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 Micro

Morning class Micro · 2025
#	Company	Profile	Score	Change
1	Helganes Kraft AS	Leader	86	+7
2	Vindedal Kraftverk AS	Leader	86	+6
3	Smievoll Kraft AS	Leader	84	−4
4	Nape Kraft AS	Leader	82	+18
5	Lundsfoss Kraftstasjon AS	Leader	79	+12
6	Fossåno Kraftverk AS	Leader	79	+13
7	Grøndalselva Kraft AS	Leader	79	+15
8	Svatsum Elektrisitetsverk AS	Leader	78	+8
9	Kittilsviken Kraftverk AS	Leader	78	+6
10	Lauvlielva Kraft AS	Leader	78	+14
11	Rosendal Elektrisitetsverk AS	Leader	78	+24
12	Kylland Kraft AS	Leader	78	+6
13	Skrudsarkraft AS	Leader	77	+5
14	Mydland Kraftverk AS	Leader	77	+8
15	Horpedal Kraft AS	Leader	77	+8
16	Fjellanger Kraftverk AS	Leader	76	+14
17	Tyssekraft AS	Leader	76	+6
18	Vrådal Kraft AS	Leader	76	+14
19	Nørståe Kraft AS	Leader	76	+11
20	Hovuduk Kraftverk AS	Leader	75	–
21	Løa Kraftverk AS	Leader	75	–
22	Stølskraft AS	Leader	75	+15
23	Vik Kraft AS	Leader	75	+8
24	Nito AS	Leader	75	+8
25	Bredesen Opset Solar AS	Leader	75	+10
26	Tveiteåno Kraftverk AS	Leader	75	+8
27	Svanedal AS	Leader	74	+10
28	Tinn Energi Produksjon AS	Leader	74	−1
29	Heskestad Kraft AS	Leader	74	+4
30	Plug Harstad AS	Steward	73	–
31	Nørlandselva Kraft AS	Leader	73	+6
32	Stråpa Kraft AS	Leader	73	+3
33	Reinli Kraft AS	Leader	73	+8
34	Plug Rubben AS	Leader	73	−4
35	BJELLAND & Musland Kraft AS	Leader	73	+5
36	Lærdal Energi AS	Leader	73	–
37	Kjetland Kraft AS	Leader	72	−2
38	Bjergaelva Kraft AS	Leader	72	−7
39	Pelton AS	Leader	72	–
40	Lhi Solarwind Hydro Vikaåne 2644 AS	Steward	72	+11
41	Gursli Minikraftverk AS	Leader	71	–
42	Kaupanger Energi AS	Leader	71	+13
43	Koparvike Kraft AS	Leader	71	+8
44	Mosjøen Varme Leasing AS	Leader	71	−8
45	Østfold Energi Vindkraft AS	Leader	71	−1
46	Tinn Bioenergi AS	Leader	70	+1
47	Eitro Kraftverk AS	Sprinter	70	+13
48	Storebekk Kraftverk AS	Leader	70	−6
49	Gryto Kraft AS	Leader	70	+3
50	Gjetingsdalen Kraft AS	Leader	70	+7

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 Micro

Buset Kraft AS
From 2024 to 2025: the operating margin fell from 54.8% to −13.9% and went from a profit to a loss before tax.
−38
Unitech Zefyros AS
From 2024 to 2025: the operating margin rose from −330.3% to 45.5% and revenue grew by 112%.
+37
Storelvi Kraftverk AS
From 2024 to 2025: the equity ratio rose from −64.0% to 79.9% and the operating margin rose from −17.0% to −1.6%.
+36
Hafenstrom AS
From 2024 to 2025: the operating margin rose from −25.3% to 35.5% and went from a loss to a profit before tax.
+34

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 Micro

The five largest companies account for 3% of the sector's revenue. Combined profit before tax for the 432 ranked companies: −742 MNOK.

Size

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

Highest revenue

Ultra-Fast Charging Scandinavia AS 10 MNOK
Skåråna Kraft AS 10 MNOK
Energeia AS 10 MNOK
Husvollåe Kraft AS 10 MNOK
Øvergaard Energi AS 10 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Energeia AS 2.0 MNOK
MK Kraft AS 1.3 MNOK
Nordic Heat Solution AS 1.1 MNOK
Laddel AS 1.0 MNOK
Eiker Energi AS 1.0 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

Miljøkraft AS 96.6%
Tyssekraft AS 93.7%
Berland Kraft AS 79.5%
BJELLAND & Musland Kraft AS 79.3%
Segadal Kraft AS 77.4%

Operating result divided by operating revenue.

Largest profit

Trønderenergi AS 44 MNOK
Eiker Energi AS 38 MNOK
Østfold Energi Vindkraft AS 32 MNOK
Kvam Energi AS 21 MNOK
HÅ Energi AS 15 MNOK

Profit before tax.

Largest loss

Hydro Rein Energy Solutions AS −165 MNOK
Hitra Vind AS −101 MNOK
Kjøllefjord Vind AS −88 MNOK
Cloudberry Clean Energy ASA −66 MNOK
Ikm Inwind AS −60 MNOK

Profit before tax, the largest negative.

Most solid

Vaksvik Kraft ASsubsidiary of Clemens Kraftverk AS 99.3%
Nørlandselva Kraft AS 98.5%
Plug Harstad AS 98.1%
Langedalselva Kraft AS 97.8%
Soleie AS 97.7%

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

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

Locus Hydro 3 AS −96.3%
Kjøllefjord Vind AS −65.3%
Hitra Vind AS −63.0%
Mip Miljøkraft AS −61.2%
Hydro Rein Energy Solutions AS −52.5%

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

Biggest climbers

Unitech Zefyros AS +37.3 points
Storelvi Kraftverk AS +36.6 points
Hafenstrom AS +34.1 points
Kvennhusåi Kraftverk AS +31.4 points
Langedalselva Kraft AS +29.1 points

Change in index points from the year before.

Biggest fallers

Buset Kraft AS −37.6 points
Høydal Kraftverk AS −34.1 points
Ise Produksjon Røyrvatn AS −33.2 points
Byrkjedal Kraftverk AS −32.2 points
Rakkestad Biovarme AS −32.2 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 Micro

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.

The chart and list show the 400 largest companies by revenue, of 438 in the class. Everyone is in the ranking. Full ranking

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).

Tangvall Arena Energi AS profitability 60 → 39, solidity 5 → 96
Storelvi Kraftverk AS profitability 18 → 30, solidity 0 → 85
Unitech Zefyros AS profitability 1 → 83, solidity 45 → 44
Byrkjedal Kraftverk AS profitability 84 → 10, solidity 43 → 10
Langedalselva Kraft AS profitability 44 → 61, solidity 22 → 99

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)
Gilja Kraftverk AS	Cheetah	99	34	98 / 20
Moi Elverk AS	Lion	99	58	98 / 58
Kraftkameratane AS	Lion	98	59	92 / 76
BJELLAND & Musland Kraft AS	Lion	98	68	97 / 73
Stedjeåna Kraftverk AS	Cheetah	98	46	97 / 31
Glesåa Kraftverk AS	Lion	97	50	77 / 62
Brekkestøl Kraftverk AS	Lion	96	63	86 / 73
Røyken Energiverk AS	Cheetah	96	6	94 / 9
Stråpa Kraft AS	Lion	96	78	96 / 80
Stølskraft AS	Lion	96	80	76 / 93
Heskestad Kraft AS	Lion	96	75	95 / 87
Berland Kraft AS	Cheetah	96	16	–
Døvik Kraft AS	Cheetah	96	46	91 / 48
Tinn Energi Produksjon AS	Lion	95	81	93 / 62
Dirdal Kraft AS	Cheetah	95	27	95 / 26
Smievoll Kraft AS	Lion	95	91	98 / 93
Reinli Kraft AS	Lion	95	60	91 / 67
Lundsfoss Kraftstasjon AS	Lion	94	90	68 / 87
Lauvlielva Kraft AS	Lion	94	64	83 / 57
Fossåno Kraftverk AS	Lion	94	83	88 / 84
Austdøla Kraft AS	Cheetah	94	45	96 / 56
Nape Kraft AS	Lion	93	82	88 / 79
Helganes Kraft AS	Lion	93	91	89 / 96
Tjøstheim Kraft AS	Cheetah	93	42	93 / 26
Skrudsarkraft AS	Lion	93	76	80 / 89
Mosjøen Varme Leasing AS	Lion	93	76	94 / 87
Virak Kraft Produksjon AS	Cheetah	93	14	–
Rosendal Elektrisitetsverk AS	Lion	92	77	46 / 81
Bjergaelva Kraft AS	Lion	92	71	91 / 98
Fagerdalen Kraftverk AS	Lion	92	69	89 / 73
Vrådal Kraft AS	Lion	91	73	72 / 75
Nørståe Kraft AS	Lion	91	84	48 / 95
RT Shore Power AS	Cheetah	89	0	–
Gjetingsdalen Kraft AS	Lion	89	74	86 / 77
Medåe Kraft AS	Lion	89	64	82 / 59
Landakraft AS	Lion	89	74	91 / 70
Smådøla Kraft AS	Cheetah	88	39	82 / 43
Svatsum Elektrisitetsverk AS	Lion	88	68	78 / 78
Tolga Kraft AS	Cheetah	88	21	74 / 11
Ilaget Energi AS	Cheetah	88	19	89 / 22
Sørdalskraft AS	Lion	88	59	79 / 64
Vika Kraft AS	Lion	88	61	88 / 65
Kverninga Kraftverk AS	Cheetah	87	28	73 / 30
Skålheim Kraftverk AS	Lion	87	72	16 / 71
Miljøkraft AS	Lion	87	59	93 / 62
Vallestadfossen Kraft AS	Cheetah	86	50	90 / 58
Veka Kraft AS	Lion	86	56	78 / 50
Nito AS	Lion	86	86	83 / 85
Sauda Energi AS	Lion	86	51	66 / 49
Momrak Kraftlag AS	Lion	86	56	72 / 54

The sector in numbers

Summary · fiscal year 2025 · Morning class Micro

The sector's median operating margin is 17.2%. 111 of 719 companies have negative equity. The median equity ratio is 38.0%.

Companies with accounts719

Total revenue1,731 MNOK

Median operating margin17.2%

Median equity ratio38.0%

Share with a loss51%

Share with negative equity15%

All figures are for fiscal year 2025. Ranked: 438 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: 4 subsidiaries (24 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

27 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 4% of the total.

Climbers and fallers · Morning class Micro

Change in rank from 2024 to 2025, for 365 companies ranked in both years.

Climbers

268Storelvi Kraftverk ASfrom rank 394 to 12661
265Unitech Zefyros ASfrom rank 408 to 14360
238Langedalselva Kraft ASfrom rank 330 to 9264
233Kvennhusåi Kraftverk ASfrom rank 370 to 13761
217Skålheim Kraftverk ASfrom rank 297 to 8065

Fallers

290Ise Produksjon Røyrvatn ASfrom rank 73 to 36332
284Buset Kraft ASfrom rank 14 to 29840
267Høydal Kraftverk ASfrom rank 20 to 28741
267Rønningen Bio ASfrom rank 66 to 33335
247Hjelledalen Kraftlag ASfrom rank 46 to 29340

Awards · 2025 · Morning class Micro

Most profitableMiljøkraft AS96.6%

Fastest growthEngene Solar AS9,235.0%

Strongest balance sheetVaksvik Kraft AS99.3%

Largest revenueUltra-Fast Charging Scandinavia AS10 MNOK

Highest revenue per employeeEnergeia AS2.0 MNOK

Needs attention · 2025 · Morning class Micro

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

criticalE-Thor Energy Solution ASNegative equity · Current ratio below 1 (0.59) · Loss before tax
criticalViddakraft ASNegative equity · Current ratio below 1 (0.84) · Loss before tax
criticalHusleiestrøm ASNegative equity · Current ratio below 1 (0.42) · Loss before tax
criticalNorwegian Power ASNegative equity · Current ratio below 1 (0.00) · Loss before tax
criticalStella Energy Norway ASNegative equity · Current ratio below 1 (0.17) · Loss before tax
criticalLaddel ASNegative equity · Current ratio below 1 (0.77) · Loss before tax
criticalFosen Biovarme ASNegative equity · Current ratio below 1 (0.76) · Loss before tax
criticalDB Kraftverk ASNegative equity · Current ratio below 1 (0.02) · Loss before tax
criticalRakkestad Biovarme ASNegative equity · Current ratio below 1 (0.98) · Loss before tax
criticalBotnen Kraftverk ASNegative equity · Current ratio below 1 (0.23) · Loss before tax
criticalHøylandet Bioenergi ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalSandøy Vindkraft ASNegative equity · Current ratio below 1 (0.01) · Loss before tax
criticalKjørstad Kraft Produksjon ASNegative equity · Current ratio below 1 (0.43) · Loss before tax
criticalAmundal Energi ASNegative equity · Current ratio below 1 (0.96) · Loss before tax
criticalMyhr Energi og Drift ASNegative equity · Current ratio below 1 (0.57) · Loss before tax

Sector map · 2025 · Morning class Micro

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.

The map shows the 400 largest companies by revenue, of 438 ranked. Everyone is in the ranking.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Ultra-Fast Charging Scandinavia AS	−0.3%	96.6%	10 MNOK
Skåråna Kraft AS	42.2%	22.5%	10 MNOK
Energeia AS	−200.7%	96.5%	10 MNOK
Husvollåe Kraft AS	38.6%	10.5%	10 MNOK
Øvergaard Energi AS	32.6%	20.0%	10 MNOK
Vika Kraft AS	51.6%	51.5%	10 MNOK
Øvre Kvemma Kraftverk AS	39.4%	22.3%	10 MNOK
Diakonhjemmet Energisentral AS	−19.1%	4.0%	9 MNOK
Nordic Power Torsnes AS	31.2%	90.9%	9 MNOK
Vesterålskraft Produksjon AS	−82.1%	74.2%	9 MNOK
Saugbrugs Bioenergi AS	−30.0%	55.3%	9 MNOK
Svatsum Elektrisitetsverk AS	51.0%	60.0%	9 MNOK
Solør Bioenergi Tranby AS	3.1%	5.2%	9 MNOK
Reinli Kraft AS	63.6%	50.6%	9 MNOK
Kragerø Energi AS	5.3%	26.5%	9 MNOK
Hydro Rein Energy Solutions AS	−385.1%	82.0%	9 MNOK
Vindedal Kraftverk AS	47.6%	92.3%	9 MNOK
E-Thor Energy Solution AS	−41.4%	−177.5%	9 MNOK
Pemco Holding AS	−114.7%	10.8%	9 MNOK
Gjuvåa Kraftverk AS	56.7%	43.9%	9 MNOK
Hitra Vind AS	−1,105.1%	55.2%	9 MNOK
Sauda Energi AS	46.1%	40.6%	9 MNOK
Finnsnes Fjernvarme AS	18.4%	39.0%	9 MNOK
Tolga Kraft AS	70.2%	14.4%	9 MNOK
Hammerfest Energi Produksjon AS	12.9%	68.8%	9 MNOK
Krossdalselvi Kraft AS	2.5%	19.2%	9 MNOK
Vangjolo Kraft AS	30.4%	53.1%	8 MNOK
Kvam Energi AS	2.0%	30.7%	8 MNOK
Austdøla Kraft AS	57.5%	34.7%	8 MNOK
Ølmedal Kraft AS	55.0%	66.0%	8 MNOK
Vindr AS	−353.9%	96.2%	8 MNOK
Vossedalselvi Kraft AS	36.7%	52.1%	8 MNOK
Grøndalselva Kraft AS	57.1%	77.9%	8 MNOK
Eiker Energi AS	−100.3%	61.9%	8 MNOK
Mostraum Nett AS	15.3%	79.3%	8 MNOK
Hopselva Kraftverk AS	44.5%	10.7%	8 MNOK
Åkraelva Kraftverk AS	24.8%	4.4%	7 MNOK
Mosbakka Kraft AS	−37.3%	17.3%	7 MNOK
Horpedal Kraft AS	42.8%	78.2%	7 MNOK
HÅ Energi AS	10.5%	79.8%	7 MNOK
Mykleby Maskin AS	40.5%	−0.2%	7 MNOK
Segadal Kraft AS	77.4%	24.2%	7 MNOK
Mip Miljøkraft AS	−199.0%	26.2%	7 MNOK
Grønt Hjerte AS	8.6%	46.8%	7 MNOK
Opt-E Energi AS	−3.1%	25.4%	7 MNOK
Innvik Kraftverk AS	0.3%	61.9%	7 MNOK
NTE Solkraft AS	−24.2%	38.5%	7 MNOK
Stråpa Kraft AS	69.2%	73.4%	7 MNOK
Østfold Energi Vindkraft AS	0.4%	94.6%	7 MNOK
Kjøllefjord Vind AS	−1,272.8%	55.1%	7 MNOK
Georgine Wind AS	31.6%	29.1%	7 MNOK
Stardalen Kraft AS	−53.6%	62.6%	7 MNOK
Brekkestøl Kraftverk AS	63.4%	54.7%	7 MNOK
Tinn Energi Produksjon AS	63.1%	75.9%	7 MNOK
Veringsåe Kraft AS	63.6%	18.7%	7 MNOK
Nydalselva Kraft AS	−56.2%	40.8%	7 MNOK
Tjøstheim Kraft AS	61.4%	32.9%	7 MNOK
Sevre Kraftverk AS	54.4%	19.1%	7 MNOK
Nape Kraft AS	69.8%	76.9%	7 MNOK
Mosjøen Varme Leasing AS	69.2%	70.9%	7 MNOK
Sigdestad Kraftverk AS	23.4%	14.6%	7 MNOK
Sleveåne Kraft AS	46.4%	15.4%	7 MNOK
MK Kraft AS	−9.1%	67.0%	6 MNOK
Boge Kraft AS	50.0%	15.6%	6 MNOK
Eitro Kraftverk AS	41.2%	38.1%	6 MNOK
Kverninga Kraftverk AS	55.6%	18.7%	6 MNOK
Soleie AS	−58.0%	97.7%	6 MNOK
Viddakraft AS	−9.6%	−18.4%	6 MNOK
Syversætre Foss Kraftverk AS	28.7%	26.9%	6 MNOK
Sesskraft AS	28.2%	15.9%	6 MNOK
Steinsvik Kraft AS	−70.9%	93.8%	6 MNOK
Helganes Kraft AS	62.7%	88.9%	6 MNOK
Husleiestrøm AS	−58.5%	−137.1%	6 MNOK
Røyken Energiverk AS	60.7%	2.1%	6 MNOK
Kvemma Kraft AS	35.8%	50.9%	6 MNOK
Tverrdalselvi Kraft AS	−0.4%	34.6%	6 MNOK
Dirdal Kraft AS	73.1%	18.1%	6 MNOK
Dale Kraft AS	28.1%	33.7%	6 MNOK
Mygland Kraft AS	57.7%	13.2%	6 MNOK
Renantis Norway AS	−31.6%	92.7%	6 MNOK
Sognekraft Eigedom AS	29.0%	32.3%	6 MNOK
Gryto Kraft AS	40.6%	83.6%	6 MNOK
Kaupanger Energi AS	52.1%	53.5%	6 MNOK
Norwegian Power AS	−18.7%	−111,724.3%	6 MNOK
Nordic Heat Solution AS	0.6%	16.5%	6 MNOK
Gjetingsdalen Kraft AS	49.3%	68.0%	6 MNOK
Jorda Kraft AS	53.3%	42.5%	6 MNOK
Nivla Kraft AS	25.4%	80.4%	6 MNOK
Einungstølsåna Kraftverk AS	61.6%	24.0%	6 MNOK
Tinfos Strøm AS	−1.1%	12.5%	6 MNOK
Øvre Storelvi Kraft AS	−2.8%	−1.8%	6 MNOK
Stella Energy Norway AS	−11.9%	−6.8%	6 MNOK
Meraker Kraft AS	−32.7%	48.8%	5 MNOK
Svorka Småkraft AS	−69.2%	52.5%	5 MNOK
Skagerak Energipartner AS	28.7%	55.0%	5 MNOK
Eidsdal Kraftverk AS	−11.8%	31.6%	5 MNOK
Teas Energi AS	7.0%	11.1%	5 MNOK
Nasvatn Kraftverk AS	41.1%	56.9%	5 MNOK
Klæbu Bioenergi AS	−4.2%	34.1%	5 MNOK
Skeidsflåten Kraft AS	−14.3%	33.2%	5 MNOK
Plug Rubben AS	23.5%	86.5%	5 MNOK
Nørlandselva Kraft AS	25.0%	98.5%	5 MNOK
Røyrmyra Vindpark AS	20.9%	43.1%	5 MNOK
Kaldåna Kraft AS	42.0%	17.1%	5 MNOK
Feios Kraftverk AS	20.2%	7.3%	5 MNOK
Stølskraft AS	70.0%	75.4%	5 MNOK
Sampi Renewables AS	−169.6%	29.8%	5 MNOK
Nito AS	62.9%	80.4%	5 MNOK
Madland Kraft AS	35.0%	16.8%	5 MNOK
Laddel AS	−106.9%	−199.2%	5 MNOK
Tveitelva Kraftverk AS	18.6%	44.3%	5 MNOK
Trønderenergi AS	−519.6%	82.3%	5 MNOK
Nottveit Energi AS	47.0%	3.7%	5 MNOK
Dalelvo Kraft AS	44.9%	58.7%	5 MNOK
Storebekk Kraftverk AS	40.9%	79.6%	5 MNOK
Kupekraft AS	−34.9%	15.0%	5 MNOK
Hydrakraft AS	−55.7%	50.5%	5 MNOK
Vaksvik Kraft AS	2.8%	99.3%	5 MNOK
Befring Kraft AS	−18.9%	39.5%	5 MNOK
Sit Geovarme AS	54.8%	2.0%	5 MNOK
Ikm Inwind AS	−25.0%	60.4%	5 MNOK
Svanedal AS	25.0%	90.9%	5 MNOK
Heikraft AS	20.6%	81.6%	5 MNOK
Fossbråten Kraftverk AS	32.3%	19.6%	5 MNOK
Trøndervarme AS	21.6%	−5.7%	5 MNOK
Mordøla Kraft AS	−0.5%	−2.6%	5 MNOK
Gilja Kraftverk AS	70.8%	25.3%	5 MNOK
Landakraft AS	55.2%	68.1%	5 MNOK
Fossheim Energiverk AS	43.5%	93.9%	5 MNOK
Gjønaelva Kraftverk AS	37.8%	12.6%	5 MNOK
Setredalen Kraft AS	24.9%	38.0%	5 MNOK
Glesåa Kraftverk AS	70.4%	40.2%	5 MNOK
Trønderenergi Forvaltning AS	−52.9%	67.9%	4 MNOK
Skjerdal Kraft AS	22.8%	15.6%	4 MNOK
Vrådal Kraft AS	62.9%	67.7%	4 MNOK
Geitåni Kraftverk AS	16.9%	15.4%	4 MNOK
Jardøla Kraft AS	40.1%	69.1%	4 MNOK
Vestfold Bioenergi AS	1.0%	57.8%	4 MNOK
Svandalen Kraftverk AS	29.4%	10.2%	4 MNOK
Ilaget Energi AS	46.7%	12.0%	4 MNOK
Cloudberry Clean Energy ASA	−1,728.2%	88.0%	4 MNOK
Aksa Vann AS	−95.9%	11.6%	4 MNOK
Veka Kraft AS	54.4%	45.3%	4 MNOK
Holsen Kraft Norddøla AS	16.2%	9.8%	4 MNOK
Locus Hydro AS	−68.1%	43.9%	4 MNOK
Øvre Eiker Fjernvarme AS	−12.1%	61.8%	4 MNOK
Rafdal Energi AS	38.1%	27.4%	4 MNOK
Syrikraft AS	33.5%	45.6%	4 MNOK
Kandal Kraftverk AS	−37.4%	40.8%	4 MNOK
Vassbrekka Kraft AS	−55.2%	15.1%	4 MNOK
Årdal Kraftverk AS	2.8%	6.1%	4 MNOK
Tveiteåno Kraftverk AS	45.9%	89.0%	4 MNOK
Byfjordparken Energi AS	11.7%	9.2%	4 MNOK
Gryte Kraft AS	19.8%	90.9%	4 MNOK
Ringdal Kraftverk AS	5.1%	29.2%	4 MNOK
Selselva Kraft AS	2.3%	5.1%	4 MNOK
Anga Kraft AS	−10.8%	38.2%	4 MNOK
Hope Energi AS	28.9%	71.7%	4 MNOK
Myklebost Kraft AS	36.5%	22.3%	4 MNOK
Tinnkraft AS	37.2%	26.7%	4 MNOK
Veggli Bio AS	5.6%	−1.0%	4 MNOK
Fossåno Kraftverk AS	62.0%	79.3%	4 MNOK
Bjørndalen Kraft AS	−16.5%	86.5%	4 MNOK
Kvikraft AS	36.9%	75.5%	4 MNOK
Lauvstad Kraftverk AS	42.0%	40.1%	4 MNOK
Tjeldbergodden Utvikling AS	−62.5%	96.7%	4 MNOK
Sædalen Kraft AS	21.4%	32.6%	4 MNOK
Vestnes Energi AS	10.4%	86.2%	3 MNOK
Furuseth Solkraftverk AS	−507.0%	39.0%	3 MNOK
Adven Norway AS	−94.3%	25.0%	3 MNOK
Soldekke AS	−17.8%	97.6%	3 MNOK
Rosendal Elektrisitetsverk AS	55.7%	70.9%	3 MNOK
Tyssekraft AS	93.7%	49.9%	3 MNOK
Nipo Kraft AS	52.3%	−4.9%	3 MNOK
Ytre Oppedal Kraftverk AS	19.0%	0.5%	3 MNOK
Nørståe Kraft AS	59.6%	79.6%	3 MNOK
Berdalskraft AS	37.5%	54.3%	3 MNOK
Vågen Kraft AS	26.0%	30.7%	3 MNOK
Mjølsvik Kraft AS	−40.4%	3.0%	3 MNOK
Sel Kraft AS	15.1%	−5.9%	3 MNOK
Denofa Energi AS	44.7%	16.2%	3 MNOK
Krødsherad Energi AS	−5.4%	84.7%	3 MNOK
Kvernstad Kraft AS	29.3%	−47.1%	3 MNOK
Rockberg AS	−150.8%	5.0%	3 MNOK
Kvikne-Rennebu Kraftlag AS	−101.1%	97.6%	3 MNOK
Kvitvella Electrisitetsverk AS	30.2%	57.3%	3 MNOK
Solvind Prosjekt AS	13.2%	33.8%	3 MNOK
Geisli Energi AS	−29.1%	82.3%	3 MNOK
Dravlaus Kraft AS	22.7%	4.4%	3 MNOK
DB Kraftverk AS	32.1%	−0.2%	3 MNOK
Kittilsviken Kraftverk AS	43.3%	89.3%	3 MNOK
Engeset Kraft AS	1.0%	−3.6%	3 MNOK
Engene Solar AS	42.9%	37.3%	3 MNOK
Lhi Solarwind Hydro Kulu 2642 AS	22.6%	57.4%	3 MNOK
Markåni Kraftverk AS	17.0%	0.4%	3 MNOK
Birtedalen Kraftverk AS	38.4%	24.3%	3 MNOK
Bråberg Kraft AS	39.3%	41.2%	3 MNOK
Ufysja Kraftverk AS	36.0%	69.9%	3 MNOK
Plug Harstad AS	6.6%	98.1%	3 MNOK
Bulko Kraft AS	9.5%	66.1%	3 MNOK
Rih Bioenergi AS	24.7%	1.0%	3 MNOK
Kvævebekken 2 AS	45.4%	5.4%	3 MNOK
Nordvik Kraft AS	27.3%	36.0%	3 MNOK
Fossmark Kraft AS	7.8%	54.9%	3 MNOK
Øynan Kraftverk AS	17.4%	67.7%	3 MNOK
AS EGELANDS VERK	41.2%	51.7%	3 MNOK
Espeelvi Kraft AS	22.0%	39.5%	3 MNOK
Utsola Energisentral AS	28.3%	76.9%	3 MNOK
Børter E Verk AS	5.8%	82.4%	3 MNOK
Wessel Energi AS	−51.2%	2.1%	3 MNOK
Isak Bio AS	1.9%	4.4%	3 MNOK
Helle Kraftverk AS	39.8%	9.0%	3 MNOK
Stedjeåna Kraftverk AS	72.9%	36.4%	3 MNOK
Akslandselva Kraftverk AS	37.5%	41.8%	3 MNOK
Gire Kraft AS	38.4%	52.0%	3 MNOK
Sundal Kraft AS	9.9%	48.3%	3 MNOK
Hopland Kraft AS	−22.3%	12.0%	3 MNOK
Embla Kraft AS	2.0%	16.8%	3 MNOK
Nordåna Kraft AS	2.5%	79.9%	3 MNOK
Miljøkraft AS	96.6%	49.8%	3 MNOK
Austad Kraftverk AS	54.7%	32.1%	3 MNOK
Smådøla Kraft AS	56.3%	29.9%	3 MNOK
Fastcharge AS	−1,141.2%	89.8%	3 MNOK
Vik Kraft AS	39.8%	71.7%	3 MNOK
Kløvkraft AS	49.8%	64.1%	3 MNOK
Sørdalskraft AS	54.9%	49.9%	3 MNOK
Litlebø Kraft AS	−90.9%	44.7%	3 MNOK
Fossberg Kraft AS	−139.8%	57.0%	3 MNOK
Fjuel Bodø AS	−367.7%	24.7%	3 MNOK
Vengåkraft AS	10.6%	3.1%	3 MNOK
Heskestad Kraft AS	67.4%	68.9%	3 MNOK
Smievoll Kraft AS	62.3%	88.5%	3 MNOK
Ervikselva Kraft AS	−95.5%	−3.2%	3 MNOK
Brunstad Kraft AS	30.1%	28.6%	3 MNOK
Lhi Solarwind Hydro Voldsetelva 2645 AS	−44.7%	17.8%	3 MNOK
Gravbrøtfoss Kraft AS	12.0%	3.6%	3 MNOK
RT Shore Power AS	48.0%	−15.0%	3 MNOK
Virak Kraft Produksjon AS	70.7%	6.9%	3 MNOK
Elmat AS	−0.5%	11.3%	3 MNOK
Jotun Fiberinvest AS	47.8%	85.4%	3 MNOK
Steine Kraft AS	48.7%	55.3%	3 MNOK
Kommunekraft AS	1.4%	80.4%	3 MNOK
Moi Elverk AS	75.5%	48.8%	3 MNOK
Skjåk Biovarme AS	14.4%	37.7%	3 MNOK
Grønhaug Kraftverk A/S	8.2%	75.1%	3 MNOK
Dyrdal Kraft AS	−13.9%	43.8%	3 MNOK
Ridøla Kraft AS	43.4%	58.7%	3 MNOK
Steindal Kraftverk AS	−80.0%	16.8%	3 MNOK
Sandvik Kraftverk AS	55.6%	30.2%	3 MNOK
Nordbøåna Kraft AS	38.7%	41.9%	3 MNOK
Ytre Kandal Kraft AS	12.6%	15.8%	3 MNOK
Vikaelva Kraftverk AS	24.3%	−30.4%	3 MNOK
Brattabøelvi Kraft AS	−57.6%	9.7%	3 MNOK
Lærdal Energi AS	7.5%	92.8%	3 MNOK
Pwr UP AS	−88.7%	11.7%	3 MNOK
Rivedal Kraftverk AS	17.5%	87.4%	3 MNOK
Kylland Kraft AS	54.0%	93.8%	3 MNOK
Kvennhusåi Kraftverk AS	26.9%	38.0%	3 MNOK
Lauvlielva Kraft AS	70.3%	54.9%	3 MNOK
Jarlshaug Kraft AS	14.6%	1.4%	3 MNOK
Aneo Energy AS	45.4%	4.6%	2 MNOK
Reisæter Kraftverk AS	40.0%	25.5%	2 MNOK
Graffer Kraft AS	−1.4%	17.2%	2 MNOK
Vaka Kraftverk AS	53.7%	25.2%	2 MNOK
Storelvi Kraftverk AS	−1.6%	79.9%	2 MNOK
Sandøy Energi AS	0.4%	38.5%	2 MNOK
Tuddal Kraft AS	46.0%	26.4%	2 MNOK
Todøla Kraftverk AS	14.5%	28.9%	2 MNOK
Ramsliåna Kraftverk AS	12.8%	31.0%	2 MNOK
Solvind Åsen AS	13.7%	27.8%	2 MNOK
Rongkleiv Kraft AS	−49.5%	24.3%	2 MNOK
Lundsfoss Kraftstasjon AS	63.1%	87.5%	2 MNOK
Loselva AS	58.7%	52.4%	2 MNOK
Infracharge AS	−161.4%	96.4%	2 MNOK
Skrudsarkraft AS	54.1%	70.8%	2 MNOK
Sagevikelv Kraft AS	4.9%	91.8%	2 MNOK
Koparvike Kraft AS	23.3%	87.5%	2 MNOK
Unitech Zefyros AS	45.5%	34.6%	2 MNOK
Heina Kraft AS	28.8%	30.6%	2 MNOK
Litj-Hena Kraftverk AS	−46.4%	−2.0%	2 MNOK
Orkland Energi Produksjon AS	−71.7%	93.7%	2 MNOK
Hynna Kraft AS	−66.6%	4.7%	2 MNOK
Skogvarme Bioenergi AS	14.6%	21.6%	2 MNOK
Forsøget Haugaelva Småkraftverk AS	18.7%	47.9%	2 MNOK
Skjeggfoss Kraftverk AS	−24.8%	2.5%	2 MNOK
Momrak Kraftlag AS	61.9%	45.8%	2 MNOK
Skjerva Kraft AS	−14.8%	11.9%	2 MNOK
Fjuel Tromsø AS	−724.2%	49.1%	2 MNOK
Reinstaul Kraft AS	44.1%	25.1%	2 MNOK
Gullbergelva Kraftverk AS	−68.8%	17.9%	2 MNOK
Langfjordkraft AS	−67.6%	5.6%	2 MNOK
Vesleåni Kraft AS	37.5%	3.7%	2 MNOK
Rakkestad Biovarme AS	−49.4%	−73.0%	2 MNOK
Kvernfossen Kraft AS	−6.7%	22.1%	2 MNOK
Botnen Kraftverk AS	22.2%	−4.9%	2 MNOK
Kil Drift AS	18.4%	6.4%	2 MNOK
Lhi Solarwind Hydro Vikaåne 2644 AS	23.5%	71.1%	2 MNOK
Døvik Kraft AS	68.0%	36.9%	2 MNOK
Vallestadfossen Kraft AS	45.0%	40.0%	2 MNOK
BJELLAND & Musland Kraft AS	79.3%	59.4%	2 MNOK
Nova Energi AS	−86.2%	2.9%	2 MNOK
Vågå Kraft AS	23.4%	0.0%	2 MNOK
Bølakraft AS	−2.9%	28.3%	2 MNOK
Gjesvær Service AS	−57.7%	37.9%	2 MNOK
Grønt Hjerte Varme AS	25.3%	31.0%	2 MNOK
Høylandet Bioenergi AS	−8.5%	−7.6%	2 MNOK
Haugsvær Kraft AS	27.6%	1.0%	2 MNOK
Greenstat Solar AS	−349.5%	77.7%	2 MNOK
Bele Kraft AS	−2.3%	−22.0%	2 MNOK
Luster Energi Eigedom AS	21.6%	36.5%	2 MNOK
Langedalselva Kraft AS	−24.4%	97.8%	2 MNOK
Vik Miljøvarme AS	−36.4%	29.8%	2 MNOK
H2carrier AS	−429.0%	83.9%	2 MNOK
Julfoss Kraftverk AS	−6.7%	5.2%	2 MNOK
Skorga Kraftverk AS	−34.8%	14.8%	2 MNOK
K2 Nord AS	14.4%	14.6%	2 MNOK
Øvrebø Kraft AS	−59.9%	16.0%	2 MNOK
Scandinavian Wind Power AS	−16.0%	87.2%	2 MNOK
Åselva Kraft AS	−11.0%	13.8%	2 MNOK
Kupe Kraftverk AS	−28.0%	9.9%	2 MNOK
Kjetland Kraft AS	31.3%	92.9%	2 MNOK
Ventyr SN II AS	−874.7%	89.7%	2 MNOK
Lhi Solarwind Hydro Ryddøla 2643 AS	−103.9%	22.0%	2 MNOK
SANDAL & Fossheim Kraft AS	18.8%	30.4%	2 MNOK
Øyadalen Kraftverk AS	−134.6%	4.9%	2 MNOK
Eam Solar AS	−641.9%	41.1%	2 MNOK
Stuttgongfossen Kraftverk AS	33.5%	47.2%	2 MNOK
Berland Kraft AS	79.5%	10.2%	2 MNOK
Brekkefossen Kraftverk AS	−54.5%	7.0%	2 MNOK
Sandøy Vindkraft AS	−250.6%	−15.2%	2 MNOK
Rime Kraft AS	48.6%	35.8%	2 MNOK
Z Energi AS	24.3%	73.4%	2 MNOK
Sundlikraft AS	53.2%	35.0%	2 MNOK
Hafenstrom AS	35.5%	4.3%	2 MNOK
Traudalen Kraftverk AS	28.5%	6.3%	2 MNOK
Power BY Nature Energi AS	16.6%	25.6%	2 MNOK
Fjellanger Kraftverk AS	33.5%	67.0%	2 MNOK
Sagelva Kraftverk AS	−46.8%	14.2%	2 MNOK
Hov Biovarme AS	24.7%	42.0%	2 MNOK
Langedal Kraft AS	−49.6%	41.6%	2 MNOK
Fagerdalen Kraftverk AS	59.7%	61.5%	2 MNOK
Kleivane Kraft AS	48.9%	79.1%	2 MNOK
Skjåstad Kraftverk AS	30.0%	68.2%	2 MNOK
Oksarelva Kraft AS	32.9%	37.4%	2 MNOK
Grøneng Kraftverk AS	24.1%	54.8%	2 MNOK
Tinn Bioenergi AS	24.9%	86.7%	2 MNOK
Gyl Kraft AS	37.1%	42.7%	2 MNOK
Fosenkraft AS	−355.2%	76.3%	2 MNOK
Kht Consulting AS	0.6%	40.6%	2 MNOK
Hjelledalen Kraftlag AS	−36.5%	40.7%	2 MNOK
Folkestad Kraftverk AS	19.7%	66.4%	2 MNOK
Skålheim Kraftverk AS	59.3%	66.2%	2 MNOK
Bergesli Kraftverk AS	36.2%	43.3%	2 MNOK
Ljotå Kraftverk AS	−2.9%	10.4%	2 MNOK
Freim Kraft AS	22.6%	50.5%	2 MNOK
Gisnafallet Kraftverk AS	13.3%	27.1%	2 MNOK
Økstra Kraft AS	22.7%	17.5%	2 MNOK
Nordsiden Kraft AS	6.0%	13.6%	2 MNOK
Nordenfjeldske Energi AS	−3.8%	58.5%	2 MNOK
Saksenvik Kraft AS	−313.0%	20.1%	2 MNOK
Myklebustdalen Energi AS	27.9%	5.8%	1 MNOK
Rekåa Kraftverk AS	15.3%	61.3%	1 MNOK
Rønningen Bio AS	−5.7%	11.3%	1 MNOK
Nydal Kraft AS	29.2%	71.8%	1 MNOK
Frammarsvik Kraft AS	16.9%	−1.5%	1 MNOK
Geisdøla Kraftverk AS	46.4%	29.7%	1 MNOK
Torpa Biovarme AS	16.3%	90.9%	1 MNOK
Klauva Kraft AS	−50.1%	−2.2%	1 MNOK
Wind-Rose AS	11.9%	23.4%	1 MNOK
Nes Bioenergi AS	22.9%	6.7%	1 MNOK
Alsaker Kraft AS	47.6%	52.4%	1 MNOK
Kvannvatn Kraft AS	−173.9%	−3.3%	1 MNOK
Dyrstad Kraft AS	−26.2%	43.0%	1 MNOK
Bredesen Opset Solar AS	28.4%	73.0%	1 MNOK
Byrkjedal Kraftverk AS	−54.8%	4.8%	1 MNOK
Botna Kraft AS	−83.9%	16.6%	1 MNOK
Medåe Kraft AS	58.5%	55.0%	1 MNOK
Løa Kraftverk AS	39.9%	76.0%	1 MNOK
Infranord Produksjon AS	−173.3%	33.5%	1 MNOK
Trollekraft AS	−67.4%	5.5%	1 MNOK
Kjørstad Kraft Produksjon AS	15.8%	−5.5%	1 MNOK
Tangvall Arena Energi AS	7.7%	93.1%	1 MNOK
Vingelen Nærvarme AS	20.3%	16.0%	1 MNOK
Kraftkameratane AS	73.4%	49.3%	1 MNOK
Breivold Energi AS	−6.5%	73.8%	1 MNOK
Skjåk Energi AS	−48.9%	79.3%	1 MNOK
Ålmo Energi AS	46.2%	73.9%	1 MNOK
Industriveien 1 Ksu AS	−138.9%	89.6%	1 MNOK
Ise Produksjon Røyrvatn AS	−41.7%	60.6%	1 MNOK
Fossekallen Kraft AS	43.1%	90.6%	1 MNOK
Amundal Energi AS	−39.8%	−4.0%	1 MNOK
Husstøl Kraftverk AS	−2.2%	−34.0%	1 MNOK
Buset Kraft AS	−13.9%	72.6%	1 MNOK
Bjergaelva Kraft AS	68.4%	65.1%	1 MNOK
Dvergsdalsdalen Kraftverk AS	9.0%	12.4%	1 MNOK
Rodal Kraft AS	−2.6%	23.6%	1 MNOK
Myhr Energi og Drift AS	−56.3%	−30.5%	1 MNOK
Kviven Kraft AS	17.0%	57.6%	1 MNOK
Unikraft AS	30.1%	33.9%	1 MNOK
Hovuduk Kraftverk AS	40.6%	70.0%	1 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