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Norway energy report

Norway energy report
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Format
4 files (PDF report, 3 Excel files)
Pages
65 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • ENERGY AND CLIMATE POLICY FRAMEWORK
  • ENERGY COMPANIES
  • ENERGY SUPPLY AND DEMAND
  • ENERGY USE AND PRICE BY SECTOR
  • ISSUES AND PROSPECTS
  • STATISTICS
  • ABBREVIATIONS
  • GLOSSARY

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1 490 €

Overview

Norway’s energy strategy balances ambitious climate targets—aiming for carbon neutrality by 2050—with a robust hydrocarbon sector, while expanding renewables, particularly offshore wind and hydrogen. State-owned entities dominate production, supported by strict regulations and high carbon taxation.

Get more details on the table of contents and data files, as well as the list of graphs and tables by browsing the tabs below.

Highlights

  • The country aims to achieve a reduction of 70-75% 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 for power, with 29% of generation, and Equinor for hydrocarbons, which operates 70% of production.
  • Renewables account for 99% of power production (of which 89% is hydro). Wind capacity has increased 3-fold since 2018, reaching 5 GW in 2024.
  • Gas production increased by 8% in 2024. Norway is the 4th largest gas exporter in the world.
  • The final energy consumption is stable. Motor fuel prices are amongst the highest in Europe.
  • Oil production is expected to increase significantly over the next 5 years.
  • The government renewed its commitment to develop 30 GW of offshore wind by 2040.
4th
largest natural gas exporter in the world
+21%
in oil production since 2019
99%
of power production from renewables

  • Energy & Climate Policy Framework

    The Ministry of Energy is responsible for energy policy through four key departments (Oil and Gas Department; Climate, Industry and Technology Department; Energy and Water Resources Department; and Department for Economic and Administrative Affairs).

  • Energy Companies

    Electricity:

    Statkraft SF, (100% state-owned) operates a capacity of 12.1 GW in Norway, which generated 46 TWh in 2024 (29% of total power generation). The company has a capacity abroad of 10.2 GW, which produced 20.2 TWh in 2024.

  • Energy Supply & Demand

    Resources:

    Norway has important hydrocarbon reserves, including 1,890 bcm of natural gas and 1 040 Mt of oil (end 2024), which are mainly located in the North Sea. It also has 600 TWh/year of hydropower potential, which ranks Norway among the 10 countries with the highest hydroelectric potential.

  • Energy Use and Price by Sector

    Energy Prices in Residential:

    Residential electricity prices decreased in 2023 (-18%) and in 2024 (-7%), reaching €11.1c/kWh, after an 82% surge in 2021 and a 5.4% hike in 2023. Electricity prices in Norway are more than two times lower than the average of European countries (€27c/kWh in 2024).

  • Issues & Prospects

    Oil:

    According to forecasts from the NOD in October 2024, total crude oil production should increase by 5% in 2025 (compared to 2024) to 2.1 mb/d, as the major Sverdrup and Castberg oil fields progressively enter production (Johan Castberg started In April 2025 and reached its maximum capacity of 220 kb/d in June 2025).

  • Graph 1: Final Intensity to GDP
  • Graph 2: Primary Consumption Trends by Energy Source
  • Graph 3: Total Consumption Market Share by Energy (2024)
  • Graph 4: Installed Electric Capacity by Source
  • Graph 5: Installed Electric Capacity by Source (2024)
  • Graph 6: Gross Power Production by Source & Consumption
  • Graph 7: Power Generation by Source (2024)
  • Graph 8: CO2 Intensity of Electricity Generation
  • Graph 9: Crude Oil Production & Consumption
  • Graph 10: Petroleum Products Production & Consumption
  • Graph 11: Gas Production & Consumption
  • Graph 12: Coal Production & Consumption
  • Graph 13: Emissions of GHG and CO₂ from Fuel Combustion
  • Graph 14: CO₂-Emissions per Capita
  • Graph 15: CO2 Intensity to GDP
  • Graph 16: Final Demand Trends by Energy Source
  • Graph 17: Final Consumption by Sector
  • Graph 18: Final Consumption Market Share by Sector (2024)
  • Graph 19: Share of Electricity in Total Final Energy Consumption
  • Graph 20: Final Consumption in Industry by Energy Source
  • Graph 21: Energy Prices in Industry (Taxes Included)
  • Graph 22: Final Consumption in Transport by Energy Source
  • Graph 23: Energy Prices in Transport (Taxes Included)
  • Graph 24: Final Consumption in Residential, Services, Agriculture by Energy Source
  • Graph 25: Energy Prices in Residential (Taxes Included)
  • Graph 26: Upcoming New Capacity by Energy Source
  • 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.

The Norway energy market data since 1990 and up to 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:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Norway Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Norway energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).

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.