Moe is Optimistic About the Future of Norwegian Energy

The world needs more energy, while emissions of greenhouse
gases are going down. Oil and Energy Minister Ola Borten Moe think Norway both
can produce more oil and develop renewable energy at the same time.

During the seminar on "Norwegian energy policy in light
of the global energy situation" at the Norwegian Academy of Science,
Norwegian and Nordic energy market representatives discussed the Norwegian
energy policy in the light of the global energy situation. In his speech, Moe
expressed his optimism about the new oil discoveries on the Norwegian
continental shelf. The oil and energy minister said that oil and gas would
continue to be an important energy source worldwide, but it does not prevent a
Norwegian initiative on renewable energy and CO2 management.

Focus on Efficient Usage of Fossil
Energy

– We must recognize that there is a long way before
renewable energy is introduced globally. Therefore, we currently must use
energy smarter and produce fossil energy in the most environmentally friendly
ways, said Moe.

He also added that they can manage to have several thoughts simultaneously
and Norway must work to produce effective and environmentally friendly energy
on the continental shelf, while supporting development of environmentally
friendly, renewable and sustainable society.

Energy Usage in Norway

Norway has by far the biggest consumption of electricity per
capita in the world. About 50 percent of the total energy consumption in Norway
(228 TWh in 2008) is in the form of electricity. This is partly due to the fact
that electricity to a great extent also is used for household heating in
Norway, whereas other countries rely on oil based or district heating systems.

In April 2009 the Directive on Electricity Production from
Renewable Energy Sources, popularly known as the RES Directive, was ratified by
the European Union member states with the aim of increasing the total energy
originating from renewable resources. Although Norway is not a member of the
EU, it has pledged to follow the EU’s 2020 environment goals. In this frame,
Norway aims to reach 67.5 per cent renewable energy share in 2020.

Climate Change Makes Electricity Cheaper for Norway

On the other hand, climate change affects the renewable
energy investments in Norway in general. 
Institute for Energy Technology (IFE) has analyzed the effect up to 2050
in collaboration with the Norwegian Meteorological Institute, and Department of
Physics at University of Oslo.

According to the results of the research, climate Change
will reduce heating demand, increase demand for cooling and the hydropower
potential. As a result, the energy costs and electricity prices will reduce.
Exports of electrical power will increase and then the domestic investment in
new renewable energy production, such as offshore wind and wave power will
decrease.

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