Elmera Group ASA

Legal Proceedings Report • Dec 10, 2020

Fjordkraft Holding ASA: The Consumer Authority’s decision on the Consumer Council’s complaint about Fjordkraft’s purchase price contracts

Fjordkraft Holding ASA: The Consumer Authority’s decision on the Consumer Council’s complaint about Fjordkraft’s purchase price contracts

Reference is made to the stock exchange announcement made by Fjordkraft Holding ASA on 27 October 2020, regarding the Norwegian Consumer Council’s allegations about purchase price contracts.

Fjordkraft was one of 29 electricity retailers included in the Consumer Council’s letter of complaint to the Consumer Authority, proposing that purchase price contracts are illegal. In their response to Fjordkraft, the Consumer Authority clarify how the regulations on disclosure of certain price elements included in the purchase price contracts should be interpreted.

For Fjordkraft, making the necessary adjustments in order to comply with the Consumer Authority’s response is a simple task. This will be done within 6 January 2021, which is the deadline set by the Consumer Authority.

-We are happy about the Consumer Authority’s clarification. With slight adjustments we may continue to offer our customers this popular kind of contract, which is great news for our customers, says CEO Rolf Barmen.

The Consumer Authority’s decision has no impact on the Group’s profitability and further growth.

For queries, please contact:

Morten A. W. Opdal, Head of Controlling and Investor Relations, +47 970 62 526

Rolf Barmen, CEO, +47 900 80 950