Power and energy
FollowDownload sector report (PDF)2 companies ranked against comparable companies in four Morning company classes. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology
Ranking · 2022 · Morning class Large
Too few companies in this class (1, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | KINECT ENERGY SPOT AS | 48 | – |
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Large
Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.
Top lists in the sector · 2022 · Morning class Large
Combined profit before tax for the 1 ranked companies: −39 MNOK.
Highest revenue
- KINECT ENERGY SPOT AS 6,296 MNOK
Operating revenue.
Highest operating margin
Operating result divided by operating revenue.
Largest profit
No company meets the requirement this year.
Profit before tax.
Largest loss
- KINECT ENERGY SPOT AS −39 MNOK
Profit before tax, the largest negative.
Most solid
Equity ratio: equity divided by total assets.
Fastest growth
No company meets the requirement this year.
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
Most employees
No company meets the requirement this year.
Employees according to the Central Coordinating Register.
Highest revenue per employee
No company meets the requirement this year.
Only companies with at least 5 employees.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2022 · Morning class Large
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Too few ranked companies to draw the map.
Summary · fiscal year 2022 · Morning class Large
The sector's median operating margin is 0.3%. 0 of 1 companies have negative equity. The median equity ratio is 1.2%.
All figures are for fiscal year 2022. Ranked: 1 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- Growth is not included in the index: it needs the previous year's accounts.
- Consistency is not included in the index: it needs accounts for several years.
Climbers and fallers · Morning class Large
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Awards · 2022 · Morning class Large
Needs attention · 2022 · Morning class Large
1 companies show at least one warning sign. Showing the 1 most important.
- watchKINECT ENERGY SPOT ASVery low equity ratio (1.2%) · Loss before tax
Sector map · 2022 · Morning class Large
Too few ranked companies to draw the map.
Scenario analysis: the sector's weakest year
The sector's weakest year was 2025, with a median operating margin of 15.7%.
Based on the 5 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2021 | – | – |
| 2022 | 26.2% | −39.2% |
| 2023 | 22.6% | 36.7% |
| 2024 | 15.9% | 38.8% |
| 2025 · weakest year | 15.7% | 39.3% |
In 2025, 385 ranked companies did better than the sector, 229 about the same and 264 weaker.
Held up best in 2025
- 1MIDT-TELEMARK KRAFT ASequity ratio 86.1%98.1%
- 2MILJØKRAFT ASequity ratio 49.8%96.6%
- 3TYSSEKRAFT ASequity ratio 49.9%93.7%
- 4HAFSLUND PRODUKSJON ASequity ratio 54.4%88.0%
- 5TOCIRCLE PRODUCTIONS ASequity ratio 14.0%86.6%
- 6VIKESÅ KRAFTVERK ASequity ratio 23.3%86.0%
- 7SOGN OG FJORDANE ENERGI ASequity ratio 49.0%85.8%
- 8GRUNNÅI KRAFTVERK ASequity ratio 54.5%82.8%
- 9LYSE PRODUKSJON ASequity ratio 22.1%82.5%
- 10LÅGEN OG ØVRE GLOMMA KRAFTPRODUKSJON ASequity ratio 37.5%79.8%
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the sector's median operating margin fell 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| Sector's median operating margin | – | 26.2% | 22.6% | 15.9% | 15.7% | – |
Source: SSB (09363, CC BY 4.0). Source · fetched 1 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.14 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.16 percentage points |
| Sector's median operating margin | – | 26.2% | 22.6% | 15.9% | 15.7% | – |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026
When policy rate fell in 2025, 457 of 842 ranked companies kept their operating margin at or above the year before. Among the largest: STATKRAFT ENERGI AS (51.7% → 52.8%), FORTUM STRØM AS (1.4% → 1.6%), LYSE PRODUKSJON AS (77.2% → 82.5%), EVINY FORNYBAR AS (73.8% → 76.2%), SKAGERAK KRAFT AS (74.0% → 77.8%).
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Bankruptcies in the industry
5 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −28.6% against the four quarters before (7).
Foreign-controlled enterprises · 2024
- Share of enterprises
- 11.1%
- Share of persons employed
- 3.2%
- Share of turnover
- 10.1%
SSB publishes this for groups of industries only. The figures are for the group “Elektrisitets-, gass-, damp- og varmtvannsforsyning”.
Production index · Kraftforsyning
93.4 index, 2021 = 100, seasonally adjusted · 2026M08
−7.4% against 2025M08.
Monthly, 2023M08 to 2026M08.
Source: Statistics Norway (SSB), table 10790, table 08085, table 07095. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Latest bankruptcies and liquidations
- HAMMERFEST IWIND AS 931247654 Voluntary liquidation · 31 October 2026
- NORDAVINDAR OFFSHORE WIND AS 924898194 Voluntary liquidation · 31 October 2026
- SØNNAVINDAR OFFSHORE WIND AS 924898232 Voluntary liquidation · 31 October 2026
- VESTAVINDAR OFFSHORE WIND AS 924898208 Voluntary liquidation · 31 October 2026
- MILENCE INFRASTRUCTURE NORWAY 1 AS 931854593 Voluntary liquidation · 29 October 2026 · 0 MNOK (2025)
- NORSK MILJØKRAFT AS 976905008 Voluntary liquidation · 17 October 2026
- NOVA HOLDINGS AS 934836375 Voluntary liquidation · 9 October 2026
- EIDSKOG ENERGI AS 994684981 Voluntary liquidation · 8 October 2026 · 0 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 35* | Hele hovedgruppe 35 |
| 35.110 | Produksjon av elektrisitet fra ikke-fornybare kilder |
| 35.121 | Produksjon av elektrisitet fra vannkraft |
| 35.122 | Produksjon av elektrisitet fra vindkraft |
| 35.123 | Produksjon av elektrisitet fra solenergi |
| 35.129 | Produksjon av elektrisitet fra fornybare kilder ikke nevnt annet sted |
| 35.130 | Overføring av elektrisitet |
| 35.140 | Distribusjon av elektrisitet |
| 35.150 | Handel med elektrisitet |
| 35.160 | Lagring av elektrisitet |
| 35.210 | Produksjon av gass |
| 35.220 | Distribusjon av gass gjennom ledningsnett |
| 35.230 | Handel med gass gjennom ledningsnett |
| 35.300 | Vannbåren og luftbåren varme- og kjøleforsyning |
| 35.400 | Aktiviteter til meglere og agenter knyttet til elektrisk kraft og naturgass |