Redeye updates its estimates and fair value range following Arise’s Q3 report, where reported EBITDA was at an all-time high, driven by the sale of Kölvallen in the quarter. Production was somewhat of a letdown, as 52 GWh was an all-time low. On the back of the low Q3 production figure, and high- and volatile spot prices, Arise’s average revenue per MWh was significantly lower than the spot market average – which seems to have caught the stock market by great surprise. Therefore, in this research report, we illustrate how the average revenue per MWh is derived using real-life examples.