STOCKHOLM, Sweden, March 17, 2003 (PRIMEZONE) -- Graninge (Other OTC:GRGEF) will lower its non-contract prices as of April 1, this year to 49.0 ore/kWh excluding power tax and VAT. This 10-per cent price reduction is a response to developments in the electricity market.
Lars Molde, Managing Director of Graninge Energimarknad, said in a comment that the decrease is a reflection of lower pressure on electricity prices: "...But there is still a shortage of water in Norway and Sweden and although the spring flood is just around the corner, the current deficit is equivalent to around half of Sweden's annual hydropower production. The spring flood is eagerly awaited, but in addition to this we would need an extended period of rain in order to restore electricity prices to the levels previously considered normal."
For additional information contact: Lars Molde, Managing Director, Graninge Energimarknad +46 8 753 50 24, +46 70 347 98 88 Kalle Karlsson, Corporate Communications Director, Graninge AB +46 8 753 68 60
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