4th
largest natural gas exporter in the world
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This analysis includes a comprehensive Norway energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With 2021 market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
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Highlights
4th
largest natural gas exporter in the world
+18%
in oil production in 2020
98%
of power production from renewables
Abstract
Institutions & Energy Policy
The Ministry of Petroleum and Energy (MPE) is responsible for energy policy and controls the oil and gas activities through three key departments - namely the Oil and Gas Department, the Climate, Industry and Technology Department, and the Energy and Water Resources Department - and three agencies: NPD, NVE and Enova (energy efficiency).
Energy Companies
Electricity:
All companies that trade physical power or operate electricity networks must have a trading license from NVE-RME. Currently, there are approximately 690 companies that hold such a license. The federation of electricity companies, Energi Norge, brings together around 330 of those companies, which provide approximately 90% of the country's electricity and grid customers.
Energy Supply
Resources:
Norway has important hydrocarbon reserves (2 095 bcm for natural gas and 1 075 Mt for oil, end of 2021), which are mainly located in the North Sea.
Hydroelectric resources are currently estimated at 206 TWh/year. Meanwhile, the offshore wind potential is between 6 GW and 30 GW (at depths of less than 20 m and distances to the coast of between 1 km and 10 km).
Energy Prices
Oil:
Gasoline and diesel prices are heavily taxed: 60% for gasoline and 55% for diesel (2021). Excise tax rates are NOK 4.95/l (€48c/l) for gasoline and NOK 3.52/l (€34c/l) for diesel (2022). CO2 tax rates are NOK 1.78/l (€17c/l) for gasoline and NOK 2.95/l (€28c/l) for diesel. Consequently, taxes on gasoline consumption are higher than for diesel.
Energy Consumption
Total energy consumption per capita reached 5.5 toe in 2021, almost double the EU average. This was driven by an electricity consumption per capita that is over four times the EU average and the highest in the world, at 23 500 kWh.
Issues & Prospects
Electricity:
According to Statnett Grid Development Plan 2021, the electricity demand is forecast to rise by 1.3%/year until 2040 and by 0.5%/year between 2040 and 2050, spurred by industrial demand and more extensive electrification.
Below is a list of the Norway energy market report graphs:
In the Norway energy market report you will find the following tables:
The Norway energy market data since 1990 and up to 2021 is included in the Excel file accompanying the Norway country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
The Norway country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
Projections Data (Excel Sheet)
The Norway country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
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