Orrön Energy Reports for six-month period ended 30 June 2022
USD 12.9 billion gain recorded to income statement resulting from the lex asea distribution related to the Aker BP transaction
Orrön Energy transformed into a pure play renewables company following completion of the combination of the legacy E&P business with Aker BP on 30 June 2022, and changed ticker at Nasdaq Stockholm to “ORRON” in July
Net power generation amounted to 83 GWh for the reporting period, at an achieved average power price of EUR 127 per MWh
The Company had a strong cash position and robust balance sheet at the end of the reporting period with no debt, MUSD 1241 cash (net of working capital) and two cash generating renewables assets
The Metsälamminkangas wind farm was commercially handed over to the Company on 31 March 2022 and is now fully operational with estimated net annual power generation of 200 GWh
The Leikanger hydropower plant delivered above expectations with net power generation of 53 GWh for the reporting period
Development of the Karskruv wind farm is on track and is expected to deliver additional net annual power generation of 290 GWh by the end 2023
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