Sector

Power and energy

845 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	76	−9
2	Sks Produksjon ASsubsidiary of Salten Kraftsamband AS	Leader	75	−7
3	Trønderenergi Kraft ASsubsidiary of Trønderenergi AS	Leader	72	+16
4	Hafslund Produksjon AS	Leader	71	−7
5	Aktieselskabet Saudefaldene	Leader	70	−7
6	ELKRAFT AKSJESELSKAP	Steward	69	−13
7	Hydro Energi AS	Leader	65	−4
8	Entelios AS	Steward	65	+4
9	Fagne AS	Leader	64	−3
10	Østfold Energi AS	Leader	63	−9
11	Lede AS	Steward	62	+2
12	Hafslund Kraft Innlandet ASsubsidiary of Hafslund Kraft AS	Leader	60	−4
13	Helgeland Kraft Strøm ASsubsidiary of Helgeland Kraft AS	Sprinter	59	+8
14	Sfe ASsubsidiary of Sogn og Fjordane Energi AS	Leader	58	+4
15	Wattn AS	Steward	58	+7
16	Akershus Energi Kraft AS	Steward	58	−8
17	Tafjord Kraftproduksjon ASsubsidiary of Tafjord Kraft AS	Leader	57	−4
18	Lunera Energi AS	Steward	57	−8
19	Axpo Nordic AS	Sprinter	56	+27
20	Ustekveikja Energi AS	Steward	56	+3
21	Eviny Fornybar ASsubsidiary of Eviny AS	Leader	55	−10
22	Sunnhordland Kraftlag AS	Leader	55	−17
23	Lnett AS	Sprinter	55	+3
24	Hafslund Kraft ASsubsidiary of Hafslund AS	Sprinter	54	−21
25	Linja AS	Builder	54	−2
26	Å Energi Vannkraft ASsubsidiary of Å Energi AS	Sprinter	54	+6
27	Hafslund Celsio AS	Steward	53	+16
28	Tensio TS AS	Leader	52	+4
29	Lyse Produksjon AS	Sprinter	52	+4
30	Tensio TN AS	Steward	52	+3
31	NTE Energi ASsubsidiary of Nord-Trøndelag Elektrisitetsverk AS	Builder	51	+3
32	Arva ASsubsidiary of Troms Kraft AS	Builder	50	+3
33	Elvia AS	Builder	49	+3
34	Noova Energi System ASsubsidiary of Noova Holding AS	Steward	49	+7
35	BKK AS	Sprinter	49	+4
36	Istad Kraft AS	Builder	49	+7
37	Polar Kraft ASsubsidiary of Yve AS	Steward	49	+12
38	Linea ASsubsidiary of Helgeland Kraft AS	Steward	48	−5
39	Ishavskraft ASsubsidiary of Troms Kraft AS	Builder	47	−1
40	Glomma Kraftproduksjon AS	Sprinter	47	+4
41	Eidsiva Bioenergi ASsubsidiary of Eidsiva Energi AS	Steward	47	−2
42	Statkraft Energi AS	Sprinter	46	−2
43	Haugaland Kraft Energi ASsubsidiary of Haugaland Kraft AS	Steward	45	−8
44	Å Energi AS	Steward	43	+9
45	Kraftriket AS	Steward	41	+10
46	Glitre Nett AS	Builder	39	+10
47	Gudbrandsdal Energi ASsubsidiary of Elmera Group ASA	Builder	39	+13
48	Fortum Strøm ASsubsidiary of Fortum Consumer Solutions AS	Builder	39	+11
49	Fjordkraft ASsubsidiary of Elmera Group ASA	Sprinter	39	+8
50	Vibb ASsubsidiary of Å Energi AS	Builder	37	+22

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%.
+22
Hafslund Kraft AS
From 2023 to 2024: the operating margin fell from 90.2% to 80.6% and revenue fell by 38%.
−21
Sunnhordland Kraftlag AS
From 2023 to 2024: revenue fell by 24% and the operating margin fell from 69.8% to 67.2%.
−17
Trønderenergi Kraft AS
From 2023 to 2024: the equity ratio rose from 35.0% to 63.9% and revenue fell by 11%.
+16

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 39% of the sector's revenue. Combined profit before tax for the 59 ranked companies: 65,875 MNOK.

Size

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

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.

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.

Profit and balance

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

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

Lunera Energi AS −125 MNOK
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

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

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 ASsubsidiary of Kinect Energy 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 +21.4 points
Trønderenergi Kraft ASsubsidiary of Trønderenergi AS +16.2 points
Hafslund Celsio AS +16.1 points
Gudbrandsdal Energi ASsubsidiary of Elmera Group ASA +13.3 points
Tibber Norge AS +12.8 points

Change in index points from the year before.

Biggest fallers

Hafslund Kraft ASsubsidiary of Hafslund AS −20.1 points
Sunnhordland Kraftlag AS −17.4 points
ELKRAFT AKSJESELSKAP −12.6 points
Eviny Fornybar ASsubsidiary of Eviny AS −9.5 points
Trøndelagkraft AS −9.3 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 · 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).

Kinect Energy AS profitability 1 → 64, solidity 0 → 7
Entelios AS profitability 64 → 48, solidity 37 → 68
Trønderenergi Kraft AS profitability 77 → 90, solidity 54 → 87
Gudbrandsdal Energi AS profitability 15 → 48, solidity 23 → 28
Ustekveikja Energi AS profitability 23 → 48, solidity 53 → 67

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	83	98 / 80
Skagerak Kraft AS	Lion	96	85	96 / 78
Lyse Produksjon AS	Cheetah	94	17	93 / 15
Eviny Fornybar AS	Lion	93	55	88 / 64
Trønderenergi Kraft AS	Lion	90	87	77 / 54
Hafslund Kraft Innlandet AS	Lion	86	70	88 / 72
Å Energi Vannkraft AS	Cheetah	86	25	80 / 28
Glomma Kraftproduksjon AS	Cheetah	86	43	91 / 35
Hafslund Kraft AS	Cheetah	86	48	92 / 56
Statkraft Energi AS	Cheetah	83	20	86 / 21
Østfold Energi AS	Lion	82	92	86 / 76
Sunnhordland Kraftlag AS	Lion	82	75	87 / 83
Tafjord Kraftproduksjon AS	Lion	79	72	83 / 65
Aktieselskabet Saudefaldene	Lion	77	80	70 / 84
Sks Produksjon AS	Lion	74	88	70 / 91
Trøndelagkraft AS	Cheetah	70	3	55 / 18
Axpo Nordic AS	Cheetah	68	18	–
Hydro Energi AS	Lion	65	95	55 / 97
Kinect Energy AS	Cheetah	64	7	1 / 0
Kinect Energy Spot AS	Cheetah	62	0	55 / 1
Lnett AS	Cheetah	58	35	56 / 31
Fjordkraft AS	Cheetah	57	13	40 / 9
BKK AS	Cheetah	55	37	57 / 42
Fagne AS	Lion	54	62	46 / 70
Tensio TS AS	Lion	51	78	51 / 89
Helgeland Kraft Strøm AS	Cheetah	50	42	70 / 26
Sfe AS	Lion	50	57	53 / 48
Gudbrandsdal Energi AS	Beaver	48	28	15 / 23
NTE Energi AS	Beaver	48	23	67 / 20
Arva AS	Beaver	48	38	53 / 46
Istad Kraft AS	Beaver	48	45	58 / 34
ELKRAFT AKSJESELSKAP	Elephant	48	97	55 / 94
Entelios AS	Elephant	48	68	64 / 37
Ustekveikja Energi AS	Elephant	48	67	23 / 53
Tensio TN AS	Elephant	48	77	52 / 75
Noova Energi System AS	Elephant	48	52	40 / 40
Linja AS	Beaver	47	33	46 / 50
Elvia AS	Beaver	45	47	49 / 45
Tibber Norge AS	Beaver	45	2	25 / 2
Polar Kraft AS	Elephant	43	50	45 / 29
Glitre Nett AS	Beaver	43	22	37 / 32
Lede AS	Elephant	39	58	44 / 61
Linea AS	Elephant	38	53	42 / 62
Neas Energi Telekom AS	Beaver	36	27	34 / 39
Ishavskraft AS	Beaver	35	40	45 / 24
Scatec ASA	Elephant	34	73	22 / 73
Fortum Strøm AS	Beaver	30	15	30 / 12
Hafslund Celsio AS	Elephant	28	93	5 / 95
Å Energi AS	Elephant	26	63	–
Statkraft AS	Beaver	21	32	20 / 57

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 13.9%. 0 of 61 companies have negative equity. The median equity ratio is 37.5%.

Companies with accounts61

Total revenue173,920 MNOK

Median operating margin13.9%

Median equity ratio37.5%

Share with a loss11%

Share with negative equity0%

All figures are for fiscal year 2024. Ranked: 61 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 59 companies ranked in both years.

Climbers

21Hafslund Celsio ASfrom rank 48 to 2753
18Trønderenergi Kraft ASfrom rank 21 to 372
18Helgeland Kraft Strøm ASfrom rank 31 to 1359
15Wattn ASfrom rank 30 to 1558
15Vibb ASfrom rank 65 to 5037

Fallers

16Hafslund Kraft ASfrom rank 8 to 2454
16Haugaland Kraft Energi ASfrom rank 27 to 4345
13Sunnhordland Kraftlag ASfrom rank 9 to 2255
12Linea ASfrom rank 26 to 3848
9Trøndelagkraft ASfrom rank 42 to 5136

Awards · 2024 · Morning class Large

Most profitableHafslund Produksjon AS84.5%

Fastest growthAxpo Nordic AS219.7%

Strongest balance sheetLunera Energi AS86.0%

Largest revenueStatkraft Energi AS32,197 MNOK

Highest revenue per employeeMind Energy AS421.5 MNOK

Needs attention · 2024 · Morning class Large

34 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
watchKinect Energy ASVery low equity ratio (9.6%) · Current ratio below 1 (0.98)
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)

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
Helgeland Kraft Strøm AS	4.3%	33.7%	840 MNOK
Sfe AS	14.2%	38.7%	2,027 MNOK
Wattn AS	0.1%	65.7%	1,686 MNOK
Akershus Energi Kraft AS	0.2%	86.0%	1,584 MNOK
Tafjord Kraftproduksjon AS	50.0%	49.4%	693 MNOK
Lunera Energi AS	−14.7%	86.0%	871 MNOK
Axpo Nordic AS	54.9%	21.7%	574 MNOK
Ustekveikja Energi AS	2.4%	46.1%	612 MNOK
Eviny Fornybar AS	73.8%	38.6%	4,299 MNOK
Sunnhordland Kraftlag AS	67.2%	51.8%	1,839 MNOK
Lnett AS	36.5%	32.7%	1,919 MNOK
Hafslund Kraft AS	80.6%	35.1%	6,583 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
Tensio TS AS	27.6%	55.7%	1,686 MNOK
Lyse Produksjon AS	77.2%	21.1%	5,331 MNOK
Tensio TN AS	23.5%	52.2%	983 MNOK
NTE Energi AS	18.2%	28.9%	2,343 MNOK
Arva AS	28.3%	33.2%	1,433 MNOK
Elvia AS	21.2%	35.0%	8,466 MNOK
Noova Energi System AS	3.7%	37.6%	855 MNOK
BKK AS	26.5%	32.9%	2,628 MNOK
Istad Kraft AS	5.8%	34.0%	549 MNOK
Polar Kraft AS	3.6%	37.5%	948 MNOK
Linea AS	17.3%	37.7%	744 MNOK
Ishavskraft AS	2.4%	33.4%	3,171 MNOK
Glomma Kraftproduksjon AS	71.0%	33.8%	543 MNOK
Eidsiva Bioenergi AS	0.6%	58.4%	519 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
Fortum Strøm AS	1.4%	19.3%	8,215 MNOK
Fjordkraft AS	5.9%	18.7%	8,657 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
Kinect Energy AS	2.9%	9.6%	1,030 MNOK
Neas Energi Telekom AS	6.9%	30.1%	588 MNOK
Lyse Strøm AS	0.2%	6.2%	869 MNOK
Scatec ASA	7.4%	51.7%	1,428 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

Holding and investment companies · 2024

59 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: 49 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	Jara Holding AS	89	99.8%	13.7%	345.38	12 MNOK
2	Holding 2 AS	79	96.6%	6.9%	23.77	458 MNOK
3	Trønderenergi Kraft Holding AS	72	100.0%	4.2%	7.01	9,662 MNOK
4	Okken Holding AS	70	88.9%	6.7%	2.46	262 MNOK
5	Hafslund Produksjon Holding AS	70	82.9%	17.2%	1.12	3,892 MNOK
6	Statkraft Asset Holding AS	68	100.0%	1.3%	157.89	43,444 MNOK
7	Klepp Energi Holding AS	67	90.1%	6.3%	1.34	200 MNOK
8	Engerdal Energi Holding AS	67	61.1%	15.9%	12.84	49 MNOK
9	Owners Holding AS	64	100.0%	0.2%	412.27	14 MNOK
10	Statkraft IH Holding AS	64	99.9%	0.2%	159.92	18,751 MNOK
11	Tryggen Invest AS	64	67.5%	12.5%	1.42	116 MNOK
12	Statkraft US Holding AS	63	100.0%	0.1%	112.28	4,490 MNOK
13	Statkraft Industrial Holding AS	62	85.1%	12.4%	0.62	15,073 MNOK
14	Statkraft IH Invest AS	61	100.0%	0.0%	30.13	28,171 MNOK
15	Hamnefjell Vindkraft Holding AS	60	100.0%	−0.1%	98.05	245 MNOK
16	Vest-Telemark Kraftlag Holding AS	60	76.5%	10.2%	0.74	498 MNOK
17	Sodvin Holding AS	60	83.6%	4.6%	16.19	202 MNOK
18	Linjepartner Holding AS	59	45.2%	52.0%	1.35	44 MNOK
19	Clemens Kraft Holding AS	58	99.8%	0.0%	82.35	1,452 MNOK
20	Lysvatn Holding AS	55	92.4%	4.6%	1.01	87 MNOK

Show all 49

Rank	Company	Score	Total assets
21	Sunndal Energi Holding AS	54	183 MNOK
22	Lier Everk Holding AS	52	574 MNOK
23	Tekna Holding ASA	51	1,409 MNOK
24	Telinet Energi Holding AS	50	41 MNOK
25	Hsl Holding AS	50	183 MNOK
26	Drangedal Kraft Holding AS	44	272 MNOK
27	Troms Holding AS	44	882 MNOK
28	Øyfjellet Wind Holding AS	44	3,605 MNOK
29	Sturgeon Holding AS	43	1,533 MNOK
30	Sykkylven Energi Holding AS	42	304 MNOK
31	Øyfjellet Wind Investment AS	42	4,897 MNOK
32	Trønderenergi Vekst Holding AS	42	6,392 MNOK
33	Rauma Energi Holding AS	41	590 MNOK
34	Svartisen Holding AS	40	3,807 MNOK
35	Reservoir Faraday Holding AS	40	1,446 MNOK
36	Midgard Vind Holding AS	39	5,144 MNOK
37	Nord-Salten Kraft Holding AS	38	1,186 MNOK
38	HV Cadre Holding AS	38	574 MNOK
39	Reservoir Holding AS	36	603 MNOK
40	Statkraft Vind Holding AS	35	5,076 MNOK
41	Hydro Renewables Norway Holding AS	33	16 MNOK
42	Vegusdal Kraft Holding AS	32	373 MNOK
43	Svelgen Kraft Holding AS	32	2,239 MNOK
44	Noova Holding AS	32	240 MNOK
45	Aneo Roan Vind Holding AS	31	1,465 MNOK
46	Aneo Fosen Vind Holding AS	30	669 MNOK
47	Gudbrandsdal Energi Holding AS	30	1,659 MNOK
48	Cadre Invest AS	27	16 MNOK
49	Jotun Holding AS	26	96 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