"On the way to the future electricity company"

Werel wants to build the future electric company, a company that customers appreciate and seek out. It will require us to do things in an entirely new way. And so will. We want to form a tribe in which people are inspired by new technology and by each other. A lot will happen going forward. Not everything is likely to go as planned, but we want to invite people to take part on the journey ahead. In that spirit, we have chosen to publish interim reports to openly talk about our journey. It will be evident that we are a young company building for the future.

What this report shows, is that Werel has taken a huge leap up in size by the acquisition of the Finnish operations in September 2015. That took us from 10,000 customers to 43,000 customers. Although we in this report compare the quarter with the full-year numbers for 2015, most of them are consequently higher. Getting bigger is a prerequisite for us to be able to create a healthy business.

We will continue to acquire companies to become bigger, but we spend substantially more energy on getting people to seek us out to take advantage of all the new things happening in the electricity market. During spring, we have developed a business plan for how we as quickly as possible, are to become tomorrow's electricity company. In the business plan, Alexander Mathiesen-Öhman CCO, Mark Winfridsson Chief Sales Officer and I, have sketched out the broad lines of how Werel in the coming years will be transformed.

An important part of this is how we will meet our customers, both as electricity consumers and on a corporate level. Here we have taken inspiration from companies that people actually like - Apple, Spotify, Tesla to name a few. The first step we take in August when we launch a straight and honest subscription with a fixed monthly rate combined with a naked market price on electricity delivered. We believe that the price of electricity will fall over the coming years and we know that there are tools for households to steer their electricity consumption to times when the price is lower. Our new subscriptions are designed to allow customers to take advantage of this progress.

There will be more to come. I hope you want to take part of the journey.

Peter Swartling, CEO