The affirmation is based on a deleveraging expected in 2025, which will be supported by robust cash flows from operations. This will help to balance the company's ambitious growth plans and increased capital expenditure expectations in the coming years.

The Outlook revision is based on increased debt in 2024 following SKL’s acquisition of Midtfjellet wind farm, as well as the expectation that leverage will exceed 1x in the coming years.

The Positive Outlook is driven by the possibility of a very strong credit metrics until 2025, as power prices in the NO2 price region are expected to remain higher than historical levels for the foreseeable future.

Higher expected power prices create excess cash and conservative credit metrics, despite the impending increase in tax payments.

A hydropower generation company that aims for a conservative financial risk profile to withstand the expected volatility in power prices.