Å Energi: NOK 6.4 billion operating result in nine months and record investment in grid and hydropower

Norwegian group Å Energi, one of the country's largest hydropower producers, on Thursday reported an underlying operating result of 6.4 billion Norwegian kroner (NOK) for the first nine months of 2026, up from NOK 4.8 billion in the same period last year. The underlying result after tax rose to NOK 3.1 billion, from 1.7 billion.

The figures. According to the company's press release, revenue reached NOK 38.2 billion by the end of the third quarter. Investments totalled NOK 2.3 billion, 92% of which went into the power grid and hydropower plants. The group has more than 130 ongoing projects in these two areas, 57 of which concern upgrading and expanding hydropower capacity.

Context. The quarter was marked by low reservoirs. At the end of September, the filling level in south-western Norway (the NO2 zone) was 51.2%, according to NVE data cited by the company, which led to higher prices than a year earlier. Rain in recent weeks has partly eased the situation: NVE statistics for week 44 show reservoirs in NO2 at 56.7%.

What comes next. Construction has begun in Åseral on the Øygard plant, which is expected to produce about 80 GWh a year once completed, as planned, in 2029. It is the last of seven projects in the Åseral programme, with a total budget of more than NOK 3.5 billion. Subsidiary Glitre Nett, Norway's second-largest grid company, is preparing the Sundland programme in Drammen, with a budget of more than NOK 1 billion. "We are building hydropower and power grids for a society with growing consumption and to make the power system robust enough for the years ahead," said chief executive Steffen Syvertsen.

The group has 83 wholly or partly owned hydropower plants with annual output of about 13 TWh, and Glitre Nett supplies roughly 425,000 customers. The shareholders are 30 municipalities in Agder and Buskerud, Vardar, Lier Everk Holding and Statkraft.

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