“Innovation Norway” is the Norwegian Government’s most important tool for innovation and development of domestic companies and industry.

In a recent press release, Innovation Norway emphasises once again the excellent economic prospects that the Scandinavian country offers to companies with a high energy demand. This is demonstrated at present by more than 6,000 non-Norwegian companies that currently create 25% of all the added value in the whole country, reports “businessportal-norwegen.com”. Energy-intensive industries in particular benefit hugely from the extremely cheap electricity prices. In September 2017, the price for industrial use was on average 3 cents per kWh. These cheap terms and conditions can be attributed primarily to the generation of electricity from hydropower. With a total output of around 31.5 GW, which is provided by 1,550 plants in total, Norway is the largest hydropower producer in Europe.