energy group Owned 100 % by the City of Oslo Core activity: Hydropower production. Norway s second largest producer of hydro- electricity with a mean annual production of 10 TWh. Owns and operates more than 70 power plants throughout southern Norway. O hi i t t i O l d E i (61 %) Ownership interests in Oppland Energi (61 %) and Opplandskraft (40 %).

4 History in brief 1892: E-CO was established under the name "Christiania Elektricitetsværk, later Oslo Energi. From 1920: Construction of power plants in Hallingdal and the river Glomma in the Eastern part of Norway : Construction of the Aurland plants on the West-coast : Development from a vertically integrated company to a pure hydropower producing company. 2001: The company changed its name to E-CO : E-CO acquired 30% of EB Kraftproduksjon and 61.35% of Oppland Energi. 2004: Co-founded the company Norsk Grønnkraft AS. 2009: Sold 30 % share in EB Kraftproduksjon

5 Owned by the City of Oslo Norway s second largest producer of electricity with a mean annual production of 10 TWh. E-CO owns and operates more than 70 power plants throughout southern Norway E-CO E-CO Energi owns E-CO Vannkraft and Oslo Lysverker 100 % E-CO HEADQUARTERS Oppland / Hedmark E-CO owns Oppland Energi 61 %, Vinstra Kraftselskap 67 % and Opplandskraft 40 % Norsk Grønnkraft E-CO owns 20 % Uvdal I og II E-CO owns 10%

6 Group structure E-CO ENERGI CITY OF OSLO 100% Operating revenue: MNOK E-CO VANNKRAFT E-CO ENERGI 100 % Employees: 150 OSLO LYSVERKER E-CO 100 % VINSTRA KRAFTSELSKAP E-CO 66,7 % OPPLAND ENERGI E-CO 61,4 % OPPLANDSKRAFT OSLO LYSVERKER 25 % OPPLAND ENERGI 25 % NORSK GRØNNKRAFT E-CO 21 % ØVRE OTTA OPPLANDSKRAFT 79 % CRUSIN SMALL TURBINE PARTNER

7 Key figures (Figures in NOK million) Operating revenue Operating profit Ordinary result before taxes Profit for the year Total assets Total equity Return on equity* 18 % 16 % 13 % Return on total assets** 17 % 12 % 11 % Power production (GWh) * Net profit/average equity * Net profit/average equity ** Ordinary profit before taxes + financial expenses/average total assets

8 Result 2008 (Figures in NOK million) Operating revenue Energy purchases, transmission, goods, services (158) (139) (127) Other operating expenses (630) (490) (447) Depreciation (271) (263) (271) Operating expenses (959) (892) (845) Operating profit Income on investments in associated companies Net financial result (485) (468) (455) Ordinary result before taxes Taxes on ordinary result* (1 189) (635) (591) Net profit * Incl. Property tax

9 E-CO in the Nordic power-chain Production Nord Pool/ Power exchange Network/grid Retail market/ Consumer E-CO Energi s power production is sold on the wholesale market No network business No retail business

10 E-CO -strategy: Concentration on power and competence Increase values through consolidation, enhancing efficiency and tidying up watercourse ownership. The industrial basis for added value is to be found in: The wholesale market: A higher level of competence and insight into market conditions reduce risk and increase the earnings potential Watercourse ownership: Companies with tidy ownership and operating relations in a watercourse have a greater potential for creating added values Competence: A high level of competence in the Group is a necessary prerequisite for generating strong financial results.

11 E-CO Energi - primary goals and strategy PRIMARY GOALS STRATEGY Maximise shareholder values Transferability Return Playing an active role in restructuring of the industry Development in industrial values Long-term added value Better framework conditions Minimise total tax Development of environmentally proper solutions Network building 11

12 E-CO Vannkraft Power plant owner is responsible for the use of capital and evaluate reinvestments in production plants. Localised in Oslo Wholesale is responsible for the use of the production resources and sells the production in the spot market. Localised in Oslo Power plant operator is responsible for operations management, control and maintenance of the power plants and dams. Localised with departments in Aurland, Hol, Gol and Askim.

13 Environmental impact E-CO s power production is based on renewable sources, virtually free of emissions of greenhouse gasses Emissions from one of E-CO s power plants are typically about 0.15 kg CO 2 /MWh (construction included) Emissions from an average European (EU-15) power plant is 526 kg CO 2 /MWh

14 Renewable power production reduces Nordic CO 2 -emissions 2 Nordic Kraftproduksjon power production i Norden TWh This difference resembles 1/3 of total Norwegian CO 2 -emissions Source: Nordel Norsk vannkraftproduksjon Termisk produksjon basert på fossile brensler Kilde: Nordel Norwegian power production T Fossil fuelled thermal production

15 Target: GWh -> 2015 Upgrading existing power plants New projects Small scale hydro

16 Tolga 1000 GWh Rosten by 2015 Storruste Åsåren Øyom Mork Aurland 1/Låvi Leinafoss Brekkefoss Lovisberget Vestredalstjern Bergsjø Mjåvann/Rødungen Hemsil 2/2A Hol 3/Usteåni

17 Dam under construction