Brief: Orron Energy BOD Proposes That No Dividend Be Paid For 2022

Orron Energy AB

15/02/2023 07:43

Feb 15 (Reuters) - Orron Energy AB  ORRON.ST :
    * REG-YEAR END REPORT 2022
    * MARKETS HAVE SEEN EXCEPTIONAL TURMOIL AND VOLATILITY IN
2022,
WITH ELECTRICITY PRICES RISING TO UNPRECEDENTED LEVELS, IN WAKE
OF GROWING DEMAND AND PREVAILING ENERGY CRISIS WITH RUSSIA'S
ONGOING INVASION OF UKRAINE AS A DARK BACKDROP
    * TEMPORARY MEASURES TO ADDRESS SURGING ELECTRICITY PRICES
ARE
BEING IMPLEMENTED BY GOVERNMENTS ACROSS EUROPE
    * MEASURES, SUCH AS PRICE CAPS AND TAXES, ARE GENERALLY
COMING
INTO EFFECT AT QUITE HIGH ELECTRICITY PRICES, AND FOR LIMITED
PERIODS OF TIME AND ARE THEREFORE EXPECTED TO HAVE A LIMITED
IMPACT ON COMPANY'S FINANCIAL RESULTS
    * WE HAVE BEEN, AND REMAIN, LARGELY SPOT MARKET EXPOSED TO
ELECTRICITY PRICES AND BELIEVE THAT THIS IS BEST WAY TO GENERATE
MAXIMUM RETURNS OVER LONG TERM
    * SINCE TRANSFORMING INTO A RENEWABLES COMPANY IN BEGINNING
OF
JULY 2022, WE HAVE INCREASED OUR ESTIMATED ANNUAL POWER
GENERATION FROM 300 TO 800 GWH IN NORDICS
    * BOARD WILL PROPOSE TO THE AGM THAT NO DIVIDEND WILL BE
PAID TO
THE SHAREHOLDERS FOR THE FINANCIAL YEAR 2022

Source text for Eikon:  ID:nGNE8wYXR5 
Further company coverage:  ORRON.ST 
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