Norway's consumption of electricity is more than three times higher than the European Union average, but it does not raise eyebrows. When energy is generated by harnessing water's gravity — with no direct waste and minimal greenhouse gases — it is not frowned upon. So when hydroelectricity makes up an astounding 99 per cent of energy generation, it is applauded.
Norwegian hydroelectric plants adapt well to variations in demand, and thereby price. The open electric market is integrated with other Nordic countries and handled by NASDAQ OMX Commodities Europe and Nord Pool Spot. Norway is the world's third largest exporter of primary energy.
Not only does Norway generate almost all its electricity by hydropower, their expertise in building and operating hydroelectric plants is being deployed globally. Energy behemoths Statoil and Statkraft will help develop Dogger Bank, the largest wind power project in the UK. German wind farm Alpha Ventus used Norwegian technology for the production of their wind turbine foundations. At home, most renewable energy programmes originate from state-owned Enova SF. It cut energy consumption at Norske Skog, one of the world's largest producers of newsprint, by 250 GWh (gigawatt hours), saving two million kWh (kilowatt hours) per year at Hennig Olsen Is AS, a family-owned ice cream company. After hydropower, bioenergy is Norway's most significant contributor to renewable energy, accounting for 4.5 per cent of the total primary energy supply. The country is also at the vanguard of exploring off- and onshore wind and wave power, and tidal, solar and bioenergy, as well as small scale hydropower. Despite limited solar energy resources, it is one of the world's largest producers of solar grade silicon and solar cells. Meanwhile, The Centre for Renewable Energy studies a broad spectrum of renewable energy technologies including solar and ocean energy fields.
A rich source
Petroleum riches aside, Norway's wealth could also lie above and across it by way of emerging ocean energies. According to SINTEF Energy Research, Norway's crenellated coastline and high seas are ideal for harvesting winds and tidal power. It is estimated that Norway can generate in excess of 1,000 TWh (terawatt hours) of tidal energy and wind power annually, about five times the domestic energy consumption.
The Norwegian government has pledged to make the country carbon neutral by 2030, almost 20 years ahead of schedule. "Norway has a long term climate policy that can stand regardless of shifts in governing parties,"said Prime Minister Jens Stoltenberg.
