Sector

Power and energy

852 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2024 · Morning class Large

Morning class Large · 2024
#	Company	Profile	Score	Change
1	SKAGERAK KRAFT ASsubsidiary of SKAGERAK ENERGI AS	Leader	77	−9
2	SKS PRODUKSJON ASsubsidiary of SALTEN KRAFTSAMBAND AS	Leader	75	−7
3	TRØNDERENERGI KRAFT ASsubsidiary of TRØNDERENERGI AS	Leader	73	+17
4	HAFSLUND PRODUKSJON AS	Leader	72	−7
5	Aktieselskabet Saudefaldene	Leader	70	−7
6	ELKRAFT AKSJESELSKAP	Steward	69	−12
7	HYDRO ENERGI AS	Leader	66	−3
8	ENTELIOS AS	Steward	65	+4
9	FAGNE AS	Leader	64	−3
10	ØSTFOLD ENERGI AS	Leader	63	−10
11	LEDE AS	Steward	61	+1
12	HAFSLUND KRAFT INNLANDET ASsubsidiary of HAFSLUND KRAFT AS	Leader	61	−3
13	SFE ASsubsidiary of SOGN OG FJORDANE ENERGI AS	Steward	58	+5
14	HELGELAND KRAFT STRØM ASsubsidiary of HELGELAND KRAFT AS	Builder	58	+7
15	AKERSHUS ENERGI KRAFT AS	Steward	58	−7
16	WATTN AS	Steward	58	+7
17	TAFJORD KRAFTPRODUKSJON ASsubsidiary of TAFJORD KRAFT AS	Leader	58	−3
18	USTEKVEIKJA ENERGI AS	Steward	56	+3
19	SUNNHORDLAND KRAFTLAG AS	Leader	56	−17
20	EVINY FORNYBAR ASsubsidiary of EVINY AS	Leader	56	−9
21	AXPO NORDIC AS	Sprinter	56	+27
22	HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS	Sprinter	55	−20
23	LNETT AS	Sprinter	54	+2
24	LINJA AS	Builder	54	−2
25	Å ENERGI VANNKRAFT ASsubsidiary of Å ENERGI AS	Sprinter	53	+5
26	HAFSLUND CELSIO AS	Steward	53	+16
27	LYSE PRODUKSJON AS	Sprinter	52	+4
28	TENSIO TS AS	Steward	52	+5
29	TENSIO TN AS	Steward	52	+3
30	NTE ENERGI ASsubsidiary of NORD-TRØNDELAG ELEKTRISITETSVERK AS	Builder	50	+2
31	NOOVA ENERGI SYSTEM ASsubsidiary of NOOVA HOLDING AS	Steward	49	+8
32	ISTAD KRAFT AS	Builder	49	+7
33	ARVA ASsubsidiary of TROMS KRAFT AS	Builder	49	+2
34	BKK AS	Sprinter	49	+5
35	ELVIA AS	Builder	49	+3
36	POLAR KRAFT ASsubsidiary of YVE AS	Steward	49	+13
37	LINEA ASsubsidiary of HELGELAND KRAFT AS	Steward	47	−5
38	GLOMMA KRAFTPRODUKSJON AS	Sprinter	47	+4
39	ISHAVSKRAFT ASsubsidiary of TROMS KRAFT AS	Builder	47	0
40	STATKRAFT ENERGI AS	Sprinter	46	−2
41	HAUGALAND KRAFT ENERGI ASsubsidiary of HAUGALAND KRAFT AS	Steward	45	−7
42	Å ENERGI AS	Steward	43	+9
43	KRAFTRIKET AS	Steward	41	+11
44	GLITRE NETT AS	Builder	38	+10
45	GUDBRANDSDAL ENERGI ASsubsidiary of ELMERA GROUP ASA	Builder	38	+13
46	FJORDKRAFT ASsubsidiary of ELMERA GROUP ASA	Sprinter	38	+8
47	FORTUM STRØM ASsubsidiary of FORTUM CONSUMER SOLUTIONS AS	Builder	38	+11
48	VIBB ASsubsidiary of Å ENERGI AS	Builder	36	+20
49	TRØNDELAGKRAFT AS	Sprinter	36	−9
50	STATKRAFT AS	Builder	36	+3

Download as CSV (opens in Excel)

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

VIBB AS
From 2023 to 2024: revenue grew by 27% and the equity ratio rose from 21.3% to 31.0%.
+20
HAFSLUND KRAFT AS
From 2023 to 2024: the operating margin fell from 90.2% to 80.6% and revenue fell by 38%.
−20
TRØNDERENERGI KRAFT AS
From 2023 to 2024: the equity ratio rose from 35.0% to 63.9% and revenue fell by 11%.
+17
SUNNHORDLAND KRAFTLAG AS
From 2023 to 2024: revenue fell by 24% and the operating margin fell from 69.8% to 67.2%.
−17

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 40% of the sector's revenue. Combined profit before tax for the 56 ranked companies: 65,889 MNOK.

Highest revenue

STATKRAFT ENERGI AS 32,197 MNOK
HYDRO ENERGI AS 10,413 MNOK
FJORDKRAFT ASsubsidiary of ELMERA GROUP ASA 8,657 MNOK
Å ENERGI VANNKRAFT ASsubsidiary of Å ENERGI AS 8,468 MNOK
ELVIA AS 8,466 MNOK

Operating revenue.

Highest operating margin

HAFSLUND PRODUKSJON AS 84.5%
HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS 80.6%
LYSE PRODUKSJON AS 77.2%
SKAGERAK KRAFT ASsubsidiary of SKAGERAK ENERGI AS 74.0%
EVINY FORNYBAR ASsubsidiary of EVINY AS 73.8%

Operating result divided by operating revenue.

Largest profit

STATKRAFT ENERGI AS 17,225 MNOK
STATKRAFT AS 11,041 MNOK
HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS 5,964 MNOK
Å ENERGI VANNKRAFT ASsubsidiary of Å ENERGI AS 4,765 MNOK
LYSE PRODUKSJON AS 4,227 MNOK

Profit before tax.

Largest loss

NTE MARKED AS −99 MNOK
VIBB ASsubsidiary of Å ENERGI AS −53 MNOK
HAUGALAND KRAFT ENERGI ASsubsidiary of HAUGALAND KRAFT AS −48 MNOK
LYSE ENERGI AS −39 MNOK
SCATEC ASA −33 MNOK

Profit before tax, the largest negative.

Most solid

Equity ratio: equity divided by total assets.

Fastest growth

AXPO NORDIC AS +219.7%
LYSE STRØM ASsubsidiary of LYSE ENERGI AS +52.5%
STATKRAFT AS +47.7%
LINJA AS +31.4%
VIBB ASsubsidiary of Å ENERGI AS +26.7%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

SCATEC ASA −77.2%
USTEKVEIKJA ENERGI AS −46.3%
KINECT ENERGY SPOT AS −44.3%
HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS −38.3%
MIND ENERGY AS −36.2%

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

VIBB ASsubsidiary of Å ENERGI AS +20.8 points
TRØNDERENERGI KRAFT ASsubsidiary of TRØNDERENERGI AS +16.7 points
HAFSLUND CELSIO AS +15.7 points
TIBBER NORGE AS +13.9 points
GUDBRANDSDAL ENERGI ASsubsidiary of ELMERA GROUP ASA +13.5 points

Change in index points from the year before.

Biggest fallers

HAFSLUND KRAFT ASsubsidiary of HAFSLUND AS −20.6 points
SUNNHORDLAND KRAFTLAG AS −17.6 points
ELKRAFT AKSJESELSKAP −12.5 points
ØSTFOLD ENERGI AS −9.6 points
SKAGERAK KRAFT ASsubsidiary of SKAGERAK ENERGI AS −9.6 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 421.5 MNOK
LYSE ENERGI AS 140.9 MNOK
LYSE PRODUKSJON AS 126.9 MNOK
ENTELIOS AS 113.4 MNOK
AKERSHUS ENERGI KRAFT AS 105.6 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.

Quadrant analysis

Positions in the sector · 2024 · 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 5 companies that moved most stood in 2023 (small ring).

ENTELIOS AS profitability 62 → 46, solidity 38 → 70
GUDBRANDSDAL ENERGI AS profitability 11 → 46, solidity 23 → 28
TRØNDERENERGI KRAFT AS profitability 75 → 90, solidity 56 → 88
USTEKVEIKJA ENERGI AS profitability 19 → 46, solidity 54 → 68
STATKRAFT AS profitability 17 → 20, solidity 59 → 32

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

Company	Profile	Profitability	Solidity	In 2023 (profitability / solidity)
HAFSLUND PRODUKSJON AS	Lion	98	84	98 / 82
SKAGERAK KRAFT AS	Lion	96	86	96 / 80
LYSE PRODUKSJON AS	Cheetah	95	16	93 / 15
EVINY FORNYBAR AS	Lion	94	56	87 / 66
TRØNDERENERGI KRAFT AS	Lion	90	88	75 / 56
HAFSLUND KRAFT INNLANDET AS	Lion	86	72	87 / 74
HAFSLUND KRAFT AS	Cheetah	86	49	92 / 57
Å ENERGI VANNKRAFT AS	Cheetah	86	25	79 / 28
GLOMMA KRAFTPRODUKSJON AS	Cheetah	86	44	90 / 36
STATKRAFT ENERGI AS	Cheetah	83	19	85 / 21
ØSTFOLD ENERGI AS	Lion	82	93	85 / 79
SUNNHORDLAND KRAFTLAG AS	Lion	82	77	86 / 85
TAFJORD KRAFTPRODUKSJON AS	Lion	79	74	82 / 67
Aktieselskabet Saudefaldene	Lion	76	82	69 / 87
SKS PRODUKSJON AS	Lion	74	89	69 / 92
TRØNDELAGKRAFT AS	Cheetah	69	4	52 / 18
AXPO NORDIC AS	Cheetah	68	18	–
HYDRO ENERGI AS	Lion	64	96	53 / 98
KINECT ENERGY SPOT AS	Cheetah	61	0	52 / 0
LNETT AS	Cheetah	57	35	54 / 31
FJORDKRAFT AS	Cheetah	55	12	37 / 8
BKK AS	Cheetah	54	37	55 / 43
FAGNE AS	Lion	53	63	43 / 72
TENSIO TS AS	Elephant	49	81	48 / 90
SFE AS	Elephant	48	58	51 / 49
HELGELAND KRAFT STRØM AS	Beaver	48	42	69 / 26
USTEKVEIKJA ENERGI AS	Elephant	46	68	19 / 54
NTE ENERGI AS	Beaver	46	23	66 / 20
ISTAD KRAFT AS	Beaver	46	46	56 / 34
ARVA AS	Beaver	46	39	51 / 48
GUDBRANDSDAL ENERGI AS	Beaver	46	28	11 / 23
ELKRAFT AKSJESELSKAP	Elephant	46	98	52 / 95
ENTELIOS AS	Elephant	46	70	62 / 38
TENSIO TN AS	Elephant	46	79	50 / 77
NOOVA ENERGI SYSTEM AS	Elephant	46	53	37 / 41
LINJA AS	Beaver	45	33	43 / 51
TIBBER NORGE AS	Beaver	44	2	21 / 2
ELVIA AS	Beaver	43	47	47 / 46
POLAR KRAFT AS	Elephant	41	51	42 / 30
GLITRE NETT AS	Beaver	41	21	34 / 33
LEDE AS	Elephant	37	60	41 / 62
LINEA AS	Elephant	36	54	39 / 64
ISHAVSKRAFT AS	Beaver	33	40	42 / 25
NEAS ENERGI TELEKOM AS	Beaver	33	26	31 / 39
SCATEC ASA	Elephant	32	75	18 / 75
FORTUM STRØM AS	Beaver	28	14	27 / 11
HAFSLUND CELSIO AS	Elephant	25	95	4 / 97
Å ENERGI AS	Elephant	25	65	–
STATKRAFT AS	Beaver	20	32	17 / 59
KRAFTRIKET AS	Elephant	17	61	16 / 44
MIND ENERGY AS	Beaver	14	7	10 / 5
AKERSHUS ENERGI KRAFT AS	Elephant	14	100	11 / 100
LYSE STRØM AS	Beaver	11	5	26 / 3
WATTN AS	Elephant	9	91	8 / 70
LYSE ENERGI AS	Beaver	7	11	7 / 7
HAUGALAND KRAFT ENERGI AS	Elephant	4	67	15 / 52
NTE MARKED AS	Beaver	4	9	4 / 13
VIBB AS	Beaver	2	30	1 / 16

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 15.8%. 0 of 58 companies have negative equity. The median equity ratio is 36.3%.

Companies with accounts58

Total revenue171,500 MNOK

Median operating margin15.8%

Median equity ratio36.3%

Share with a loss9%

Share with negative equity0%

All figures are for fiscal year 2024. Ranked: 58 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 (4,076 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

Climbers and fallers · Morning class Large

Change in rank from 2023 to 2024, for 56 companies ranked in both years.

Climbers

20HAFSLUND CELSIO ASfrom rank 46 to 2653
18TRØNDERENERGI KRAFT ASfrom rank 21 to 373
16HELGELAND KRAFT STRØM ASfrom rank 30 to 1458
14VIBB ASfrom rank 62 to 4836
13WATTN ASfrom rank 29 to 1658

Fallers

15HAUGALAND KRAFT ENERGI ASfrom rank 26 to 4145
14HAFSLUND KRAFT ASfrom rank 8 to 2255
12LINEA ASfrom rank 25 to 3747
10SUNNHORDLAND KRAFTLAG ASfrom rank 9 to 1956
9TRØNDELAGKRAFT ASfrom rank 40 to 4936

Awards · 2024 · Morning class Large

Most profitableHAFSLUND PRODUKSJON AS84.5%

Fastest growthAXPO NORDIC AS219.7%

Strongest balance sheetAKERSHUS ENERGI KRAFT AS86.0%

Largest revenueSTATKRAFT ENERGI AS32,197 MNOK

Highest revenue per employeeMIND ENERGY AS421.5 MNOK

Needs attention · 2024 · Morning class Large

31 companies show at least one warning sign. Showing the 15 most important.

watchKINECT ENERGY SPOT ASVery low equity ratio (3.9%) · Current ratio below 1 (0.98)
watchSCATEC ASACurrent ratio below 1 (0.47) · Loss before tax
watchLYSE STRØM ASVery low equity ratio (6.2%) · Current ratio below 1 (0.99)
watchSTATKRAFT ENERGI ASCurrent ratio below 1 (0.91)
watchHYDRO ENERGI ASCurrent ratio below 1 (0.80)
watchÅ ENERGI VANNKRAFT ASCurrent ratio below 1 (0.92)
watchELVIA ASCurrent ratio below 1 (0.98)
watchEVINY FORNYBAR ASCurrent ratio below 1 (0.35)
watchSTATKRAFT ASCurrent ratio below 1 (0.50)
watchHAFSLUND KRAFT INNLANDET ASCurrent ratio below 1 (0.49)
watchGLITRE NETT ASCurrent ratio below 1 (0.53)
watchBKK ASCurrent ratio below 1 (0.86)
watchTIBBER NORGE ASVery low equity ratio (4.7%)
watchSUNNHORDLAND KRAFTLAG ASCurrent ratio below 1 (0.65)
watchHAFSLUND PRODUKSJON ASCurrent ratio below 1 (0.93)

Sector map · 2024 · 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
SKAGERAK KRAFT AS	74.0%	62.1%	3,884 MNOK
SKS PRODUKSJON AS	53.5%	65.3%	733 MNOK
TRØNDERENERGI KRAFT AS	54.8%	63.9%	1,132 MNOK
HAFSLUND PRODUKSJON AS	84.5%	61.8%	1,700 MNOK
Aktieselskabet Saudefaldene	50.7%	56.0%	1,122 MNOK
ELKRAFT AKSJESELSKAP	6.8%	81.5%	516 MNOK
HYDRO ENERGI AS	31.9%	76.5%	10,413 MNOK
ENTELIOS AS	4.4%	47.6%	7,941 MNOK
FAGNE AS	32.1%	41.0%	1,226 MNOK
ØSTFOLD ENERGI AS	59.6%	68.8%	1,071 MNOK
LEDE AS	20.8%	39.3%	2,151 MNOK
HAFSLUND KRAFT INNLANDET AS	72.9%	47.6%	3,207 MNOK
SFE AS	14.2%	38.7%	2,027 MNOK
HELGELAND KRAFT STRØM AS	4.3%	33.7%	840 MNOK
AKERSHUS ENERGI KRAFT AS	0.2%	86.0%	1,584 MNOK
WATTN AS	0.1%	65.7%	1,686 MNOK
TAFJORD KRAFTPRODUKSJON AS	50.0%	49.4%	693 MNOK
USTEKVEIKJA ENERGI AS	2.4%	46.1%	612 MNOK
SUNNHORDLAND KRAFTLAG AS	67.2%	51.8%	1,839 MNOK
EVINY FORNYBAR AS	73.8%	38.6%	4,299 MNOK
AXPO NORDIC AS	54.9%	21.7%	574 MNOK
HAFSLUND KRAFT AS	80.6%	35.1%	6,583 MNOK
LNETT AS	36.5%	32.7%	1,919 MNOK
LINJA AS	25.2%	32.0%	1,637 MNOK
Å ENERGI VANNKRAFT AS	56.3%	29.6%	8,468 MNOK
HAFSLUND CELSIO AS	6.6%	72.1%	2,337 MNOK
LYSE PRODUKSJON AS	77.2%	21.1%	5,331 MNOK
TENSIO TS AS	27.6%	55.7%	1,686 MNOK
TENSIO TN AS	23.5%	52.2%	983 MNOK
NTE ENERGI AS	18.2%	28.9%	2,343 MNOK
NOOVA ENERGI SYSTEM AS	3.7%	37.6%	855 MNOK
ISTAD KRAFT AS	5.8%	34.0%	549 MNOK
ARVA AS	28.3%	33.2%	1,433 MNOK
BKK AS	26.5%	32.9%	2,628 MNOK
ELVIA AS	21.2%	35.0%	8,466 MNOK
POLAR KRAFT AS	3.6%	37.5%	948 MNOK
LINEA AS	17.3%	37.7%	744 MNOK
GLOMMA KRAFTPRODUKSJON AS	71.0%	33.8%	543 MNOK
ISHAVSKRAFT AS	2.4%	33.4%	3,171 MNOK
STATKRAFT ENERGI AS	51.7%	27.5%	32,197 MNOK
HAUGALAND KRAFT ENERGI AS	−5.0%	44.6%	1,008 MNOK
Å ENERGI AS	−53.8%	41.0%	550 MNOK
KRAFTRIKET AS	1.3%	40.3%	1,109 MNOK
GLITRE NETT AS	23.2%	28.5%	2,941 MNOK
GUDBRANDSDAL ENERGI AS	3.1%	30.3%	1,200 MNOK
FJORDKRAFT AS	5.9%	18.7%	8,657 MNOK
FORTUM STRØM AS	1.4%	19.3%	8,215 MNOK
VIBB AS	−5.4%	31.0%	888 MNOK
TRØNDELAGKRAFT AS	13.9%	5.9%	550 MNOK
STATKRAFT AS	−23.5%	31.0%	4,128 MNOK
NEAS ENERGI TELEKOM AS	6.9%	30.1%	588 MNOK
SCATEC ASA	7.4%	51.7%	1,428 MNOK
LYSE STRØM AS	0.2%	6.2%	869 MNOK
TIBBER NORGE AS	2.8%	4.7%	2,285 MNOK
KINECT ENERGY SPOT AS	4.9%	3.9%	2,127 MNOK
NTE MARKED AS	−3.3%	15.0%	1,340 MNOK
LYSE ENERGI AS	−0.1%	15.7%	1,409 MNOK
MIND ENERGY AS	0.6%	11.4%	4,215 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2025, with a median operating margin of 15.8%.

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%	38.7%
2025 · weakest year	15.8%	39.3%

In 2025, 385 ranked companies did better than the sector, 229 about the same and 263 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)

Latest value: 86.7 (2026K2)

Wholesale power price rose 9.4% in 2025; the sector's median operating margin fell 0.1 percentage points.

Wholesale power price per year and the sector's median operating margin
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%	15.8%	–

Source: SSB (09363, CC BY 4.0). Source · fetched 30 October 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.

Policy rate per year and the sector's median operating margin
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%	15.8%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 30 October 2026

When policy rate fell in 2025, 457 of 841 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)

All bankruptcies and liquidations in the sector

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