Renewable energy in Norway - statistics & facts
Renewable energy plays a substantial role in Norway’s energy sector. Norway has the greatest hydropower resources in Europe, due to its topography and geographic location. In recent years, the government has also increased its focus of building up wind power capacities offshore, for which it holds great potential. Already, hydropower and wind power account for over 98 percent of electricity production in Norway.
Much of the hydropower assets in the country are owned and operated by Statkraft, which makes the company the largest renewable energy producer in Europe. The company is a state-owned entity that also operates in other European countries, as well as South America and the Indian subcontinent. In the last years, revenues of Statkraft grew significantly in the wake of surging energy prices across the European continent, resulting in the company’s highest ever operating revenue in 2022.
Norway produces most of its electricity from renewable sources, with hydropower accounting for a share of roughly 88 percent of the country's electricity mix. Wind energy is another important source of renewable energy in Norway. In the next years, the capacity of offshore wind installations is forecast to expand in the Scandinavian country.
The dominance of hydropower
Hydropower is considered the backbone of the country’s power sector and the history of its utilizing dates back to the late 19th century. The first hydropower plant began operating in 1891, bringing street lighting to a town in the Arctic Circle. Since then, the total hydropower capacity in Norway has increased to nearly 35 gigawatts. Of the more than 1,600 individual facilities, the largest number of hydropower stations are sized between one and 10 megawatts. Together, all of these power plants produce nearly as much electricity as Sweden and Turkey, which are the second and third largest hydropower generating countries in Europe.Much of the hydropower assets in the country are owned and operated by Statkraft, which makes the company the largest renewable energy producer in Europe. The company is a state-owned entity that also operates in other European countries, as well as South America and the Indian subcontinent. In the last years, revenues of Statkraft grew significantly in the wake of surging energy prices across the European continent, resulting in the company’s highest ever operating revenue in 2022.
Investments in the wind sector
To support the construction of a broader renewable infrastructure at home, the Norwegian government has supported efforts in building up wind and solar energy capacities. Onshore wind energy capacity has increased considerably in the last few years. In 2022, the government also announced a large-scale investment strategy for developing around 30 gigawatts of offshore wind farms. Its well-established oil and gas exploration sector is expected to support efforts in utilizing existing North Sea infrastructure. New interconnector transmission lines are set to further Norway's electricity exports to neighboring Denmark, Germany, and the Netherlands.Norway produces most of its electricity from renewable sources, with hydropower accounting for a share of roughly 88 percent of the country's electricity mix. Wind energy is another important source of renewable energy in Norway. In the next years, the capacity of offshore wind installations is forecast to expand in the Scandinavian country.
