Demand for renewable electricity in Norway surged in 2024

The demand for renewable electricity documented with Guarantees of Origin (GOs) in Norway saw a sharp increase in 2024, totalling 41 TWh of domestic certificate cancellations—19 TWh more than in 2023 and 12 TWh over the 2022 aggregate.

GOs are the certificates used in Europe to prove the consumption of renewable energy. When a GO is cancelled, it is redeemed in favour of a single organisation, which can claim unique ownership of 1 MWh of clean energy.

Norwegian domestic cancellations of GOs—those made by organisations in Norway for consumption in the country—reached an all-time high in 2024. January, March, and December, the months that typically see the most activity, set new records, registering 13.4 TWh, 7.3 TWh, and 8.3 TWh, respectively, according to data from the Association of Issuing Bodies (AIB), which oversees the European GO system.

These numbers are notably higher than the historical average for equivalent months—483% higher for January, 173% for March, and 277% for December. In addition, cancellations in January 2025 totalled 8.7 TWh, the second-largest volume for any January on record.

While the available figures indicate that internal demand in the Norwegian market is increasing, there is some uncertainty as to which consumption period the observed cancellations in January and March 2024 belong to.

The observed growth in demand could be further confirmed by the residual mix disclosure for 2024, which is set to be released by the Norwegian Water Resources and Energy Directorate in June this year.

“We are taking these observations with a degree of caution,” says Tom Lindberg, CEO of Ecohz. “It is important to know the consumption period for the GOs cancelled, which the 2024 residual mix will show. Furthermore, if cancellations remain at historical highs at the end of the first quarter of 2025, we will have confirmation that there is an increase in GO demand rather than a potential shift in purchasing patterns from large consumers.”

The timing of the potentially increased cancellations coincides with the first cycle of sustainability disclosure for large companies under the EU’s Corporate Sustainability Reporting Directive (CSRD). Norsk Hydro, Norwegian aluminium and renewable energy producer, declared in its 2024 sustainability report that it is cancelling GOs to cover its electricity consumption in Norway, in line with the requirements of the CSRD.

Norwegian electricity suppliers have also confirmed to Ecohz that they are seeing increased domestic interest in GOs from some of their largest clients, which could suggest an initial effect of the CSRD on demand for renewable electricity.