Orkuveita Reykjavíkur - Company Announcement

Reykjavik Energy Announcement

Reykjavik, 2013-05-28 15:51 CEST (GLOBE NEWSWIRE) -- An international arbitrary
court has reached a conclusion in a case HS Orka instigated against Nordural
and Reykjavik Energy (RE - Orkuveita Reykjavikur). Following the court‘s
decision, RE will make claims against Nordural. According to RE‘s interim
financial statements Q1 2013, issued May 17th, the claim then amounted to ISK
748 million. 

From October 1st 2011, Norðurál reduced contractual payments of electricity
from RE and HS Orka. HS Orka was the claimant in the arbitration and, as RE is
a party to the trilateral contract, the company was also a respondent to the
arbitration.