WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 181
MARKET
DATA
• Norway's oil and gas investments in 2024 are projected to hit $24 billion, driven by higher costs and ongoing field developments.
• Also in 2024, Statkraft, a Norwegian state-owned energy company plans to invest $4.1-$6.3 billion in Norwegian hydro and wind power upgrades, including 2.5 TWh of new wind power
by 2030; Hydropower will see a 20% output boost, adding 0.3 TWh, with wind power doubling current production.
The Ministry of Energy in Norway is responsible for facilitating a
coordinated and integrated energy policy, with a focus on hydropower and
petroleum activities
0.5%
2023 Electricity mix
40
The Norwegian Offshore Directorate, under the Ministry of Energy,
manages Norway’s petroleum resources and oversees CO₂ storage, o昀昀shore
wind, and seabed minerals
36.4
36.4
35.5
35
9.8%
Hydro
Wind
30
Gas
Fossil fuels
25
Norway's government is pushing for more renewable energy while
maintaining hydropower and cooperating with the EU on decarbonization
e昀昀orts
Amidst general public support for increased renewable power generation,
municipalities have veto rights against new onshore wind developments
which could hinder growth
0.9%
CO₂ emissions (million tons of CO₂ equivalents)
Source: Low-carbon Power
20
2021
2022
2023
88.8%
Source: Statistical Review of World Energy 2024
New generation capacity- Wind (In GW)
2023 Electricity consumption by sector
New generation capacity- Hydropower (In GW)
20%
36.1
34.5
33%
Transport
20
10
Households
5.1
22%
Others
0
2023
2023
2030
2030
Source: Statistics Norway
25%
Source: IRENA, Internal Forecast
CO₂ pricing (euro/ton CO₂)
Source: IRENA, Statista
Ownership in the Norwegian Energy sector
100
Norwegian electricity grid consists of three levels: the transmission grid
(operated by Statnett), the regional grid, and the distribution grid. The
transmission grid connects producers with consumers in a nationwide
system. The regional grid often links the transmission grid to the
distribution grid and may also include production and consumption radials
carrying higher voltages. The distribution grid consists of the local
electricity grids that normally supply power to smaller end users.
The state-owned transmission system operator(TSO), Statnett owns 98% of
the transmission grid. The rest is owned by 13 regional grid companies and
rented to Statnett.
Sources:
https://www.energyinst.org/_ _data/assets/pdf_file/0006/1542714/EI_Stats_Review_2024.pdf
https://carbonpricingdashboard.worldbank.org/compliance/price
Political view & public view:
https://www.dnv.com/Publications/energy-transition-norway-2023-250141
https://energy.ec.europa.eu/events/6th-eu-norway-energy-conference-2023-10-24_en
https://reglobal.org/norways-energy-transition-report/
Municipal, county, and central authorities own around 90% of
Norway’s electricity production capacity.
80
Statkraft SF, state-owned company owns around 35% of production
capacity.
40
Sources:
Electricity mix and Electricity consumption by sector:
https://lowcarbonpower.org/region/Norway
https://www.ssb.no/en/energi-og-industri/energi/statistikk/produksjon-og-forbruk-av-energi-energibalanse-og-energiregnskap
The Ministry of Energy:
https://www.regjeringen.no/en/id4/
The Norwegian Offshore Directorate:
https://www.sodir.no/en/about-us/
Other:
https://oilprice.com/Latest-Energy-News/World-News/Norways-Oil-Investment-Set-for-Record-High-in-2024.html
https://oilprice.com/Latest-Energy-News/World-News/Oil-and-Gas-Investments-in-Norway-Set-for-Record-High-in-2024.html
https://www.dn.no/energi/statkraft/vindkraft/vannkraft/
statkraft-storsatser-pa-vind-og-vannkraft-i-norge-for-lite-mener-hoyres-nikolai-astrup/2-1-1580024
Norway's Statkraft to invest up to $6.6 bln in hydro, wind power | Reuters
99.0
88.5
86.8
2022
2023
60
20
0
Source: The World Bank
Sources:
New generation capacity- Hydropower:
https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2024/Mar/IRENA_RE_Capacity_Statistics_2024.
pdf?rev=a587503ac9a2435c8d13e40081d2ec34
https://www.statista.com/statistics/1393788/forecast-hydropower-capacity-in-norway/
2024
WEMO 2024
40
35
30
25
20
15
10
Manufacturing and Mining
23.8
30
181
Norway
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