The Northern European country of the Kingdom of Norway is bordered by the Norwegian Sea, North Sea, Sweden, Finland, and Russia. The population of Norway is approximately 5.47 million people.
In 2021, Norway’s economy was ranked 27th in the world in gross domestic product (GDP). The country’s economy is dependent on the export of natural gas, crude oil, fresh fish, refined petroleum, raw aluminum, preserved fish, and wood pulp.
In 2016, the Norway signed the Paris Climate Agreement and committed to reduce greenhouse gas emission by at least 40% by 2030, compared to 1990 levels.
In 2017, Norway established an energy policy focusing on stimulating domestic hydrocarbon production, while preparing for a national economy with lower future oil and gas revenues.
In 2017, Norway also established a transportation emission reduction program, requiring all new cars and vans be zero-emission by 2025.
Power Generation Capabilities
In 2021, 100% of the people in Norway access to electricity. In 2022, the state-owned electric utility, Statnett used renewable energy (98.98%), oil (0.49%), natural gas (0.51%), and coal (0.02%) to generate electricity in Norway. Hydropower is the dominant type of renewable energy used to generate electricity in Norway.
Recent renewable energy projects in Norway include:
- 208 MW Onshore Wind Project – In July 2020, French utility, ENGIE commissioned the Tonstad wind project, which is located approximately 40 miles east of the city of Stavanger.
- 88 MW Floating Wind Project – In November 2022, Norwegian state-owned energy company, Equinor commissioned the Hywind Tampen floating offshore wind farm. The project is located approximately 200 miles northwest of the city of Stavanger.
- 5 kW Vertical Rooftop Solar Project – In June 2022, Norwegian company, Over Easy Solar AS has commissioned a vertical rooftop pilot project in the nation’s capital, Oslo. The vertical solar array is designed to generate electricity during peak power demand periods.
In 1967, oil were discovered in the Norwegian sector of the North Sea. In 2022, Norway was the 9th largest natural gas and the 7th largest crude oil exporting country in the world.
Oil is a cornerstone of Norway’s economy. In 2021, Norway exported U.S. $57.7 Billion in natural gas, U.S. $41.5 Billion in crude oil, and U.S.$6.07 Billion in refined petroleum.
On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices increased by over 50% from May 2021 to May 2022.
Norway is now increasing oil and gas exports to offset embargos on Russian fossil fuels (natural gas, crude oil, and refined petroleum). Norway’s oil and gas will help keep the electricity running in homes across Europe.
Norway has an abundance of undeveloped renewable energy sources, including offshore wine, onshore wind, biomass, hydropower and solar. Exports of natural gas, crude oil, and refined petroleum resources are funding Norway’s new and innovative projects like offshore floating wind and vertical rooftop solar projects
Website – “Our Energy Conundrum”
Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio, podcast, and television stations from New York City to Los Angeles on a diverse range of energy issues.