Powel’s Swedish subsidiary Powel Energy Management AB, will together with ABB Power Technologies AB in Sweden deliver solutions for control, supervision, and optimization of hydro power generation for the Sydkraft group.
Totally for both companies this means a contract of about SEK 30 million. The main delivery is scheduled before the summer of 2005, and Powel has already started the preparations for the first deliveries.
Sydkraft says they will increase management efficiency, lower costs and increase availability for the power plants using ABB and Powel’s new solutions. Sydkraft Vattenkraft AB provides all hydro power generation within the Sydkraft group, annually producing about 14 TWH from 135 hydro plants.
In their own press release, Sydkraft says that ABB and Powel were selected after an extensive bid process. This is Powel’s largest contract so far, and is won in strong competition with several international suppliers.
Powel’s IKT solutions for optimization of hydro power generation will be used by all power plants within the Sydkraft group. With this contract Powel ASA takes one step further in its expansion outside Norway.
Interim profit/loss for Powel ASA group:
Result 2004 (Figures in millions NOK).
| First half of 2004 | First half of 2003 |
| Operating revenues | 80,0 | 71,9 |
| Operating profit/loss | +5,4 | +1,5 |
| Pre-tax profit/loss | +2,4 | -0,7 |
The market prospects for Powel are very good both within the energy business and public sector.
Trondheim August 25th, 2004
Jon Einar Værnes
CEO