This scheme is reserved for industrial companies registered in Norway with activities in:
- Wood processing
- Chemical products
What can GIEK guarantee?
GIEK can provide two different guarantees in connection with power-supply contracts for energy-intensive industrial companies:
- Guarantee issued to energy seller – protects against buyer’s non-fulfilment of power contract.
- Guarantee issued to banks – ensures repayment of loan the buyer has taken out to pay in advance for portions of the power delivery.
Who can apply?
Industrial companies with large power demands may have a need to sign long-term electricity contracts at a predictable price. The Energy Purchase Guarantee Scheme was created in 2011 to make it easier for industrial companies to obtain such contracts.
Read more about longterm power purchase guarantee (in Norwegian).
What does the guarantee cover?
- Guarantees the income of the power seller, ensuring that the seller is paid for the power it provides even if the industrial company fails to pay.
- Guarantees loans taken out by an industrial company to pay the power seller in advance.
- The business must have annual energy consumption of at least 10 GWh, and the power contract must have a volume of at least 35 GWh during the contract period.
- GIEK can guarantee for both physical and financial power contracts with durations between 7 and 25 years.
How much does it cost?
GIEK charges a premium upon issuing a guarantee, which is determined on the basis of:
- Power buyer’s creditworthiness (credit rating).
- Power contract’s duration, volume and price of electricity.
- Power buyer’s loan for advance payment: size and repayment period.
Power purchase application form - loan obligations (in Norwegian)
Power purchase application form - payment obligations (in Norwegian)
Do you want to be prepared before you begin the application process?
We have collected all the questions you will get during the application process:
Power purchase - loan obligations (in Norwegian)
Power purchase - payment obligations (in Norwegian)
FAQ about the application forms.