A train from Bane NOR. Photo: Terje Walle

Vattenfall and Bane NOR sign electricity hedging agreement

Vattenfall and Bane NOR, a state-owned company responsible for the Norwegian national railway infrastructure, have signed a five-year agreement that hedges parts of Bane NOR’s electricity consumption in Norway.

Starting on January 1st, 2021, the agreement entails price fixing of Bane NOR’s electricity consumption in Norway. The contracted volume of the hedging agreement is 1.1 TWh.

“The contract with Bane NOR is an important step in Vattenfall’s expansion of customer base in Norway, and it emphasizes our ambition to further grow our activities in the Nordic market,” says Johan Hagsten, Vattenfall’s Nordic Origination Director at Business Area Markets.

Vattenfall offers a full range of energy solutions for producers and large consumers in Norway. By this, Vattenfall is helping customers to enjoy the benefits of the electricity market taking on the risk profile that they want.

“We are very pleased to have this agreement signed with Vattenfall which they won in close race with other suppliers. They proved to have a good and professional understanding of our structured product request and followed the process up closely, from negotiating of frame-agreement until deal closure. This agreement is part of - and custom tailored to fit our long-term power purchasing strategy. We look forward to the continuation and expanding of our activities related to, but not limited to, power hedging activities,” says Johnny Glærum, Senior Energy Manager at Bane NOR.

About Vattenfall:
Vattenfall’s Nordic electricity market risks are managed from the Nordic trading floor in Stockholm, where the company combines comprehensive experience from European power markets. Currently, Vattenfall’s activities in Norway are origination, wholesale and electric charging/e-mobility.

About Bane NOR:
Bane NOR is a state-owned company responsible for the Norwegian national railway infrastructure. Bane NOR's mission is to ensure accessible railway infrastructure and efficient and user-friendly services, including the development of hubs and goods terminals. Bane NOR’s head office is based in Oslo, Norway and has approximately 3,500 employees.

For further information:
Vattenfall Press Office +46 (0)8 739 5010, press@vattenfall.com

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