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New partner in Scandinavia

The Swiss trader Atel and the Norwegian portfolio manager Energipartner form an alliance. Atel buys 41.7 % of the shares in Energipartner. The main purpose of the alliance is to gain from different market strengths and skills.

Atel and Energipartner form alliance

Atel is one of the most important electricity traders in Europe and is situated in Olten Switzerland. Atel has a turn over of about 2 billion CHF and about 2'500 employees. The energy turn over of 1999 was about 29 TWh. Atel is operating all over Europe and carries out approximately 4/5 of its energy business outside Switzerland.

Energipartner AS is situated in Oslo and is Scandinavia's leading portfolio management company. It is operating in the Nordics and several other European markets. Energipartner holds portfolio customers representing about 8 TWh of physical consumption per year. The financial trading is 10 TWh per year.

"We think that Atel is a very suitable partner for us", says Arne Gerhardsen, Chairman of Energipartner. "Atel has the financial strength that is needed to further develop Energipartners expansion. Furthermore Atel has a big European network and handles physical electricity throughout all of Europe. This makes it possible for us to continue to develop our services to our customers".

"Through Energipartner we will get access to the Scandinavian market and to specific know how", says Nico Dostert, Member of the Executive Board of Atel. "We think that Scandinavia is an interesting market and we will support Energipartner in its efforts to expand its business". Aare-Tessin Ltd. for Electricity Corporate Communications