Norway energy report

• The country aims to achieve a reduction of at least 50% of its GHG emissions by 2030 and to be carbon neutral by 2050 through the purchase of CERs.
• State-owned companies dominate energy production: Statkraft with around one third of power generation, Equinor and Petoro with more than 50% of hydrocarbon production.
• Renewables accounts for 98% of the power mix (of which, 93% hydro).
• Oil production has halved since 2001, while gas production has more than doubled.
• Most of oil and gas production is exported (80 and 95%, respectively), mainly to European countries.
• Motor fuel prices are amongst the highest in Europe.
• Electricity prices are 45% lower than in EU countries.
• Total energy consumption per capita is double the EU average.
• Oil and hydroelectricity are the main sources of energy and their consumption is stable.
• Large power transmission and wind projects are under development.
• Oil and gas production is expected to increase significatively over the next 5 years.

• 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:

  About 270 companies are active in the electricity sector, most of which are state-owned; around 180 of those companies are involved in electricity production activities. This number is falling because of the mergers between distributors and small production companies. The federation of electricity companies, Energi Norge, brings together almost all the companies in the electricity sector.

• Energy Supply

  Resources:

  Norway has important hydrocarbon reserves (226 bcm for natural gas and 1 176 Mt for oil, end of 2019), which are mainly located in the North Sea.

  Hydroelectric resources, currently estimated at 206 TWh/year, are already largely developed (approximately 60%) and part of that potential is considered as an ecological patrimony (23%).

• Energy Prices

  Electricity:

  Electricity prices are around 45% below the EU average. They are driven by hydropower generation levels which, in turn, influence the electricity wholesale price on Nord Pool.

  The tax on electricity was raised by 13% in 2016 to NOK 16/MWh (€2/MWh).

  Graph: ELECTRICITY PRICES FOR INDUSTRY AND HOUSEHOLDS (€c/kWh)

• Energy Consumption

  Total energy consumption per capita is almost twice the EU average (5.1 toe), driven by an electricity consumption per capita that is four times the EU average and the highest in the world, at 23 250 kWh (2019).

• Issues & Prospects

  Oil:

  According to forecasts from the NPD, total liquids production should increase by more than 34% between 2019 (1.74 mboe/d) and 2024 (2.33 mb/d), as major oilfields Sverdrup and Castberg will progressively enter production.

• GENERAL OVERVIEW
• INSTITUTIONS AND ENERGY POLICY
• ENERGY COMPANIES
• ENERGY SUPPLY
• ENERGY PRICES
• ENERGY CONSUMPTION
• ISSUES AND PROSPECTS
• DATA TABLES
• ABBREVIATIONS
• GLOSSARY

Download the Table of Contents

Below is a list of the Norway energy market report graphs:

• GRAPH 1: CO₂-energy emissions (MtCO₂)
• GRAPH 2: Installed electric capacity by source (2019, %)
• GRAPH 3: Gross power production by source (TWh)
• GRAPH 4: Power generation by source (2019, %)
• GRAPH 5: Gasoline & diesel prices (€/l)
• GRAPH 6: Electricity prices for industry and households (€c/kWh)
• GRAPH 7: Consumption trends by energy source (Mtoe)
• GRAPH 8: Total consumption market share by energy (2019, %)
• GRAPH 9: Final consumption market share by sector (2019, %)
• GRAPH 10: Oil consumption (Mt)
• GRAPH 11: Oil consumption breakdown by sector (2019, %)
• GRAPH 12: Electricity consumption (TWh)
• GRAPH 13: Electricity consumption breakdown by sector (2019, %)
• GRAPH 14: Natural gas consumption (bcm)
• GRAPH 15: Gas consumption breakdown by sector (2019, %)
• GRAPH 16: Coal consumption (Mt)
• GRAPH 17: Coal consumption breakdown by sector (2019, %)

In the Norway energy market report you will find the following tables:

• Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO₂ emissions.
• Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
• Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
• Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
• Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.

The Norway country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.

Data included in the excelsheet:

• Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
• Power: Electricity generation & capacities, by technology.
• CO₂: Total CO₂ emissions.
• Macro-economy: Main macro-economic assumptions.
• Key indicators: Energy intensity, share of renewables, CO₂ emissions per capita and per unit of GDP.