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 under-review status for a developing outcome remains, as the proposed merger with Norwegian energy company Glitre Energi continues to lack final terms and approval.

The under review status remains, as the proposed merger between Agder Energi and Glitre Energi is still lacking final terms and approval.

The under review status has not been resolved due to delays in the proposed merger between Agder Energi and Glitre Energi.

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

The Outlook change is driven by the increased risk of financial risk profile pressure for a longer period due to low power prices prevailing in Norway.

The affirmation is driven by the utility's high hydropower production in 2018 as well as the effect on group metrics by the continued high investment and lower power production expected by Scope in the short to medium term.

The affirmation is driven by a still-solid business risk profile that benefits from a vertically integrated business model, coupled with a financial risk profile showing relatively stable indebtedness.