Like so many other companies around the world, Genan has in 2021 been impacted by soaring energy prices. To honour agreements made, we absorbed these costs in 2021; but we will unfortunately not be able to continue down this road in 2022.
If the skyrocketing electricity prices were to be reflected in our annual price adjustment, we would have to implement considerable price increases, the way things look now. Price adjustments which would be out of proportion with cost level, if electricity costs were to normalise. Such situation would in our opinion not be justifiable to our customers. Yet, the problem is that we do not know when things will get back to normal.