Oct. 17, 2000 (M2 Communications)—The CEO of the Norwegian energy utility Statkraft has said that he still backs investments towards new gas-fired power plants even if the current price of electricity is too low to make the plants profitable.

Christian Rynning-Toennesen told Reuters that prices might rise and the company would just have to see how the market develops. Rynning-Toennesen said that he supported all types of new electricity supply, including gas-based power, wind power and hydroelectric power, if Norway did not curb consumption.

Statkraft holds a one-third stake, along with Norsk Hydro and Statoil, in the energy company Naturkraft, which has a government-backed concession to build two gas-fired power plants in western Norway.

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