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Excellencies, colleagues, friends,
I am very pleased to be here today at the EU–Norway Energy Conference.

And a special thanks to Commissioner Jørgensen, for your remarks, and not least, for our meeting earlier today.

I believe we share many of the same perspectives on Europe’s energy future, its opportunities and challenges - and the assurance that Norway, as the largest producer, and sole significant net exporter, of oil and gas, wants to play a role in it.

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Over the past few years, Europe has faced some extraordinary disruptions in energy.
We have seen volatility, high prices, and geopolitical shocks.

In May this year I visited Ukraine with our Crown Prince.

That visit showed me just how important it is that we continue supporting Ukraine.

The key lesson from my visit to Ukraine was how cruicial it is that Ukraine has the ability to secure energy for its people and for their defense.

The Russian war of aggression against Ukraine. The energy crisis. It reminds us of two simple truths: energy is prosperity, energy is security.

Throughout this turbulent period, Norway has stood by Europe as a reliable and predictable energy supplier and partner.

We will continue to do so - today and in the future.

Norway and the EU are close allies. We share values. We are bound together by the market and trade across the North Sea. We all want to build a sustainable, secure, and competitive Europe.

Like every strong partnership, ours must adapt and grow in the years ahead.

Together, we must achieve prosperity for the people in Europe and drive the transition forward - with ambition, honesty, realism, and a spirit of European cooperation.

Let me share three perspectives on how we can achieve this together – perspectives which are also topics at this conference.

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First is the role of the Norwegian Continental shelf and how our oil and gas production contributes to energy security in Europe.

Energy transitions are not sprints. They are long and demanding journeys.
We need steady progress and gradual change—not sudden shocks, as the war in Ukraine and its impact on energy markets have reminded us.

When supply falls faster than demand, instability follows. Prices rise. Families feel the strain. Industries suffer.

And public support for the transition weakens.

That is why Norway’s approach is clear and balanced:

We will continue to encourage profitable investments in exploration and production at the Shelf so we can continue to produce and export oil and gas for the long term.

At the same time, we work on carbon capture and low-emission technologies, and we have developed carbon storage solutions.

In the future we might be able to supply critical minerals from the seabed.

Oil and gas will remain important for decades to come to reach the UN Sustainable Development Goals.

Norway aims to play it’s part by continuing to deliver oil and gas produced efficiently and with low emissions.

Remember, access to energy is essential for welfare, for food production, and for economic and social development. And for security and safety.

At the same time, we must reduce emissions from production and use of energy.
Norwegian petroleum production already has among the lowest CO₂ emissions in the world - and we are working to cut more.

Norwegian gas plays a key role in Europe’s energy mix.

It supports energy security and competitiveness by keeping the lights on, heating homes and fueling industry.

It enables the the energy transition - by replacing coal and balancing a growing share of variable renewables.

Norwegian pipeline gas reaches Europe with far lower emissions than global LNG.

Our energy research and innovation is also vital.
Research helps us improve recovery, develop safer and cleaner operations, and prepare for new industries such as offshore wind, hydrogen, and carbon storage.

The Norwegian Continental Shelf will remain a pillar of Europe’s energy security - while serving as a foundation for the future energy system.

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Second, and speaking of future energy systems, is carbon capture and storage.

CCS can reduce greenhouse gas emissions, also from hard-to-abate industries - like cement, steel, and chemicals.

We have already 30 years of experience storing CO2 and know it can be done safely and permanently.
This summer, the first volumes of CO₂ captured from Heidelberg Materials’ cement plant in Brevik was transported and stored safely beneath the seabed.

This marks a major milestone for our Longship project and for the Northern Lights CO₂ storage site.

The project is now in operation!

Northern Lights has earlier this year, om commercial basis, taken a decision to expand capacity from 1.5 to 5 million tonnes per year.

We have put in place regulation to facilitate private sector to offer CO2-storage at the NCS as a commercial service to European emitters.

We have awarded 13 new storage licenses since 2022 to a diverse group of companies.

These licenses competes to offer efficient and safe storage og CO2 to European industry.

But for storage to grow, emitters must commit economically.
It is not the lack of storage that limits progress—it is the lack of emitters ready to sign binding contracts for capture, transport, and storage.

This is illustrated by phase 2 of Northern Lights not being sold out.

My message is clear: The licenses at the Shelf are ready. Norway is ready. To move forward long-term economic commitment is needed from European industry and policy makers in the countries where the industry is based.

We are also developing a national mechanism to put a value on carbon removals.

This will be important to improve project economics and to create a predictable framework for CCS projects with a high share of biogenic emissions, like waste burning.

Including permanent carbon removals in the EU ETS could be a game changer. Norway supports this approach fully, and we follow the ongoing processes in the EU closely.

Our goal is simple: to make CCS a commercial, scalable, and trusted climate solution for Europe.

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Third, and finally, are market solutions for reliable and affordable electricity.

Europe’s electricity market has served us well.
Integrated markets have ensured efficient use of resources, enhanced competition, and improved security of supply.

Europe lacks the abundant energy production other regions benefit from. High electricity prices remain a structural challenge for Europe’s competitiveness.

Europe has had an impressive increase in renewable power production, which contributes to bring electricity prices down.

However, we need sufficient dispatchable baseload power to secure stability in a renewable-based system.
That means investment in flexible, clean, and reliable energy production.

Together with my colleagues from Finland and Sweden, I have underlined the importance of maintaining and strengthening the internal energy market - based on efficient resource use and fair competition.

A well-functioning market is the best guarantee for reliable and affordable electricity.

Predictable and stable regulation reduces risks and costs for producers and consumers - and makes it more attractive to invest in new, clean capacity.

A key factor in reducing system costs is to use existing infrastructure more efficiently.

I often say that power production is the heart of a functioning society – but the grid is the vein.

Member States with internal bottlenecks should establish efficient bidding zones - because national bottlenecks affect competitiveness across borders.

At the same time, we must simplify permitting and improve planning.

The new Grids Package is an important step. Simplification and predictability must remain our guiding principles.

Regulations should be based on sound impact assessments and practical experience.

And sometimes, the best thing we can do is to let already adopted legislation take effect before introducing new layers of rules.

In our democracies, public support for rules and policies are essential.

Norwegians mostly heat their homes with electricity, and 95 percent have spot-price electricity contracts.

The volatile, and occasionally very high electricity prices, that we have seen over the last few years, therefore have a large impact on households’ costs, from day to day and month to month.

To ensure predictability and stability for households, without interfering with the market, we have introduced Norway Price – a cost predictability scheme for households.

The final cost of electricity per kWh is still substansial and comparable to historical prices in Norway, and people will still have incentives to reduce their electricity bills through energy savings.

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Dear friends,

These are just a few of the current challenges we are working on in the EU-Norway energy relation. What the next year or the next five will bring is hard to predict.

But our partnership rests on a strong and enduring foundation.

Europe’s energy future depends on cooperation, innovation, and wise choices.
It depends on our ability to prioritize and get the right balance between energy security, competitiveness, and climate ambition.

A successful and competitive Europe is mutually beneficial to us all.

Norway will remain a stable and long-term partner for Europe.

We will provide reliable energy, invest in innovation, and work towards our climate goals.

The road ahead will be demanding, but we are ready for it.
Together, we will strive for an energy system that is sustainable, competitive, and secure.

Thank you for your attention.