- Pre-tax income in the third quarter of NOK 403 million and net income of NOK 436 million.
- Net income for the first three quarters of NOK 2 358 million, an improvement of NOK 345 million.
- Agreement to buy hydroelectric power stations equal to an annual production volume of 1.6 TWh in Sweden and Finland.
- Statkraft reorganised into a limited company as at 1 October.

(Oslo, 10 November 2004) The Statkraft Group achieved a pre-tax income of NOK 403 million and a net income of NOK 436 million for the third quarter. The pre-tax income is NOK 42 million less than that for the third quarter last year, while the net income is NOK 231 million higher than that for the same period last year. This improvement is mainly linked to the reversal of amounts previously set aside for taxes. In total for the first three quarters, the Group achieved pre-tax income of NOK 3 342 million and net income of NOK 2 358 million. The pre-tax income is NOK 47 million less than that for the first three quarters of last year, while the net income shows an increase of NOK 345 million.

-Pre-tax income of NOK 649 million and net income of NOK 370 million for the second quarter.
-Normalised power prices and good results from financial power trading operations.
-Overall net income for the first half-year higher than that for the half-year 2003.
-Contracts regarding the sale and lease of operations expected to contribute just over NOK 8 billion which will be used for debt reduction and new investments.
-Statkraft's operations are planned to be transferred to a newly established limited company on 1 October 2004.

Statkraft SF and Norsk Hydro ASA, the owners of Naturkraft AS, have agreed to proceed and realize their plans to build a gas-fired power plant at Kårstø.

In order to meet the Norwegian Competition Authority's orders relating to production capacity in the Southern Norway price area and Central and Northern Norway price area, Statkraft has today entered into agreements with a Finnish Consortium consisting of Etelä-Pohjanmaan Voima Oy (EPV), Kymppivoima Tuotanto Oy (KV) and Outokumpu Oyj (OK). EPV and KV signed the agreements on behalf of the Consortium. OK is to participate through a shareholding in both EPV and KV. Under the agreements Statkraft is divesting its 20 per cent shareholding in E-CO Vannkraft AS (ECOV), and the consortium has acquired 65 per cent of the electricity production at the Rana power station for a period of 15 years.

* Annual pre-tax income of NOK 4 754 million and annual net income of NOK 2 867 million
* Improvement in pre-tax and net income of around 16 per cent since 2002
* Return on equity of 14.4 per cent before tax and 8.7 per cent after tax
* Decision to invest in and construction work started on the Smøla 2 and Hitra windfarms.

As of January 2004, Statkraft is the majority owner of Baltic Cable AB between Sweden and Germany. Statkraft owns 2/3 and Sydkraft 1/3.