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Norway energy report

Norway energy report
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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 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.


  • The country aims to achieve a 55% reduction 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 over 30% of generation, and Equinor for hydrocarbons, with more than 70% of production.
  • Renewables account for 99% of power production (of which 89% is hydro). Wind capacity has increased 3-fold since 2018 to 5 GW in 2022.
  • Gas production grew by 7.6% in 2022, and Norway became Europe's largest supplier of gas.
  • Motor fuel prices are amongst the highest in Europe.
  • Electricity prices doubled in 2022 and are no longer much lower than in EU countries.
  • Total energy consumption per capita is nearly double the EU average.
  • Hydroelectricity supplies around 40% of total energy consumption.
  • 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.
largest natural gas exporter in the world
in oil production since 2019
of power production from renewables
  • Institutions & Energy Policy

    The Ministry of Petroleum and Energy (MPE) is responsible for energy policy and controls the oil and gas activities through four key departments (the Oil and Gas Department, the Climate, Industry and Technology Department, the Energy and Water Resources Department, and the Department of Finance and Administration), four agencies (NPD, NVE, PSA, and RME), and the state enterprise Enova (energy e

  • Energy Companies


    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


    Norway has important hydrocarbon reserves (1959 bcm for natural gas and 1 025 Mt for oil, end of 2022), which are mainly located in the North Sea.

    Hydroelectric resources are currently estimated at 213 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


    Gasoline and diesel prices are heavily taxed: 51% for gasoline and 46% for diesel (2022). Excise tax rates are NOK 4.70/l (€48c/l) for gasoline and NOK 2.92/l (€34c/l) for diesel (2023). CO2 tax rates are NOK 1.78/l (€17c/l) for gasoline and NOK 2.03/l (€17c/l) for diesel. Consequently, taxes on diesel consumption are higher than for gasoline.

  • Energy Consumption

    Total energy consumption per capita reached 5.1 toe in 2022, 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 22 500 kWh.

    The country's total energy consumption decreased by 4.4% in 2022 to 28 Mtoe. It has ranged between 26 Mtoe and 31 Mtoe since 2010.

  • Issues & Prospects


    The government expects the country's oil production to average 1.97 mb/d in 2022 and to increase by 15% to 2.26 mb/d in 2023, thanks to the ramp up of the Johan Sverdrup and Castberg oil fields. According to forecasts from the NPD, total crude oil production should average 2 mb/d in 2025, as the major Sverdrup and Castberg oilfields will progressively enter production.

  • GRAPH 1: CO2-energy emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2022, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2022, %)
  • 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 (2022, %)
  • GRAPH 9: Final consumption market share by sector (2022, %)
  • GRAPH 10: Oil consumption (Mt)
  • GRAPH 11: Oil consumption breakdown by sector (2022, %)
  • GRAPH 12: Electricity consumption (TWh)
  • GRAPH 13: Electricity consumption breakdown by sector (2022, %)
  • GRAPH 14: Natural gas consumption (bcm)
  • GRAPH 15: Gas consumption breakdown by sector (2022, %)
  • GRAPH 16: Coal consumption (Mt)
  • GRAPH 17: Coal consumption breakdown by sector (2022, %)
  • 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, gas plant projects by status and operator and LNG contracts.

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.