Statnett’s underlying profit after tax ended at NOK 2.8 billion in 2025, which is NOK 1.6 billion higher than the previous year.
- We have increased activity across all areas and currently have 248 active grid projects. That is 37 more than in 2024, and we have increased the number of projects in the construction phase. Towards 2035 we will invest twice as much as in the previous decade, says Cathrine Lund Larsen.
An important milestone in 2025 was the new power line between Aurland and Sogndal. When it was commissioned, Norway obtained a continuous 420 kV transmission grid from north to south.
- This is one of several measures towards 2040 that will provide greater exchange capacity between the northern and southern parts of Norway. It is an important step towards increasing capacity throughout Norway, says Lund Larsen.
Increasing capacity in the existing power system
In addition to building new grid infrastructure, Statnett has implemented several initiatives to increase the capacity of the power system we already have.
- The introduction of flow-based market coupling in autumn 2024 and automated balancing in spring 2025 together constitute the biggest change in power system operations in several decades. These changes provide increased flow, better congestion management and higher operational security, says Lund Larsen.
Additional measures include temperature upgrading of power lines and the introduction of Dynamic Line Rating (DLR), which improve utilization of the existing grid.
- Over the next 10–15 years, we will upgrade the temperature rating of more than 100 power lines nationwide, increasing line capacity by 20–30 percent, explains CFO Cathrine Lund Larsen.
In 2025, Statnett increased the capacity of the existing grid and power system by 1,000 MW. This contributes to increased security of supply, better flow between bidding zones, and greater flexibility.
In the course of 2025, we connected 490 MW of new consumption and 100 MW of new production. Flexible connection agreements contribute to better utilisation of the power system and enable connection of more customers.
Compensation for high system operations costs
The increase in Statnett's underlying result for 2025 is mainly due to compensation from The Norwegian Energy Regulatory Authority (RME). The compensation is linked to a permanent loss related to high system operations costs in the period 2021–2024, and the effect on the 2025 accounts amounts to NOK 4.9 billion.
- We are very pleased that RME agrees with the need for compensation. It is a substantial contribution to enable us to make the necessary investments in the power system, says CFO Cathrine Lund Larsen.
In 2025 Statnett implemented significant measures to keep costs down, including procurement of equipment and services and more efficient operation and maintenance of grid assets.
- Achieving cost savings is crucial for our ability to deliver on our societal mission. We must manage society’s resources in the best possible way, emphasizes Lund Larsen.
System operations costs were particularly high in spring 2025, but stabilized at a lower level in the second half of the year. Statnett and market participants are working to develop tools and processes to further optimize balancing going forward.
Strengthening work on preparedness and sustainability
The power system is critical infrastructure, and Statnett is an important part of Norway’s total defence.
- The most important task for Statnett is to safeguard the electricity supply. In Norway`s Total Defence Year 2026, we will continue strengthening our work on security and preparedness, and we cooperate closely with authorities and other stakeholders in the energy sector, says Cathrine Lund Larsen.
In 2025, Statnett developed a comprehensive transition plan for sustainability. The plan was published in February 2026 and structure efforts to safeguard climate, nature, and people.
- As one of the first companies in Norway, we have set targets for reducing greenhouse gas emissions from land-use change. We have also introduced science-based climate targets, says Cathrine Lund Larsen.
Statnett's Financial Results
|
(Amounts in NOK million) |
2025 |
2024 |
|---|---|---|
|
Underlying profit |
2 843 |
1 218 |
|
Total permitted revenue regulated operations |
17 675 |
17 938 |
|
Total operating expenses |
17 137 |
14 341 |
|
Recorded profit for the period |
792 |
1 720 |
|
Recorded total operating revenue |
20 205 |
18 961 |
|
Congestion revenue |
13 612 |
11 062 |
|
Higher (+)- and lower (-) revenue |
-2 629 |
644 |
|
Accumulated higher revenue at the end of period |
1 906 |
4 535 |
|
Investments |
10 582 |
7 619 |
Statnett’s financial performance is best reflected by the underlying result. The Regulatory Authority for Energy (RME) sets a cap on permitted revenue, and the underlying result is based on this.
Accounting profit was NOK 792 million in 2025, compared with NOK 1,7 billion in 2024. The decrease in accounting profit is primarily due to increased costs for ancillary services. Other operating expenses also rose compared with the previous year, while increased congestion revenue had a positive effect.
The difference between the reported accounting result and the underlying result, referred to as higher or lower revenue, is adjusted through future grid tariffs. This ensures that, over time, Statnett’s accumulated reported revenues align with the regulated permitted revenue. The compensation for costs for ancillary services contributed significantly to reduced accumulated higher revenue.
The Board of Statnett approved the Annual Report for 2025 on 5 March 2026.