Power and energy
FollowDownload sector report (PDF)837 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology
Ranking · 2023 · Morning class Large
| # | Company | Score | Change |
|---|---|---|---|
| 1 | LÅGEN OG ØVRE GLOMMA KRAFTPRODUKSJON AS | 90 | – |
| 2 | SKAGERAK KRAFT ASsubsidiary of SKAGERAK ENERGI AS | 85 | – |
| 3 | ARENDALS FOSSEKOMPANI ASA | 82 | – |
| 4 | SKS PRODUKSJON ASsubsidiary of SALTEN KRAFTSAMBAND AS | 82 | – |
| 5 | ELKRAFT AKSJESELSKAP | 81 | – |
| 6 | HAFSLUND PRODUKSJON AS | 79 | – |
| 7 | Aktieselskabet Saudefaldene | 77 | – |
| 8 | HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS | 75 | – |
| 9 | SUNNHORDLAND KRAFTLAG AS | 73 | – |
| 10 | ØSTFOLD ENERGI AS | 72 | – |
| 11 | HYDRO ENERGI AS | 69 | – |
| 12 | FAGNE AS | 67 | – |
| 13 | LUNERA ENERGI AS | 65 | – |
| 14 | AKERSHUS ENERGI KRAFT AS | 65 | – |
| 15 | EVINY FORNYBAR ASsubsidiary of EVINY AS | 65 | – |
| 16 | HAFSLUND KRAFT INNLANDET ASsubsidiary of HAFSLUND KRAFT AS | 64 | – |
| 17 | TAFJORD KRAFTPRODUKSJON ASsubsidiary of TAFJORD KRAFT AS | 61 | – |
| 18 | SISO ENERGI AS | 61 | – |
| 19 | ENTELIOS AS | 60 | – |
| 20 | LEDE AS | 60 | – |
| 21 | NORDKRAFT MAGASIN ASsubsidiary of NORDKRAFT AS | 56 | – |
| 22 | TRØNDERENERGI KRAFT ASsubsidiary of TRØNDERENERGI AS | 56 | – |
| 23 | LINJA AS | 56 | – |
| 24 | SFE ASsubsidiary of SOGN OG FJORDANE ENERGI AS | 53 | – |
| 25 | USTEKVEIKJA ENERGI AS | 52 | – |
| 26 | LINEA ASsubsidiary of HELGELAND KRAFT AS | 52 | – |
| 27 | HAUGALAND KRAFT ENERGI ASsubsidiary of HAUGALAND KRAFT AS | 52 | – |
| 28 | SMÅKRAFT AS | 51 | – |
| 29 | LNETT AS | 51 | – |
| 30 | WATTN AS | 51 | – |
| 31 | HELGELAND KRAFT STRØM ASsubsidiary of HELGELAND KRAFT AS | 50 | – |
| 32 | TENSIO TN AS | 49 | – |
| 33 | LYSE PRODUKSJON AS | 48 | – |
| 34 | Å ENERGI VANNKRAFT ASsubsidiary of Å ENERGI AS | 48 | – |
| 35 | NTE ENERGI ASsubsidiary of NORD-TRØNDELAG ELEKTRISITETSVERK AS | 48 | – |
| 36 | STATKRAFT ENERGI AS | 48 | – |
| 37 | TENSIO TS AS | 47 | – |
| 38 | ISHAVSKRAFT ASsubsidiary of TROMS KRAFT AS | 47 | – |
| 39 | ARVA ASsubsidiary of TROMS KRAFT AS | 46 | – |
| 40 | ELVIA AS | 45 | – |
| 41 | TRØNDELAGKRAFT AS | 45 | – |
| 42 | BKK AS | 44 | – |
| 43 | GLOMMA KRAFTPRODUKSJON AS | 43 | – |
| 44 | ISTAD KRAFT AS | 42 | – |
| 45 | NOOVA ENERGI SYSTEM ASsubsidiary of NOOVA HOLDING AS | 41 | – |
| 46 | NEAS ENERGI TELEKOM ASsubsidiary of NEAS AS | 39 | – |
| 47 | HAFSLUND CELSIO AS | 37 | – |
| 48 | POLAR KRAFT ASsubsidiary of YVE AS | 36 | – |
| 49 | SMART ENERGI AS | 36 | – |
| 50 | SCATEC ASA | 33 | – |
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
- KINECT ENERGY SPOT AS−16
From 2022 to 2023: went from a loss to a profit before tax and revenue fell by 39%.
Top lists in the sector · 2023 · Morning class Large
The five largest companies account for 40% of the sector's revenue. Combined profit before tax for the 61 ranked companies: 90,670 MNOK.
Highest revenue
- STATKRAFT ENERGI AS 43,016 MNOK
- FJORDKRAFT ASsubsidiary of ELMERA GROUP ASA 12,733 MNOK
- HYDRO ENERGI AS 11,166 MNOK
- HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS 10,668 MNOK
- Å ENERGI VANNKRAFT ASsubsidiary of Å ENERGI AS 8,503 MNOK
Operating revenue.
Highest operating margin
- HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS 90.2%
- HAFSLUND PRODUKSJON AS 87.9%
- SISO ENERGI AS 81.7%
- HAFSLUND KRAFT INNLANDET ASsubsidiary of HAFSLUND KRAFT AS 79.0%
- LÅGEN OG ØVRE GLOMMA KRAFTPRODUKSJON AS 78.8%
Operating result divided by operating revenue.
Largest profit
- STATKRAFT ENERGI AS 27,306 MNOK
- HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS 11,016 MNOK
- STATKRAFT AS 10,461 MNOK
- LYSE PRODUKSJON AS 5,653 MNOK
- Å ENERGI VANNKRAFT ASsubsidiary of Å ENERGI AS 5,539 MNOK
Profit before tax.
Largest loss
- HAFSLUND CELSIO AS −490 MNOK
- SCATEC ASA −179 MNOK
- LYSE ENERGI AS −68 MNOK
- VIBB ASsubsidiary of Å ENERGI AS −64 MNOK
- NTE MARKED AS −38 MNOK
Profit before tax, the largest negative.
Most solid
- AKERSHUS ENERGI KRAFT AS 85.9%
- LUNERA ENERGI AS 83.4%
- HYDRO ENERGI AS 75.2%
- HAFSLUND CELSIO AS 71.8%
- ELKRAFT AKSJESELSKAP 70.0%
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
- KINECT ENERGY SPOT AS −39.3%
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
- KINECT ENERGY SPOT AS −16.4 points
Change in index points from the year before.
Most employees
- STATKRAFT ENERGI AS 1,216
- ELVIA AS 939
- STATKRAFT AS 901
- HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS 652
- BKK AS 530
Employees according to the Central Coordinating Register.
Highest revenue per employee
- MIND ENERGY AS 660.6 MNOK
- LYSE ENERGI AS 219.1 MNOK
- LYSE PRODUKSJON AS 167.5 MNOK
- AKERSHUS ENERGI KRAFT AS 132.1 MNOK
- ENTELIOS AS 118.8 MNOK
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 · 2023 · 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.
Bubble size shows relative revenue, not exact figures. Dashed lines show where the 1 companies that moved most stood in 2022 (small ring).
- KINECT ENERGY SPOT AS profitability 0 → 53, solidity 75 → 0
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
Summary · fiscal year 2023 · Morning class Large
The sector's median operating margin is 21.2%. 0 of 63 companies have negative equity. The median equity ratio is 34.0%.
All figures are for fiscal year 2023. Ranked: 63 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
The total counts each group once: 2 subsidiaries (4,479 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology
- 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 0% of the total.
Climbers and fallers · Morning class Large
Change in rank from 2022 to 2023, for 1 companies ranked in both years.
Climbers
None.
Fallers
- 51KINECT ENERGY SPOT ASfrom rank 1 to 5232
Awards · 2023 · Morning class Large
Needs attention · 2023 · Morning class Large
33 companies show at least one warning sign. Showing the 15 most important.
- watchSCATEC ASACurrent ratio below 1 (0.72) · Loss before tax
- watchKINECT ENERGY SPOT ASVery low equity ratio (1.5%) · Current ratio below 1 (0.69)
- watchTIBBER NORGE ASVery low equity ratio (1.5%) · Current ratio below 1 (0.99)
- watchHAFSLUND CELSIO ASCurrent ratio below 1 (0.94) · Loss before tax
- watchLYSE ENERGI ASVery low equity ratio (7.6%) · Loss before tax
- watchLYSE STRØM ASVery low equity ratio (3.1%) · Current ratio below 1 (0.99)
- watchSTATKRAFT ENERGI ASCurrent ratio below 1 (0.96)
- watchHYDRO ENERGI ASCurrent ratio below 1 (0.77)
- watchÅ ENERGI VANNKRAFT ASCurrent ratio below 1 (0.99)
- watchMIND ENERGY ASVery low equity ratio (4.8%)
- watchEVINY FORNYBAR ASCurrent ratio below 1 (0.87)
- watchHAFSLUND KRAFT INNLANDET ASCurrent ratio below 1 (0.67)
- watchSTATKRAFT ASCurrent ratio below 1 (0.72)
- watchGLITRE NETT ASCurrent ratio below 1 (0.43)
- watchSUNNHORDLAND KRAFTLAG ASCurrent ratio below 1 (0.91)
Sector map · 2023 · Morning class Large
Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| LÅGEN OG ØVRE GLOMMA KRAFTPRODUKSJON AS | 78.8% | 67.0% | 617 MNOK |
| SKAGERAK KRAFT AS | 78.4% | 56.5% | 5,447 MNOK |
| ARENDALS FOSSEKOMPANI ASA | 64.5% | 61.2% | 519 MNOK |
| SKS PRODUKSJON AS | 56.8% | 63.9% | 740 MNOK |
| ELKRAFT AKSJESELSKAP | 4.2% | 70.0% | 720 MNOK |
| HAFSLUND PRODUKSJON AS | 87.9% | 56.7% | 2,174 MNOK |
| Aktieselskabet Saudefaldene | 45.8% | 57.9% | 1,066 MNOK |
| HAFSLUND KRAFT AS | 90.2% | 35.0% | 10,668 MNOK |
| SUNNHORDLAND KRAFTLAG AS | 69.8% | 57.7% | 2,430 MNOK |
| ØSTFOLD ENERGI AS | 70.3% | 53.3% | 1,632 MNOK |
| HYDRO ENERGI AS | 21.2% | 75.2% | 11,166 MNOK |
| FAGNE AS | 31.3% | 42.4% | 1,054 MNOK |
| LUNERA ENERGI AS | −1.2% | 83.4% | 963 MNOK |
| AKERSHUS ENERGI KRAFT AS | −8.0% | 85.9% | 1,981 MNOK |
| EVINY FORNYBAR AS | 73.7% | 38.2% | 5,256 MNOK |
| HAFSLUND KRAFT INNLANDET AS | 79.0% | 43.1% | 3,909 MNOK |
| TAFJORD KRAFTPRODUKSJON AS | 65.8% | 41.0% | 890 MNOK |
| SISO ENERGI AS | 81.7% | 41.4% | 521 MNOK |
| ENTELIOS AS | 17.4% | 30.0% | 8,316 MNOK |
| LEDE AS | 28.9% | 35.9% | 1,822 MNOK |
| NORDKRAFT MAGASIN AS | 56.6% | 35.6% | 541 MNOK |
| TRØNDERENERGI KRAFT AS | 55.3% | 35.0% | 1,274 MNOK |
| LINJA AS | 32.0% | 34.0% | 1,246 MNOK |
| SFE AS | 18.7% | 34.0% | 2,510 MNOK |
| USTEKVEIKJA ENERGI AS | 0.4% | 34.8% | 1,140 MNOK |
| LINEA AS | 22.8% | 37.3% | 681 MNOK |
| HAUGALAND KRAFT ENERGI AS | 0.4% | 34.3% | 1,394 MNOK |
| SMÅKRAFT AS | 75.8% | 57.2% | 991 MNOK |
| LNETT AS | 38.6% | 28.1% | 1,723 MNOK |
| WATTN AS | −0.6% | 42.3% | 1,889 MNOK |
| HELGELAND KRAFT STRØM AS | 18.5% | 26.3% | 707 MNOK |
| TENSIO TN AS | 31.9% | 52.8% | 884 MNOK |
| LYSE PRODUKSJON AS | 78.2% | 21.2% | 7,034 MNOK |
| Å ENERGI VANNKRAFT AS | 65.9% | 26.7% | 8,503 MNOK |
| NTE ENERGI AS | 33.1% | 24.3% | 2,578 MNOK |
| STATKRAFT ENERGI AS | 56.7% | 24.3% | 43,016 MNOK |
| TENSIO TS AS | 32.0% | 61.5% | 1,463 MNOK |
| ISHAVSKRAFT AS | 3.7% | 25.4% | 4,110 MNOK |
| ARVA AS | 37.9% | 33.6% | 1,368 MNOK |
| ELVIA AS | 29.3% | 32.2% | 8,054 MNOK |
| TRØNDELAGKRAFT AS | 10.2% | 23.5% | 793 MNOK |
| BKK AS | 32.8% | 31.5% | 2,393 MNOK |
| GLOMMA KRAFTPRODUKSJON AS | 77.4% | 29.8% | 730 MNOK |
| ISTAD KRAFT AS | 13.9% | 29.4% | 650 MNOK |
| NOOVA ENERGI SYSTEM AS | 2.5% | 30.9% | 970 MNOK |
| NEAS ENERGI TELEKOM AS | 7.3% | 30.4% | 700 MNOK |
| HAFSLUND CELSIO AS | −7.5% | 71.8% | 2,643 MNOK |
| POLAR KRAFT AS | 4.5% | 26.9% | 1,153 MNOK |
| SMART ENERGI AS | 3.3% | 15.2% | 534 MNOK |
| SCATEC ASA | 2.7% | 48.9% | 6,271 MNOK |
| STATKRAFT AS | −39.2% | 35.1% | 2,795 MNOK |
| KINECT ENERGY SPOT AS | 4.1% | 1.5% | 3,823 MNOK |
| KRAFTRIKET AS | 0.9% | 31.6% | 1,564 MNOK |
| FJORDKRAFT AS | 3.6% | 12.1% | 12,733 MNOK |
| NTE MARKED AS | −1.9% | 20.2% | 1,558 MNOK |
| GLITRE NETT AS | 21.1% | 28.8% | 2,625 MNOK |
| FORTUM STRØM AS | 1.3% | 17.2% | 7,687 MNOK |
| GUDBRANDSDAL ENERGI AS | 0.1% | 25.2% | 1,735 MNOK |
| LYSE STRØM AS | 5.5% | 3.1% | 570 MNOK |
| TIBBER NORGE AS | 1.0% | 1.5% | 2,879 MNOK |
| MIND ENERGY AS | −0.2% | 4.8% | 6,606 MNOK |
| LYSE ENERGI AS | −1.2% | 7.6% | 2,191 MNOK |
| VIBB AS | −8.5% | 21.3% | 701 MNOK |
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 |