Sector

Power and energy

866 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. 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 · 2025 · Morning class Large

Morning class Large · 2025
#	Company	Profile	Score	Change
1	Skagerak Kraft ASsubsidiary of Skagerak Energi AS	Leader	86	+10
2	Aktieselskabet Saudefaldene	Leader	81	+12
3	Hafslund Produksjon AS	Leader	77	+6
4	Hydro Energi AS	Leader	76	+11
5	Østfold Energi AS	Leader	72	+9
6	Sunnhordland Kraftlag AS	Leader	68	+13
7	Lågen og Øvre Glomma Kraftproduksjon AS	Leader	67	−2
8	Eviny Fornybar ASsubsidiary of Eviny AS	Leader	67	+12
9	Hafslund Kraft Innlandet ASsubsidiary of Hafslund Kraft AS	Leader	64	+4
10	Sks Produksjon ASsubsidiary of Salten Kraftsamband AS	Leader	63	−12
11	Ustekveikja Energi AS	Steward	63	+7
12	Trønderenergi Kraft ASsubsidiary of Trønderenergi AS	Leader	63	−9
13	Linja AS	Sprinter	62	+8
14	Axpo Nordic AS	Sprinter	62	+6
15	Entelios AS	Steward	61	−4
16	Lyse Produksjon AS	Sprinter	60	+8
17	Vibb ASsubsidiary of Å Energi AS	Steward	59	+23
18	Akershus Energi Kraft AS	Leader	58	0
19	Hafslund Kraft ASsubsidiary of Hafslund AS	Leader	58	+4
20	Noova Energi System ASsubsidiary of Noova Holding AS	Sprinter	56	+7
21	Fagne AS	Leader	56	−8
22	Scatec ASA	Steward	55	+22
23	Eidsiva Bioenergi ASsubsidiary of Eidsiva Energi AS	Steward	55	+9
24	Tafjord Kraftproduksjon ASsubsidiary of Tafjord Kraft AS	Leader	54	−3
25	Glomma Kraftproduksjon AS	Sprinter	53	+6
26	Føie AS	Leader	53	+1
27	Sfe ASsubsidiary of Sogn og Fjordane Energi AS	Leader	52	−6
28	Wattn AS	Steward	51	−6
29	Hafslund Celsio AS	Steward	50	−3
30	Lede AS	Steward	50	−12
31	Haugaland Kraft Energi ASsubsidiary of Haugaland Kraft AS	Steward	50	+5
32	Helgeland Kraft Strøm ASsubsidiary of Helgeland Kraft AS	Sprinter	48	−10
33	Sognekraft Produksjon ASsubsidiary of Sognekraft AS	Sprinter	47	+1
34	Lunera Energi AS	Steward	47	−10
35	Lnett AS	Sprinter	46	−8
36	Å Energi Vannkraft ASsubsidiary of Å Energi AS	Sprinter	46	−7
37	Statkraft Energi AS	Sprinter	45	−1
38	Ishavskraft ASsubsidiary of Troms Kraft AS	Builder	45	−2
39	Arva ASsubsidiary of Troms Kraft AS	Sprinter	43	−6
40	NTE Energi ASsubsidiary of Nord-Trøndelag Elektrisitetsverk AS	Builder	43	−7
41	Fjordkraft ASsubsidiary of Elmera Group ASA	Sprinter	42	+4
42	Fortum Strøm ASsubsidiary of Fortum Consumer Solutions AS	Builder	41	+3
43	Neas Energi Telekom ASsubsidiary of Neas AS	Builder	41	+8
44	BKK AS	Sprinter	40	−9
45	Polar Kraft ASsubsidiary of Yve AS	Sprinter	40	−8
46	Å Energi AS	Steward	40	−3
47	Bergen Synergy Holding AS	Builder	40	−18
48	Tensio TS AS	Steward	39	−13
49	Elvia AS	Steward	39	−10
50	Lyse Strøm ASsubsidiary of Lyse Energi AS	Builder	39	+6

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 2024 to 2025: revenue grew by 248% and the equity ratio rose from 31.0% to 60.1%.
+23
Scatec ASA
From 2024 to 2025: revenue grew by 190% and went from a loss to a profit before tax.
+22
Linea AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 17.3% to 6.0%.
−18
Tensio TN AS
From 2024 to 2025: the operating margin fell from 23.5% to 16.0%.
−16

Summary analysis

Kraft og energi, Morning class Large: 62 ranked companies in fiscal year 2025.

Best in the sector: Skagerak Kraft AS (score 86, operating margin 77.8%, equity ratio 60.6%). Aktieselskabet Saudefaldene (score 81, operating margin 57.9%, equity ratio 64.6%). Hafslund Produksjon AS (score 77, operating margin 88.0%, equity ratio 54.4%).

Weakest in the sector: NTE Marked AS (score 25, operating margin 0.5%, equity ratio 15.2%). Mind Energy AS (score 27, operating margin 0.2%, equity ratio 8.5%). Statkraft AS (score 27, operating margin −35.0%, equity ratio 33.7%).

Worth a closer look

The median operating margin rose from 14.1% in 2024 to 16.8% in 2025 (2.8 percentage points).
The median equity ratio fell from 37.5% in 2024 to 35.7% in 2025 (1.8 percentage points).
The median revenue growth rose from −12.9% in 2024 to 9.7% in 2025 (22.6 percentage points).
The share with a loss went from 12% in 2024 to 15% in 2025.

Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made

Top lists in the sector · 2025 · Morning class Large

The five largest companies account for 38% of the sector's revenue. Combined profit before tax for the 59 ranked companies: 75,529 MNOK.

Size

The largest by revenue and employees, and who earns the most per employee.

Highest revenue

Statkraft Energi AS 32,922 MNOK
Hydro Energi AS 11,510 MNOK
Å Energi Vannkraft ASsubsidiary of Å Energi AS 9,471 MNOK
Fjordkraft ASsubsidiary of Elmera Group ASA 9,120 MNOK
Entelios AS 8,870 MNOK

Operating revenue.

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 441.2 MNOK
Lyse Produksjon AS 159.9 MNOK
Vibb ASsubsidiary of Å Energi AS 147.2 MNOK
Lyse Energi AS 146.6 MNOK
Akershus Energi Kraft AS 135.4 MNOK

Only companies with at least 5 employees.

Profit and balance

Who earns the most, who loses the most, and who has the strongest balance sheet.

Highest operating margin

Hafslund Produksjon AS 88.0%
Lyse Produksjon AS 82.5%
Lågen og Øvre Glomma Kraftproduksjon AS 79.8%
Hafslund Kraft ASsubsidiary of Hafslund AS 79.4%
Hafslund Kraft Innlandet ASsubsidiary of Hafslund Kraft AS 79.1%

Operating result divided by operating revenue.

Largest profit

Statkraft Energi AS 16,040 MNOK
Statkraft AS 13,984 MNOK
Hafslund Kraft ASsubsidiary of Hafslund AS 6,044 MNOK
Lyse Produksjon AS 5,596 MNOK
Å Energi Vannkraft ASsubsidiary of Å Energi AS 4,628 MNOK

Profit before tax.

Largest loss

Lunera Energi AS −554 MNOK
Hafslund Celsio AS −70 MNOK
Linea ASsubsidiary of Helgeland Kraft AS −20 MNOK
Vibb ASsubsidiary of Å Energi AS −19 MNOK
Lyse Energi AS −16 MNOK

Profit before tax, the largest negative.

Most solid

Lunera Energi AS 89.2%
Hydro Energi AS 80.6%
Hafslund Celsio AS 69.0%
Sks Produksjon ASsubsidiary of Salten Kraftsamband AS 66.4%
Aktieselskabet Saudefaldene 64.6%

Equity ratio: equity divided by total assets.

Growth and movement

Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.

Fastest growth

Vibb ASsubsidiary of Å Energi AS +248.1%
Bergen Synergy Holding AS +207.2%
Scatec ASA +190.0%
Skagerak Energitjenester ASsubsidiary of Skagerak Kraft AS +96.3%
Axpo Nordic AS +44.2%

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

Largest revenue decline

Statkraft AS −39.2%
Polar Kraft ASsubsidiary of Yve AS −24.0%
Sks Produksjon ASsubsidiary of Salten Kraftsamband AS −22.3%
Helgeland Kraft Strøm ASsubsidiary of Helgeland Kraft AS −17.5%
Trønderenergi Kraft ASsubsidiary of Trønderenergi AS −7.5%

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

Biggest climbers

Vibb ASsubsidiary of Å Energi AS +23.0 points
Scatec ASA +22.1 points
Sunnhordland Kraftlag AS +12.4 points
Aktieselskabet Saudefaldene +11.9 points
Eviny Fornybar ASsubsidiary of Eviny AS +11.8 points

Change in index points from the year before.

Biggest fallers

Linea ASsubsidiary of Helgeland Kraft AS −18.1 points
Tensio TN AS −15.6 points
Tensio TS AS −13.1 points
Sks Produksjon ASsubsidiary of Salten Kraftsamband AS −11.9 points
Lede AS −11.3 points

Change in index points from the year before.

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 · 2025 · 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 2024 (small ring).

Vibb AS profitability 3 → 3, solidity 29 → 89
Akershus Energi Kraft AS profitability 16 → 55, solidity 98 → 70
Kraftriket AS profitability 19 → 23, solidity 59 → 25
Gudbrandsdal Energi AS profitability 48 → 17, solidity 27 → 28
Linja AS profitability 47 → 68, solidity 32 → 49

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 2024 (profitability / solidity)
Hafslund Produksjon AS	Lion	99	82	98 / 83
Lyse Produksjon AS	Cheetah	97	11	95 / 15
Eviny Fornybar AS	Lion	95	69	94 / 54
Skagerak Kraft AS	Lion	94	90	97 / 85
Glomma Kraftproduksjon AS	Cheetah	91	26	86 / 42
Hafslund Kraft Innlandet AS	Lion	89	66	86 / 69
Lågen og Øvre Glomma Kraftproduksjon AS	Lion	88	56	–
Sunnhordland Kraftlag AS	Lion	85	79	82 / 75
Aktieselskabet Saudefaldene	Lion	85	93	77 / 80
Hafslund Kraft AS	Lion	84	51	86 / 47
Statkraft Energi AS	Cheetah	84	16	84 / 19
Østfold Energi AS	Lion	83	92	83 / 92
Trønderenergi Kraft AS	Lion	83	87	91 / 86
Axpo Nordic AS	Cheetah	79	30	69 / 17
Å Energi Vannkraft AS	Cheetah	79	23	86 / 24
Tafjord Kraftproduksjon AS	Lion	78	67	80 / 71
Hydro Energi AS	Lion	70	98	65 / 95
Linja AS	Cheetah	68	49	47 / 32
Sognekraft Produksjon AS	Cheetah	67	15	–
Sks Produksjon AS	Lion	62	95	75 / 88
Føie AS	Lion	60	59	–
Lnett AS	Cheetah	60	39	58 / 34
Helgeland Kraft Strøm AS	Cheetah	57	48	50 / 41
Sfe AS	Lion	56	57	50 / 56
Akershus Energi Kraft AS	Lion	55	70	16 / 98
Fagne AS	Lion	53	64	54 / 61
Fjordkraft AS	Cheetah	53	10	57 / 12
BKK AS	Cheetah	53	43	55 / 36
Noova Energi System AS	Cheetah	52	46	47 / 51
Polar Kraft AS	Cheetah	52	34	43 / 49
Arva AS	Cheetah	50	38	48 / 37
Lede AS	Elephant	48	61	39 / 58
Glitre Nett AS	Beaver	47	8	43 / 20
NTE Energi AS	Beaver	44	31	48 / 22
Tensio TS AS	Elephant	41	75	51 / 78
Elvia AS	Elephant	41	52	45 / 46
Ishavskraft AS	Beaver	40	33	36 / 39
Tibber Norge AS	Beaver	39	0	46 / 2
Scatec ASA	Elephant	39	74	34 / 73
Entelios AS	Elephant	38	77	47 / 68
Neas Energi Telekom AS	Beaver	38	36	36 / 25
Ustekveikja Energi AS	Elephant	37	84	48 / 66
Tensio TN AS	Elephant	36	72	47 / 76
Eidsiva Bioenergi AS	Elephant	33	80	12 / 81
Fortum Strøm AS	Beaver	33	21	31 / 14
Å Energi AS	Elephant	31	54	26 / 63
Statkraft AS	Beaver	30	44	21 / 31
Hafslund Celsio AS	Elephant	25	97	28 / 93
Bergen Synergy Holding AS	Beaver	25	18	–
Lyse Strøm AS	Beaver	25	13	13 / 5

The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 16.8%. 0 of 62 companies have negative equity. The median equity ratio is 35.7%.

Companies with accounts62

Total revenue187,567 MNOK

Median operating margin16.8%

Median equity ratio35.7%

Share with a loss15%

Share with negative equity0%

All figures are for fiscal year 2025. Ranked: 62 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: 3 subsidiaries (5,586 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 2024 to 2025, for 56 companies ranked in both years.

Climbers

33Vibb ASfrom rank 50 to 1759
33Scatec ASAfrom rank 55 to 2255
18Eidsiva Bioenergi ASfrom rank 41 to 2355
15Sunnhordland Kraftlag ASfrom rank 21 to 668
15Glomma Kraftproduksjon ASfrom rank 40 to 2553

Fallers

25Tensio TN ASfrom rank 29 to 5436
21Linea ASfrom rank 38 to 5929
20Tensio TS ASfrom rank 28 to 4839
19Lede ASfrom rank 11 to 3050
19Helgeland Kraft Strøm ASfrom rank 13 to 3248

Awards · 2025 · Morning class Large

Most profitableHafslund Produksjon AS88.0%

Fastest growthVibb AS248.1%

Strongest balance sheetLunera Energi AS89.2%

Largest revenueStatkraft Energi AS32,922 MNOK

Highest revenue per employeeMind Energy AS441.2 MNOK

Needs attention · 2025 · Morning class Large

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

watchLinea ASCurrent ratio below 1 (0.66) · Loss before tax
watchSkagerak Energitjenester ASVery low equity ratio (8.5%) · Loss before tax
watchStatkraft Energi ASCurrent ratio below 1 (0.89)
watchÅ Energi Vannkraft ASCurrent ratio below 1 (0.60)
watchElvia ASCurrent ratio below 1 (0.64)
watchEviny Fornybar ASCurrent ratio below 1 (0.36)
watchMind Energy ASVery low equity ratio (8.5%)
watchScatec ASACurrent ratio below 1 (0.98)
watchHafslund Kraft Innlandet ASCurrent ratio below 1 (0.54)
watchGlitre Nett ASCurrent ratio below 1 (0.72)
watchVibb ASLoss before tax
watchBKK ASCurrent ratio below 1 (0.42)
watchStatkraft ASCurrent ratio below 1 (0.55)
watchTibber Norge ASVery low equity ratio (4.9%)
watchHafslund Celsio ASLoss before tax

Sector map · 2025 · 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	77.8%	60.6%	4,767 MNOK
Aktieselskabet Saudefaldene	57.9%	64.6%	1,376 MNOK
Hafslund Produksjon AS	88.0%	54.4%	2,207 MNOK
Hydro Energi AS	30.1%	80.6%	11,510 MNOK
Østfold Energi AS	69.4%	62.4%	1,253 MNOK
Sunnhordland Kraftlag AS	74.7%	53.0%	2,416 MNOK
Lågen og Øvre Glomma Kraftproduksjon AS	79.8%	37.5%	616 MNOK
Eviny Fornybar AS	76.2%	46.5%	5,117 MNOK
Hafslund Kraft Innlandet AS	79.1%	44.3%	4,072 MNOK
Sks Produksjon AS	37.9%	66.4%	569 MNOK
Ustekveikja Energi AS	0.6%	56.2%	619 MNOK
Trønderenergi Kraft AS	46.3%	59.7%	1,047 MNOK
Linja AS	38.3%	35.4%	1,982 MNOK
Axpo Nordic AS	71.2%	29.1%	828 MNOK
Entelios AS	1.8%	52.8%	8,870 MNOK
Lyse Produksjon AS	82.5%	22.1%	6,714 MNOK
Vibb AS	−0.8%	60.1%	3,092 MNOK
Akershus Energi Kraft AS	0.6%	46.6%	2,032 MNOK
Hafslund Kraft AS	79.4%	35.9%	6,637 MNOK
Noova Energi System AS	3.8%	34.1%	1,117 MNOK
Fagne AS	30.2%	42.5%	1,278 MNOK
Scatec ASA	2.7%	52.3%	4,141 MNOK
Eidsiva Bioenergi AS	13.2%	54.2%	560 MNOK
Tafjord Kraftproduksjon AS	50.5%	46.4%	687 MNOK
Glomma Kraftproduksjon AS	76.0%	28.2%	751 MNOK
Føie AS	26.5%	39.9%	536 MNOK
Sfe AS	18.7%	37.6%	1,888 MNOK
Wattn AS	0.3%	56.5%	1,559 MNOK
Hafslund Celsio AS	10.2%	69.0%	2,428 MNOK
Lede AS	25.2%	40.0%	2,272 MNOK
Haugaland Kraft Energi AS	0.0%	40.5%	1,155 MNOK
Helgeland Kraft Strøm AS	6.8%	34.6%	692 MNOK
Sognekraft Produksjon AS	34.8%	23.1%	554 MNOK
Lunera Energi AS	−69.5%	89.2%	830 MNOK
Lnett AS	37.5%	32.7%	2,038 MNOK
Å Energi Vannkraft AS	49.5%	26.7%	9,471 MNOK
Statkraft Energi AS	52.8%	23.1%	32,922 MNOK
Ishavskraft AS	2.5%	29.9%	3,125 MNOK
Arva AS	32.1%	32.5%	1,439 MNOK
NTE Energi AS	17.7%	29.5%	2,301 MNOK
Fjordkraft AS	5.4%	21.9%	9,120 MNOK
Fortum Strøm AS	1.6%	24.8%	8,562 MNOK
Neas Energi Telekom AS	9.3%	31.2%	668 MNOK
BKK AS	26.3%	33.2%	2,692 MNOK
Polar Kraft AS	5.6%	30.4%	721 MNOK
Å Energi AS	−38.6%	36.9%	647 MNOK
Bergen Synergy Holding AS	0.7%	23.7%	789 MNOK
Tensio TS AS	21.7%	52.4%	1,666 MNOK
Elvia AS	20.0%	36.3%	8,342 MNOK
Lyse Strøm AS	1.1%	22.2%	1,005 MNOK
Glitre Nett AS	25.4%	15.3%	3,943 MNOK
Kraftriket AS	1.4%	27.4%	1,275 MNOK
Smart Energi AS	1.0%	9.8%	518 MNOK
Tensio TN AS	16.0%	49.8%	939 MNOK
Gudbrandsdal Energi AS	0.3%	29.0%	1,320 MNOK
Tibber Norge AS	1.5%	4.9%	2,501 MNOK
Skagerak Energitjenester AS	−0.6%	8.5%	509 MNOK
Lyse Energi AS	0.2%	24.0%	1,466 MNOK
Linea AS	6.0%	33.1%	752 MNOK
Statkraft AS	−35.0%	33.7%	2,511 MNOK
Mind Energy AS	0.2%	8.5%	4,412 MNOK
NTE Marked AS	0.5%	15.2%	1,327 MNOK

Holding and investment companies · 2025

56 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 42 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	Okken Holding AS	80	95.7%	17.8%	2.13	286 MNOK
2	Holding 2 AS	76	97.4%	6.3%	31.28	448 MNOK
3	Hafslund Produksjon Holding AS	67	81.1%	18.9%	1.11	3,980 MNOK
4	Statkraft IH Holding AS	67	99.8%	2.4%	46.29	18,818 MNOK
5	Battery Storage Holding AS	66	99.9%	0.5%	479.34	349 MNOK
6	Linjepartner Holding AS	65	88.7%	78.3%	0.62	40 MNOK
7	Engerdal Energi Holding AS	64	61.2%	15.0%	11.24	50 MNOK
8	Statkraft Asset Holding AS	64	95.4%	4.6%	2.03	44,438 MNOK
9	Klepp Energi Holding AS	64	89.5%	6.7%	1.30	203 MNOK
10	Årdal Energi Holding AS	63	70.4%	17.7%	1.29	151 MNOK
11	Owners Holding AS	63	99.9%	0.4%	162.46	14 MNOK
12	Troms Holding AS	62	76.8%	6.7%	2.98	969 MNOK
13	Statkraft IH Invest AS	62	100.0%	0.0%	108.91	28,171 MNOK
14	Statkraft US Holding AS	62	100.0%	0.1%	103.13	4,492 MNOK
15	Statkraft Industrial Holding AS	62	90.0%	12.5%	0.68	14,672 MNOK
16	Trønderenergi Kraft Holding AS	57	98.7%	3.0%	1.00	9,769 MNOK
17	Clemens Kraft Holding AS	55	98.8%	0.1%	13.57	1,475 MNOK
18	Vest-Telemark Kraftlag Holding AS	54	62.5%	13.5%	0.91	628 MNOK
19	Hafslund Sarpfoss Holding AS	54	97.4%	2.1%	1.39	3,922 MNOK
20	Sunndal Energi Holding AS	53	91.8%	3.4%	1.24	182 MNOK

Show all 42

Rank	Company	Score	Total assets
21	Lier Everk Holding AS	53	581 MNOK
22	Lysvatn Holding AS	52	82 MNOK
23	HV Cadre Holding AS	49	828 MNOK
24	Eralloys Holding AS	49	1,843 MNOK
25	Svelgen Kraft Holding AS	49	2,256 MNOK
26	Gudbrandsdal Energi Holding AS	48	1,642 MNOK
27	Sykkylven Energi Holding AS	47	328 MNOK
28	Svartisen Sarpsfoss Holding AS	47	428 MNOK
29	Drangedal Kraft Holding AS	45	271 MNOK
30	Hsl Holding AS	44	187 MNOK
31	Vegusdal Kraft Holding AS	42	365 MNOK
32	Rauma Energi Holding AS	40	590 MNOK
33	Nord-Salten Kraft Holding AS	38	1,195 MNOK
34	Hamnefjell Vindkraft Holding AS	38	245 MNOK
35	Midgard Vind Holding AS	35	5,039 MNOK
36	Sturgeon Holding AS	34	1,596 MNOK
37	Noova Holding AS	31	362 MNOK
38	Svartisen Holding AS	26	3,833 MNOK
39	Cadre Invest AS	25	15 MNOK
40	Jotun Holding AS	20	97 MNOK
41	Lhi Solarwind Hydro Tikraft Holding 2639 AS	16	246 MNOK
42	Notodden Energi Holding AS	13	461 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

In our articles

Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 3 of 22 on median operating margin

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2025, with a median operating margin of 16.0%.

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	22.9%	36.5%
2024	16.3%	38.2%
2025 · weakest year	16.0%	39.0%

In 2025, 380 ranked companies did better than the sector, 221 about the same and 265 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 0.3 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%	22.9%	16.3%	16.0%	–

Source: SSB (09363, CC BY 4.0). Source · fetched 3 November 2026

Policy rate (prosent)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.3 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	4.17 (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	−0.12 percentage points
Sector's median operating margin	–	26.2%	22.9%	16.3%	16.0%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026

When policy rate fell in 2025, 451 of 831 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