Will the EU ETS weather political headwinds in July’s reform?
The EU ETS has entered 2026 in an unusually volatile and politically charged state. After briefly rising above 90 EUR/t in mid-January, CO2 prices reversed course as geopolitical shocks, macro risks and, perhaps most importantly, growing calls for ETS reform weighed on prices.
Two new faces at THEMA this summer
We are happy to welcome two new interns to THEMA this summer: Marie Sølverud Wangen and Benjamin Svarød.
THEMA awarded new framework agreement with the Norwegian Ministry of
We are proud to have been awarded this framework agreement with the Ministry of Energy for energy advisory services. This is the third time THEMA has secured such an agreement, and we were ranked number one in the competition overall. Norconsult will join us as a subcontractor, providing complementary technical expertise.
Behind the scenes of the Norwegian Nuclear Power Commission’s report
On Wednesday 8 April, the government-appointed Nuclear Power Commission presented its recommendation – one of the most talked-about energy inquiries in Norway for a long time. Berit Tennbakk (Partner at THEMA) and Øystein Sand (Senior Consultant at THEMA) have played key roles in the work.
Offshore cooperation could save Europe EUR 48 billion
Offshore cooperation in the North and Baltic Seas could reduce total electricity costs by EUR 48 billion in the 2040s and cut average prices in Europe by more than 1 EUR/MWh. The analysis, which was commissioned by Ørsted, helped inform agreement on a joint declaration by North Sea energy ministers in January.
Resource rent tax on small-scale hydropower has implications for municipalities,
A proposed tax change in Norway could transfer EUR 1.6 billion from municipalities, investors, and landowners to the central government while discouraging new hydropower investments and reducing equity values in existing plants by more than 60 percent.
How Can We Make Use of Demand‑Side Flexibility in the
Several pilots and initiatives have been carried out across the Nordics. However, demand-side flexibility has failed to become a profitable and lasting part of the power system at scale. Case studies show that technological, regulatory, and market barriers on both the supply and demand sides hinder further development.
New external analysis for Energi2050
The energy system is in the midst of geopolitical turmoil, growing complexity, and a climate and nature crisis. THEMA’s external analysis for Energi2050 provides insights into the changes shaping the future energy strategy – and what Norway must do to secure its position.
THEMA is participating in the National Competence Center for Onshore
THEMA is part of the group that will guide municipalities on the planning and development of onshore wind power
Meet the newest additions to THEMA
This fall, we’re excited to welcome five new consultants to THEMA! Joining our Market Analysis team are Linda Gammelsæter, Silje Bentdal, Johanne Arnøy and Simon Brandkamp. We’re also thrilled to welcome former summer intern Sander Nordhagen back!
New THEMA – Vind AI partnership integrates market data for
New Europe-wide partnership between energy market data provider THEMA and wind development platform Vind AI seeks to support wind developers to plan and design financially viable projects faster and smarter, as the market increasingly embraces the latest digital tools.
Germany’s Energy Future: Insights with Dr. Arndt von Schemde
Ready to explore key political developments shaping Germany's energy transition? Join Dr. Arndt von Schemde from THEMA Consulting Group, in collaboration with the German-Norwegian Chamber of Commerce (AHK Norway), for an insightful webinar that will unpack the critical changes shaping Germany's energy future.
Curious about working at THEMA? Here are some tips from
When Tobias got a job at THEMA in the fall of 2023, he was in the final year of his master’s degree in Energy and Environment Engineering at NTNU. He believes that having an interest in the power sector is important if you want to work at THEMA and encourages applicants to highlight any unique…
THEMA & Atmen joint webinar: From Hype to scaling Hydrogen
Join THEMA Consulting Group and Atmen for a webinar on May 6, 2025, exploring the evolving green hydrogen market. Despite project cancellations, EU-compliant hydrogen certification is advancing. Learn about RED II DA rules, PPAs, and practical certification insights in this dynamic session.
Costs for solar PV down, hydrogen costs up posing different
2024 saw fundamentally different price developments for certain technologies: While costs for solar PV went down, investments costs in electrolyser projects went up significantly. Over-capacity and low profit margins on the one hand and cancelled projects on the other pose challenges for the respective industries.
Green Values Spring Update provides insights into EU ETS and
Uncertainties regarding industrial competitiveness dampen an otherwise bullish outlook for ETS prices and GO demand. With a tightening ETS, we expect prices to move upwards in the coming years. Strong RES generation growth limits the potential upside for GOs. Industry prospects and regulatory drivers are decisive in both markets.
Leadership change in THEMA´s Berlin office
Upcoming change in leadership: As of April 1st, Lukas Feldhaus will be THEMA´s new head of office in Berlin. Lukas replaces Marcus Franken, who is taking over the public affairs team at Elevion Group.
Statnett’s costs as a system operator should be more strictly
The Norwegian TSO, Statnett, has weaker incentives to keep costs down in its role as a system operator compared to its role as a grid owner. This may lead to unnecessarily high costs and influence the solutions Statnett chooses to fulfil its responsibilities.
Sluggish demand growth puts a downward pressure on power prices
THEMAs latest Power Market Outlook shows still sluggish demand growth putting a downward pressure on power prices in the short to medium term, while increased cost lifts the long-term power prices.
Meet us at E-World 2025!
Meet us at E-World 2025 in Essen to discuss the latest energy market and policy developments! We´re looking forward to meeting you and sharing our views on PPA prices, intraday, reserve, and hydrogen markets, storage, wind and solar revenues, policy challenges and many other topics. Will we see you there?
Meet Falk and Asgeir: This Year’s Winter Interns
After outperforming over 250 other students in the application process, Falk and Asgeir are ready to test the consulting world. We asked them why they chose THEMA and what they will be working on during their internship.
What’s it like being a consultant in THEMA?
We asked two of our newly hired consultants, Tora and Asbjørn, about their first six months at THEMA. What projects have they worked on? What have they learned? And what stands out the most from their first time as consultants in THEMA?
Evaluating the impact of prolonged recession on the German power
The break-up of the coalition government and announcement of snap elections in February 2025 have plunged Germany into political uncertainty. The political mayhem comes at a time when the country is already in recession. In this special issue, we take a closer look at what a prolonged recession could mean for the country’s energy system.
Technology costs to further normalize
After the surprising cost surge across all technologies in 2022 and 2023, driven by high raw material and energy costs and by rising costs for project financing, we see now a normalization of the market.
Lower than expected demand growth puts European power prices under
In the Fall edition of THEMAs Power Market Outlook we see a more moderate short-term demand growth than previously expected. The near-term demand growth expectations are lower due to the European industry struggling and many electrolyser projects being delayed or shelved. The lower demand growth puts power prices under pressure.
Norwegian grid companies take initiative to secure sustainable land use
Through Strategic Grid Forum (SNF), a forum led by THEMA, the largest grid companies in Norway have committed to common principles for estimating land use. ‘This ensures a common methodology for mapping and analysing the environmental impact of grid infrastructure,’ says Trine Hunderi Sætre, Sustainability Manager at BKK.
THEMA to present batteries’ role in power markets at Austrian
Marcus Franken, head of THEMA’s Berlin office, will talk about the role of battery storage in boosting flexibility at the Montel Austrian Energy Day on 26th September 2024.
Germany breaking ground with new combined capacity mechanism discussions
The German government wants to break new ground by developing a capacity market design with both centralised and decentralised segments. It also plans to tender for 5 GW of new gas-fired generation capacity as a stop-gap measure before the capacity mechanism comes into force.
Meet the newest addition to our THEMA-team!
Last week we welcomed seven new consultants at the Oslo office: Tobias Aas, Tora Dahl, Christian Rognes, Jonas Mehlem, Asbjørn Nisi, Viktor Moulin and Eirik Lindberg. After a densely packed introduction week, they are already well underway with project work. If you want to get to know more about our new consultants – keep reading!
District heating offers big benefits for the Norwegian energy system
The energy transition requires more electricity but is hampered by scarce grid capacity. The expansion of district heating could relieve the grid and enable the connection of more new electricity consumption. The economic benefits could be substantial, but the current policy framework should be adapted to realise these benefits.
Rogaland needs 7-13 TWh of power to become a low-emission
Rogaland consumes about 24 TWh of energy today, half of which is fossil-based. To decarbonize, fossil energy must be replaced with emission-free energy. Commissioned by Rogaland fylkeskommune, THEMA has analysed the future development of Rogaland's energy system and identified potential conflict areas in the energy transition.
Meet this year’s summer interns: Elise, Herman and Sander!
This summer, Elise, Herman and Sander will be trying their hand as consultants at THEMA. We've asked them what they will be working on this summer, what they're looking forward to learning more about and what they think will be challenging.
Grid-scale batteries on the rise: THEMA webinar on battery tech
Battery capacity is growing across Europe. They help accommodate volatile RES power. But how do batteries turn a profit? And what are the current most important tech developments? Also, how dependent is Europe on China for battery imports? On April 18th, 250 viewers joined our webinar to hear our thoughts on these questions.
Germany starts first CCfD auction to support industrial decarbonisation
Germany adopted Carbon Contracts for Difference (CCfD) in June 2023 and the first auction was finally launched this March. The subsidy program covers 15 years of additional CAPEX and OPEX costs incurred by climate-friendly production facilities. We help companies make sense of the regulations and calculate the level of support.
How do solar in the Nordics and batteries in Germany
The Nordic countries have set ambitious targets for solar power and costs are at record lows. In the spring edition of THEMA's Power Market Outlooks, released on February 29th, we dive deep into the consequences of a possible solar boom in the Nordics and look at the impact of batteries in Germany.
E-World 2024: Meet THEMA to discuss your path through the
Meet us in two weeks at E-world and debate the latest energy market and policy developments with us! Come visit us in hall 1, at stand 135. We´re looking forward to discussing and sharing our view on PPA prices, H2 markets, storage, wind and solar revenues, policy challenges and many other topics. See you there!
Can Transmission Access Guarantees and CfDs work together?
The EU has suggested using a combination of Contracts for Difference and Transsmion Access Guarantees to support the development of offshore wind. We consider the likely effectiveness of these measures and how they could be used together to address the risks facing developers of hybrid generation and interconnection projects.
What is it like being new at THEMA? Let’s find
In August, we had the pleasure of welcoming a record number of new consultants to THEMA! They have all done an excellent job so far, contributing to the professional and social strengthening of the THEMA team. But how have their first months been? We catch up with Fnan Bashay Berhie, Olve Bjørke Wergeland and Lina…
THEMA web portal update: Hydrogen Outlook and Technology Outlook
We extend the functionality of the THEMA web portal with a Hydrogen Outlook and Technology Outlook. Together with our Market Outlooks, PDF reports and standard Excel files with assumptions and results, this provides a holistic analysis of Europe’s energy future towards 2055.
Enabling green power procurement: THEMA joins dena initiative
Germany aims to cover 80% of its electricity demand from renewable sources by 2030. But electricity users struggle with the volatility of power prices and of wind and solar power in general. Dena´s “Marktoffensive Erneuerbare Energien” gives handy advice on how to purchase green power. THEMA is now a member of this initiative.
Delays in offshore wind investments lead to higher prices
The fall edition of THEMA Power Market Outlook has been published. Falling gas prices have dampened price expectations in the short term. Cost increases and little interest in the auctions for offshore wind will delay investment and result in higher prices in the medium term. In the long term, there are small changes in price…
The fall edition of THEMAs Power Market Outlooks is now
The latest THEMA market outlook is now available on our web portal.
Did you know that THEMA also works with operational improvement?
Some may associate THEMA mainly with price forecasts and expertise in regulations and energy policy measures. However, we also work extensively on organizational development and operational improvement. Our clients continuously strive to find the best possible organizational structure and operation to manage their societal mission, and in this work, THEMA can contribute!
Price impacts of a German bidding zone split revealed
A potential split of the German bidding zone has gathered a great deal of attention in German public debate recently, even featuring prominently in the election campaigns of several German states. In a European multi-client study, we have analysed the potential impacts of such a split.
Meet our new consultants – both in Oslo and Berlin
Two weeks ago we had the pleasure of welcoming 13 new THEMA consultants: Anais, Anders, David, Fnan, Ivar, Leonora, Lina, Lorenzo, Olve, Oyeshi, Utku, Victor and Øystein. They will help to further strengthen our expertise in renewable energy, market analysis, strategy, organisational development and economics.
THEMA’s new partner – Svend Boye
Svend, an economist and current partner in Oslo Economics, brings a variety of valuable expertise to THEMA on issues including the retail and wholesale electricity markets, grid regulation and low-carbon transport.
Trøndelag’s Energy Future: A Comprehensive Knowledge Base
THEMA has prepared a knowledge base on the energy system in Trøndelag for the region’s County Council for Trade and Industry. The purpose of the knowledge base is to establish a common starting point and lay the foundation for further work within the county’s energy sector.
Focus on diversity: THEMA attends Oslo Pride Business Forum
The last week of June, our colleagues Elise Langerød and Iris Carrascal Simonsen attended Oslo Pride Business Forum for a day with interesting presentations, panel debates and discussions on diversity and inclusion in the workplace.
THEMA enters collaboration with Straumr
THEMA has entered into a collaboration agreement with Straumr regarding a tool for forecasting regulated revenue caps. Our objective with the collaboration is to develop a user-friendly, flexible, and robust solution that provides grid companies and other stakeholders increased insight into future revenue caps which together will create value.
Changes to Norwegian generation tax regime increase investor uncertainty
In the wake of recent high prices, the Norwegian government has implemented or proposed sweeping reforms to the tax system for hydro- and wind power. These changes transfer large sums to the state and weaken investment incentives for Norwegian power production.
Conditional connections make room for renewables and electrification
Electrification and more intermittent generation pose a challenge to grid operation and costs. Conditional connections can help increase the value of existing grid infrastructure and postpone or even defer the need for grid reinforcement. We have studied how such connections can be designed for the Swedish Energy Inspectorate.
New gas infrastructure must be “hydrogen ready” – but what
Twice a year, we publish our Technology Outlook where we review renewable energy technologies and their role in the current and future energy system. Each report contains a Special Issue where we focus on one relevant topic. In this edition, we look at the technical requirements for gas infrastructure to be “hydrogen ready”.
Germany is working on a new electricity market design
Germany has kicked off a year-long forum to discuss the future of energy trading. In several working groups, the so-called “Platform Climate-Neutral Power system” will collect ideas and information from German power market actors. We follow the process closely and provide advise during the process.
Spring Power Market Outlook: Available in THEMAs web portal
One year after the war in Ukraine started energy prices are still at elevated levels and the uncertainty is large. Normalisation of power prices will depend on the availability of affordable gas. In our special issues we focus on the effects of some of the proposed ideas for new power market designs in Europe.
THEMA partner Håkon Taule is one of the experts on
The committee, recently established by the Norwegian government, is set to evaluate measures that can secure lower and more stable electricity prices for consumers, within the EEA agreement.
Analyse and visualize data from our power market outlooks in
THEMA's new web portal gives you easy access to THEMA's latest market outlooks. In the portal you can analyse and visualise data from our power market outlooks. The portal also allows for easy download of the market reports and the underlying data, including previous market reports.
Broad consensus among analysts as to power market drivers and
Energy policy and investment decisions in the power sector are based on analyses of an uncertain future. In a report for the Norwegian Energy Commission, we have mapped those drivers and uncertainties that power market analysts take into account.
Will the future power system be sufficiently flexible?
Norwegian power demand is growing faster than power generation, and most expected new generation capacity is not dispatchable. The system will need more flexibility. On behalf of Norway’s Energy Commission, we have assessed the potential sources of flexibility and how future energy, capacity and balancing needs can be secured.
Germany paves way for hydrogen sector and deeper cooperation with
A long-awaited update of the German hydrogen strategy sets new targets and provides a clear commitment to blue hydrogen imports. Guidelines for CCfDs will create necessary demand from industry. Both will contribute to a closer German-Norwegian energy partnership.
THEMA enters collaboration with Nash Renewables
THEMA has now entered into a collaboration agreement with Nash Renewables that combines state-of-the-art renewable modelling with THEMA’s renowned market analysis. Combined, they offer unprecedented support for renewable investment decision-making.
How to improve support for offshore wind in Norway
Recent Norwegian proposals about how to support the development of offshore wind miss opportunities to better support both offshore wind and power-intensive industry. Julian Hentschel—partner at THEMA—sets out how the current proposals can be improved.
Norwegian local and regional authorities lose billions due to tax
THEMA has assessed the consequences of changes to generator taxes on the local and regional authorities that own generation assets. The changes result in the central government taking a significant share of the cash flow genrated and reduce the value of ownership.
Costs for green hydrogen to decrease significantly in the coming
Production costs for green hydrogen from electrolysis are projected to undergo a significant reduction over the next decade. Together with increasing costs of fossil-based alternatives, this will make green hydrogen increasingly attractive especially in applications where direct electrification is not an option.
Tested self-driving taxi on study trip with Smart Energy Network
Since 2017, THEMA has been a sponsor of Smart Energy Network Norway (SEN), a network organization for actors in the energy sector. SEN organizes an annual trip to an innovative area, and this year’s destination was Silicon Valley. THEMA partner Ståle Johansen joined the trip, and he got to test a self-driving taxi and meet…
THEMA expands service portfolio to South-eastern Europe and Balkans
South-eastern Europe is still heavily reliant on fossil fuels but is in a favourable position to perform a smart transition by tapping high potentials for renewable energy generation. Ambitious policy targets, new support regimes and low LCoE for wind and solar PV make the region an interest target for investors and developers.
Flexible hydrogen production may prove cost effective
Twice a year, we publish our Technology Outlook where we review renewable energy technologies and their role in the current and future energy system. Each report contains a Special Issue where we focus on one relevant topic. In this edition, we analyse the effect of flexible operation of electrolysers on H2 production cost.
Reform of the European electricity market – THEMA hosts expert
Five panellists—representing industry, think tanks and government—discussed what is needed to realise a fully renewable electricity system at a panel discussion hosted by THEMA and EWE: 1. Incentivising rapid, large-scale investment 2. Ensuring flexibility 3. Coordinating planning across countries and technologies, and 4. Securing energy supplies
Autumn Power Market Outlook: Now also available in new web
Gas prices remain the key driver for power prices in the years to come. Normalisation of power prices hence depends on the availability of gas. The special issues focus on the effects of the EU emergency package on prices, gas consumption, and redistribution. For subscribers, the outlook is now available via our new web portal.
Welcome to our new Head of People, Elise Langerød!
THEMA is constantly growing and now we have a Head of People on board! Elise has extensive experience in various HR positions and is looking forward to further developing our support for staff at THEMA.
UK consults on a radical overhaul of the power market
Huge power price increases in the wake of Russia’s invasion of Ukraine have politicians the world over searching frantically to keep household bills in check. In Britain, the Government is betting on a complete redesign of the way the power market works.
Sweden’s TSO enters into framework agreement with THEMA
Svenska kraftnät has entered into a multi-year framework agreement with THEMA for the provision of expert advisory and analytical support.
Can Europe still save the winter?
Outages among French nuclear power plants can be expected to worsen the gas crisis in Europe. Germany could counteract the impact by reactivating its coal power plants. Extending the lifetimes of its nuclear reactors would also help. These measures would reduce gas demand outside of Germany even more than within the country.
How can contracts for difference kick-start a Norwegian hydrogen market?
Many consider contracts for difference (CfDs) well-suited to kick-starting the large-scale use of hydrogen necessary to achieve long-term climate goals. CfDs have the potential to provide investor certainty with minimal public support but many design questions need answers before they can be implemented.
Two important initiatives strengthen THEMA’s hydrogen portfolio
There is a broad consensus that hydrogen will be an important part of the future energy system. We agree. A new framework agreement with Innovation Norway brings us closer to developments in Germany, while membership in the Norwegian Hydrogen Forum will allow us to follow developments and deliver even more relevant analysis.
Database update: Far from reaching 10 million tonnes of hydrogen
Over the past two years, many electrolysis projects have been announced. At the same time, the EU has more than tripled their hydrogen production targets. How are we progressing on reaching the new targets? The latest update of our hydrogen project database shows that sum of announced electrolysis capacity in 2030 now is 43 GW.
Learn about PPAs
PPAs (Power Purchase Agreements), are becoming more widespread. Energi Norge arranges a webinar where you can learn more about: what a Power Purchase Agreement (PPA) is, why they are used, how they are priced and contract law, design and challenges
Power market outlook in uncertain times
We have published THEMA’s long-term EU ETS and power market outlooks in a time when uncertainty is larger than ever. Russia’s invasion of the Ukraine has sent natural gas and power prices skyrocketing and persistent volatility has shaken the markets, and Europe has responded quickly to try and become independent of Russian gas.
A perfect storm in the energy market – What it
The energy market is experiencing a perfect storm. The war in Ukraine has increased uncertainty in both the short and medium term. In the short term, the war will lead to rising and volatile gas prices. In the medium term, it will force changes in energy policy in response to the EU's desire to become…
Berit Tennbakk named as a member of the Norwegian energy
Berit started her career with work that laid the foundation of the liberalisation of the Norwegian power market and is one of the country’s foremost experts on power market design and regulation. She has a PhD in Economics and over 25 years of experience analysing the power market, valuable experience for the Commission’s work.
Analysis highlights key drivers for the development of the energy
This spring, the Norwegian Smartgrid Centre revised its strategy. THEMA facilitated this process and, as part of the work, analysed how energy sector trends are affecting the Centre’s activities. The conclusions are relevant for many actors within the energy industry.
