Sector

Power and energy

829 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. 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 · 2023 · Morning class Large

Morning class Large · 2023
#	Company	Profile	Score	Change
1	Lågen og Øvre Glomma Kraftproduksjon AS	Leader	91	–
2	Skagerak Kraft ASsubsidiary of Skagerak Energi AS	Leader	85	–
3	Arendals Fossekompani ASA	Leader	83	–
4	Sks Produksjon ASsubsidiary of Salten Kraftsamband AS	Leader	82	–
5	ELKRAFT AKSJESELSKAP	Leader	82	–
6	Hafslund Produksjon AS	Leader	78	–
7	Aktieselskabet Saudefaldene	Leader	77	–
8	Hafslund Kraft ASsubsidiary of Hafslund AS	Leader	75	–
9	Sunnhordland Kraftlag AS	Leader	72	–
10	Østfold Energi AS	Leader	72	–
11	Hydro Energi AS	Leader	69	–
12	Fagne AS	Steward	67	–
13	Akershus Energi Kraft AS	Steward	66	–
14	Lunera Energi AS	Steward	65	–
15	Eviny Fornybar ASsubsidiary of Eviny AS	Leader	65	–
16	Hafslund Kraft Innlandet ASsubsidiary of Hafslund Kraft AS	Leader	64	–
17	Tafjord Kraftproduksjon ASsubsidiary of Tafjord Kraft AS	Leader	61	–
18	Entelios AS	Sprinter	61	–
19	Siso Energi AS	Leader	61	–
20	Lede AS	Steward	60	–
21	Trønderenergi Kraft ASsubsidiary of Trønderenergi AS	Leader	56	–
22	Linja AS	Builder	56	–
23	Nordkraft Magasin ASsubsidiary of Nordkraft AS	Leader	56	–
24	Sfe ASsubsidiary of Sogn og Fjordane Energi AS	Sprinter	54	–
25	Ustekveikja Energi AS	Steward	53	–
26	Linea ASsubsidiary of Helgeland Kraft AS	Steward	53	–
27	Haugaland Kraft Energi ASsubsidiary of Haugaland Kraft AS	Steward	53	–
28	Lnett AS	Sprinter	52	–
29	Småkraft AS	Leader	52	–
30	Wattn AS	Steward	51	–
31	Helgeland Kraft Strøm ASsubsidiary of Helgeland Kraft AS	Sprinter	51	–
32	Tensio TN AS	Leader	49	–
33	Eidsiva Bioenergi ASsubsidiary of Eidsiva Energi AS	Steward	49	–
34	Lyse Produksjon AS	Sprinter	48	–
35	NTE Energi ASsubsidiary of Nord-Trøndelag Elektrisitetsverk AS	Sprinter	48	–
36	Å Energi Vannkraft ASsubsidiary of Å Energi AS	Sprinter	48	–
37	Tensio TS AS	Leader	48	–
38	Ishavskraft ASsubsidiary of Troms Kraft AS	Builder	48	–
39	Statkraft Energi AS	Sprinter	48	–
40	Arva ASsubsidiary of Troms Kraft AS	Sprinter	47	–
41	Elvia AS	Builder	46	–
42	Trøndelagkraft AS	Sprinter	45	–
43	BKK AS	Sprinter	45	–
44	Glomma Kraftproduksjon AS	Sprinter	43	–
45	Istad Kraft AS	Sprinter	42	–
46	Noova Energi System ASsubsidiary of Noova Holding AS	Builder	42	–
47	Neas Energi Telekom ASsubsidiary of Neas AS	Builder	39	–
48	Hafslund Celsio AS	Steward	37	–
49	Polar Kraft ASsubsidiary of Yve AS	Builder	37	–
50	Smart Energi AS	Builder	36	–

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

Kinect Energy AS
From 2022 to 2023: the operating margin fell from 3.3% to −53.5% and revenue grew by 88%.
−50
Kinect Energy Spot AS
From 2022 to 2023: went from a loss to a profit before tax and revenue fell by 39%.
+10

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 63 ranked companies: 90,092 MNOK.

Size

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

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.

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.

Profit and balance

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

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

Kinect Energy AS −596 MNOK
Hafslund Celsio AS −490 MNOK
Scatec ASA −179 MNOK
Lyse Energi AS −68 MNOK
Vibb ASsubsidiary of Å Energi AS −64 MNOK

Profit before tax, the largest negative.

Most solid

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

Kinect Energy AS +87.7%

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

Largest revenue decline

Kinect Energy Spot ASsubsidiary of Kinect Energy AS −39.3%

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

Biggest climbers

Kinect Energy Spot ASsubsidiary of Kinect Energy AS +10.3 points

Change in index points from the year before.

Biggest fallers

Kinect Energy AS −49.3 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 · 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 2 companies that moved most stood in 2022 (small ring).

Kinect Energy AS profitability 50 → 1, solidity 100 → 0
Kinect Energy Spot AS profitability 0 → 55, solidity 25 → 1

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 2022 (profitability / solidity)
Hafslund Produksjon AS	Lion	98	80	–
Skagerak Kraft AS	Lion	96	78	–
Lyse Produksjon AS	Cheetah	93	15	–
Hafslund Kraft AS	Lion	92	56	–
Glomma Kraftproduksjon AS	Cheetah	91	35	–
Eviny Fornybar AS	Lion	88	64	–
Hafslund Kraft Innlandet AS	Lion	88	72	–
Sunnhordland Kraftlag AS	Lion	87	83	–
Østfold Energi AS	Lion	86	76	–
Statkraft Energi AS	Cheetah	86	21	–
Lågen og Øvre Glomma Kraftproduksjon AS	Lion	85	92	–
Tafjord Kraftproduksjon AS	Lion	83	65	–
Å Energi Vannkraft AS	Cheetah	80	28	–
Trønderenergi Kraft AS	Lion	77	54	–
Småkraft AS	Lion	75	81	–
Siso Energi AS	Lion	72	67	–
Sks Produksjon AS	Lion	70	91	–
Aktieselskabet Saudefaldene	Lion	70	84	–
Helgeland Kraft Strøm AS	Cheetah	70	26	–
Nordkraft Magasin AS	Lion	70	59	–
NTE Energi AS	Cheetah	67	20	–
Arendals Fossekompani ASA	Lion	66	87	–
Entelios AS	Cheetah	64	37	–
Istad Kraft AS	Cheetah	58	34	–
BKK AS	Cheetah	57	42	–
Lnett AS	Cheetah	56	31	–
Hydro Energi AS	Lion	55	97	–
ELKRAFT AKSJESELSKAP	Lion	55	94	–
Trøndelagkraft AS	Cheetah	55	18	–
Kinect Energy Spot AS	Cheetah	55	1	0 / 25
Sfe AS	Cheetah	53	48	–
Arva AS	Cheetah	53	46	–
Tensio TN AS	Lion	52	75	–
Tensio TS AS	Lion	51	89	–
Elvia AS	Beaver	49	45	–
Fagne AS	Elephant	46	70	–
Linja AS	Beaver	46	50	–
Smart Energi AS	Beaver	45	10	–
Ishavskraft AS	Beaver	45	24	–
Polar Kraft AS	Beaver	45	29	–
Lede AS	Elephant	44	61	–
Linea AS	Elephant	42	62	–
Noova Energi System AS	Beaver	40	40	–
Fjordkraft AS	Beaver	40	9	–
Glitre Nett AS	Beaver	37	32	–
Neas Energi Telekom AS	Beaver	34	39	–
Fortum Strøm AS	Beaver	30	12	–
Lyse Strøm AS	Beaver	30	4	–
Tibber Norge AS	Beaver	25	2	–
Ustekveikja Energi AS	Elephant	23	53	–

The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 21.1%. 1 of 65 companies have negative equity. The median equity ratio is 34.0%.

Companies with accounts65

Total revenue214,520 MNOK

Median operating margin21.1%

Median equity ratio34.0%

Share with a loss14%

Share with negative equity2%

All figures are for fiscal year 2023. Ranked: 65 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 2 companies ranked in both years.

Climbers

None.

Fallers

56Kinect Energy ASfrom rank 1 to 5729
53Kinect Energy Spot ASfrom rank 2 to 5530

Awards · 2023 · Morning class Large

Most profitableHafslund Kraft AS90.2%

Fastest growthKinect Energy AS87.7%

Strongest balance sheetAkershus Energi Kraft AS85.9%

Largest revenueStatkraft Energi AS43,016 MNOK

Highest revenue per employeeMind Energy AS660.6 MNOK

Needs attention · 2023 · Morning class Large

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

criticalKinect Energy ASNegative equity · Loss before tax
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)

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
Akershus Energi Kraft AS	−8.0%	85.9%	1,981 MNOK
Lunera Energi AS	−1.2%	83.4%	963 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
Entelios AS	17.4%	30.0%	8,316 MNOK
Siso Energi AS	81.7%	41.4%	521 MNOK
Lede AS	28.9%	35.9%	1,822 MNOK
Trønderenergi Kraft AS	55.3%	35.0%	1,274 MNOK
Linja AS	32.0%	34.0%	1,246 MNOK
Nordkraft Magasin AS	56.6%	35.6%	541 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
Lnett AS	38.6%	28.1%	1,723 MNOK
Småkraft AS	75.8%	57.2%	991 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
Eidsiva Bioenergi AS	−3.6%	58.6%	536 MNOK
Lyse Produksjon AS	78.2%	21.2%	7,034 MNOK
NTE Energi AS	33.1%	24.3%	2,578 MNOK
Å Energi Vannkraft AS	65.9%	26.7%	8,503 MNOK
Tensio TS AS	32.0%	61.5%	1,463 MNOK
Ishavskraft AS	3.7%	25.4%	4,110 MNOK
Statkraft Energi AS	56.7%	24.3%	43,016 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
Kraftriket AS	0.9%	31.6%	1,564 MNOK
Fjordkraft AS	3.6%	12.1%	12,733 MNOK
Kinect Energy Spot AS	4.1%	1.5%	3,823 MNOK
NTE Marked AS	−1.9%	20.2%	1,558 MNOK
Kinect Energy AS	−53.5%	−9.1%	1,164 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

Holding and investment companies · 2023

58 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: 48 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	Holding 2 AS	83	97.9%	12.3%	39.57	449 MNOK
2	Jara Holding AS	83	94.9%	16.6%	179.15	15 MNOK
3	Årdal Energi Holding AS	77	92.5%	12.5%	4.25	135 MNOK
4	Statkraft Asset Holding AS	73	100.0%	3.4%	1,479.63	41,494 MNOK
5	Engerdal Energi Holding AS	73	63.5%	26.9%	847.34	47 MNOK
6	Troms Holding AS	72	82.7%	17.6%	3.73	832 MNOK
7	Lier Everk Holding AS	69	87.0%	37.6%	0.98	583 MNOK
8	Hafslund Produksjon Holding AS	68	81.8%	18.1%	1.09	3,923 MNOK
9	Linjepartner Holding AS	67	74.9%	14.0%	5.35	24 MNOK
10	Sodvin Holding AS	66	81.5%	12.2%	3.88	204 MNOK
11	Owners Holding AS	63	100.0%	0.0%	4,723.69	14 MNOK
12	Statkraft Industrial Holding AS	62	85.4%	17.5%	0.79	15,452 MNOK
13	Statkraft IH Invest AS	62	100.0%	0.0%	63.42	24,762 MNOK
14	Statkraft US Holding AS	61	99.9%	0.7%	10.63	2,886 MNOK
15	Klepp Energi Holding AS	61	86.1%	6.5%	1.13	209 MNOK
16	Trønderenergi Kraft Holding AS	60	97.5%	5.4%	1.00	9,489 MNOK
17	Hsl Holding AS	60	96.1%	2.5%	18.58	174 MNOK
18	Okken Holding AS	59	88.6%	5.0%	1.70	254 MNOK
19	Lysvatn Holding AS	57	95.2%	4.7%	1.03	85 MNOK
20	Tekna Holding ASA	56	98.6%	2.1%	1.36	1,330 MNOK

Show all 48

Rank	Company	Score	Total assets
21	Vest-Telemark Kraftlag Holding AS	52	491 MNOK
22	HV Cadre Holding AS	51	575 MNOK
23	Sunndal Energi Holding AS	50	192 MNOK
24	Drangedal Kraft Holding AS	48	254 MNOK
25	Hydro Renewables Norway Holding AS	45	19 MNOK
26	Svelgen Kraft Holding AS	45	2,424 MNOK
27	Trønderenergi Vekst Holding AS	45	6,364 MNOK
28	Reservoir Faraday Holding AS	44	1,312 MNOK
29	Hamnefjell Vindkraft Holding AS	43	275 MNOK
30	Aneo Holding AS	43	7,724 MNOK
31	Statkraft Vind Holding AS	43	5,423 MNOK
32	Reservoir Holding AS	43	604 MNOK
33	Telinet Invest AS	43	57 MNOK
34	Nord-Salten Kraft Holding AS	40	1,125 MNOK
35	Sturgeon Holding AS	40	1,449 MNOK
36	Sykkylven Energi Holding AS	39	311 MNOK
37	Øyfjellet Wind Investment AS	39	4,298 MNOK
38	Svartisen Holding AS	37	3,315 MNOK
39	Rauma Energi Holding AS	33	596 MNOK
40	Øyfjellet Wind Holding AS	32	3,258 MNOK
41	Midgard Vind Holding AS	32	5,098 MNOK
42	Gudbrandsdal Energi Holding AS	31	1,539 MNOK
43	Jotun Holding AS	29	96 MNOK
44	Noova Holding AS	27	214 MNOK
45	Aneo Holding 2 AS	26	14,262 MNOK
46	Cadre Invest AS	25	15 MNOK
47	Notodden Energi Holding AS	24	430 MNOK
48	Lhi Solarwind Hydro Tikraft Holding 2639 AS	20	269 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

Property and finance earn the margins, but not the securityNo. 3 of 22 on median operating margin
Boards of water, mining and shipping firms are oldest; IT and construction youngestNo. 4 of 22 on median board age

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 3.3%.

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 · weakest year	3.3%	1.2%
2023	22.6%	36.4%
2024	16.1%	37.9%
2025	15.8%	38.6%

In 2022, 0 ranked companies did better than the sector, 2 about the same and 1 weaker.

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	–	3.3%	22.6%	16.1%	15.8%	–

Source: SSB (09363, CC BY 4.0). Source · fetched 4 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	–	3.3%	22.6%	16.1%	15.8%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 4 November 2026

When policy rate fell in 2025, 453 of 835 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

Enter Energy AS 925406783 Forced dissolution · 3 November 2026
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

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