Continued high power investments in 2017

Investment in the power grid amounted to NOK 16 billion in 2017; an increase of 24.3 per cent compared with the previous year. Investment in wind power plants was almost twice as high as in 2016, and ended up at NOK 4.1 billion in 2017. Investment in hydro- and thermal power plants constituted NOK 4.3 billion and NOK 0.3 billion respectively, according to new figures in Electricity.

The gross investment in the power industry increased from NOK 24.8 billion in 2016 to NOK 27.6 billion in 2017. The counties of Rogaland and Nordland experienced the highest investment growth in 2017.

Electricity, Statistics Norway.

Record high electricity generation

Electricity generation totalled 149.4 TWh in 2017; a small increase of 0.3 per cent compared with 2016 and the highest figure ever recorded. The large hydro power generation in 2017 may be seen in conjunction with the high inflow of water to the Norwegian reservoirs. Wind power generation totalled 2.9 TWh in 2017, which is 35 per cent or 0.7 TWh higher compared with 2016 and the highest level ever recorded. The increase must be seen in conjunction with several new wind power plants in 2017. In addition, most of the existing wind power plants showed an increase compared with 2016. The building of power plants and upgrading of old power plants also contribute to a higher production level over time. A common Norwegian-Swedish market for electricity certificates was established in January 2012 and has stimulated the building of renewable power.

In 2017, the county of Hordaland had the highest electricity generation. The electricity generation in this county accounted for 13.2 per cent of total production. Other counties with a high production share are Nordland (12 per cent) and Sogn og Fjordane (11 per cent). See the map showing electricity generation at county level.

Electricity, Statistics Norway.

Norway’s exports of power came to 21.3 TWh in 2017, while imports totalled 6.1 TWh. This gave a net export of 15.2 TWh.

Rise in electricity consumption

There was an increase of 1.1 per cent in total net electricity consumption from 2016 to 2017, with a total consumption of 124.8 TWh in 2017. Households and agriculture roughly accounted for a third of the total electricity consumption. Other industries with a high share are power-intensive manufacturing (30 per cent) and services (roughly 20 per cent).

Slight decrease in operating profit

The operating profit in the power industry totalled NOK 29.3 billion in 2017, equivalent to a decrease of 1.1 per cent from 2016; while operating income and operating expenses increased by 4.4 and 6.2 per cent respectively from the preceding year. The rise in the operating income may be seen in conjunction with higher electricity prices in 2017.

Production plants ended up with NOK 21.7 billion in operating profit. Grid companies’ operating profit constituted NOK 3.8 billion. The operating profit of remaining plants also totalled NOK 3.8 billion. Annual profit in the power industry amounted to NOK 18.2 billion in 2017; an increase of 10.3 per cent from 2016.