The Outlook change reflects increased debt in 2023 combined with lower but still higher-than-historical power prices and the prospect of higher investments.

The upgrade is driven by prospects of sustained higher power prices, which strengthens Å Energi’s financials, in addition to an improved business risk profile. The Positive Outlook reflects further upside if leverage remain below 2.0x longer-term.

The rating actions are based on the soon-to be-merged AgderGlitre entity, though the merger is still subject approval by owners and regulators. The Positive Outlook is driven by the strong financial risk profile.

The rating action reflects the progressing but uncertain outcome of merger talks with Glitre Energi.