13 Cloudberry Annual report 2022 Introduction 0 40 80 120 160 2012 2016 2020 2024 2028 2032 20 -10 -5 0 5 10 15 2022 2023 2024 2025 2026 2027 Norway (all) Southern Norway Historic Nordic system price average 2012-2021 and Volue forward average 2022-2032 EUR/MWh (real 2022) Source: Volue Q4 2022 report (EUR/MWh, not inflation adj Source: www.statnett.no/om-statnett/nyheter-og-pressemeldinger/ nyhetsarkiv-2022 Norway’s power balance soon in negative territory (TWh)
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