Aneo implements powerful and forward-looking measures to ensure competitiveness

Aneo is now implementing a comprehensive transformation program involving adjustments to activity levels and streamlining operations to ensure financial sustainability and operational strength in delivering on our ambitions going forward. The goal is to reduce liquidity needs by over one billion NOK by 2029, and around 60 full-time equivalents will be affected as part of this.

– Aneo will continue to be an efficient, value-driven growth company in the Nordic energy transition, even as we adapt to a reality of lower power prices for a longer period in the northern regions. We also see that the development of new projects carries significantly higher political implementation risks and takes longer than previously anticipated. We’re acting now so that we can increase Aneo’s competitiveness further down the road, says CEO Gunnar Hovland.

The Market: Prolonged price pressure in the north and lack of grid capacity

Aneo’s power production is mainly located in the northern price areas of Scandinavia. Due to weaker demand growth than previously expected and a lack of southward transmission capacity, this puts pressure on electricity prices. The market expects these conditions to persist, and Aneo is preparing for a low-price scenario in the coming years. Against this backdrop, measures are necessary to ensure the group’s ability to endure and continue investing in further growth.

The Measures: Focusing, Partnerships, and Transformation

Focused development: Prioritizing projects with local support and good profitability. · Partnership models: Further development of profitable partnerships across the value chain to ensure growth and efficient use of capital.
Prioritization and organizational transformation: Reduction of around 60 FTEs as a result of digitalization, simplification, and streamlining.

The plan is being implemented in close cooperation with the union representatives and The process emphasizes responsibility, orderly procedures, preservation of strong professional environments, financial sustainability, and operational effectiveness.

– We are losing very competent and good colleagues in this process. It is difficult, but unfortunately necessary to prepare Aneo to be an organization that can endure the electricity prices we expect in the coming years, says Hovland.

Strategy remains firm—with stronger backing from the owners

In a challenging capital market, the company’s owners, TrønderEnergi and HitecVision, have supported Aneo’s growth with NOK 2.5 billion in equity since its establishment. They have strong confidence in the company’s strategy and plan to provide similar equity contributions for profitable growth investments in the coming years.

In October 2024, the board adopted a strategy for the downstream companies that included Nordic growth ambitions and an active partnership approach. This strategy remains in place.

— We have the competence and experience of the large players, the agility of the small ones, and owners with long-term industrial focus who are contributing capital to realize our ambitions. This still holds true, especially in an industry where many are pulling back
—Aneo will emerge stronger from this, says Hovland,

and adds: — These measures are painful in the short term but are crucial for long-term success. It’s about responsibility—to our owners, to society, and not least to our employees.

Employees were informed at a general meeting earlier today. The formal restructuring process is carried out in accordance with applicable laws, cooperation between the parties, and the group’s values of respect and involvement.