The renewable power consumption in Norway stood at 0.18 Exajoules in 2023. Based on the forecasted data, the consumption is expected to rise steadily over the next five years, reaching 0.32 Exajoules by 2028. This represents a consistent annual increase as follows:
- 2024 to 2025: 14.29% increase
- 2025 to 2026: 12.50% increase
- 2026 to 2027: 7.41% increase
- 2027 to 2028: 10.34% increase
The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is approximately 10.81%, indicating a robust upward trend in renewable energy consumption.
Future trends to watch for include technological advancements in renewable energy capture and storage, government policies incentivizing green energy, and developments in electric transport infrastructure which can further boost renewable energy demand.