The company said that high precipitation and reservoir inflows enabled electricity production for its local Elkem aluminium operation to increase by 158GWh, or 28%, to 724GWh in Q2, ended 30 June.

Orkla added that Elkem’s reservoir storage was “significantly stronger” at the end of the quarter than typical for the time of year, it added.

However, Orkla noted that while water volumes were higher the average unit price on the Nordic electricity market was almost half that in the same period last year.

The company is expanding capacity at its Saudefaldene plant, which was one of the main recipients of capital spend in the quarter.