January 23 2024

Summary of Pareto Securities’ 26th annual Power & Renewable Energy Conference 2024

On 18 January 2024, we hosted our 26th annual Power & Renewable Energy Conference in Oslo. Together with over 900 participants and 65 presenting companies, we highlighted the need for more renewable energy capacity and our outlook on the power and renewable energy market. 

For the 26th consecutive year, we invited investors, political decision-makers and industry professionals to our annual Power & Renewable Energy Conference in Oslo. Producing the equivalent of +30% of the European electricity demand, the presenting companies span the breadth of the renewable energy value chain.


The energy transition is continuing at a record pace, driven by higher-than-ever investments in renewable energy. In 2023, investments in solar power were higher than for oil production - for the first time ever.

Renewable investments are increasing sharply, but we need to invest significantly more to meet future energy needs

Christian Jomaas, CEO of Pareto Securities

However, even more investments into renewables are needed to build enough renewable energy capacity. Looking at Norway alone, the power supply surplus is quickly being consumed, driven by consumer growth, electric transport, data centres, hydrogen, and electrification. Latest estimates predict that Norway’s power surplus will be gone by 2028.

We believe 2024 could be a turning point for renewables and cleantech

Lars Ove Skorpen, Power & Renewable Energy Director at Pareto Securities

Interest rates are coming down, giving reduced cost of capital. Meanwhile, inflationary pressure is easing, we are now seeing governments increasing support for offshore wind, and we expect to see further reductions in the levelized cost of electricity (LCOE).

An energy crisis has been averted, but power prices in Europe and the Nordics are here to stay at a significantly higher level compared to the pre-covid level.

Last year was the warmest year on record, with a global temperature of +1.48 degrees above the preindustrial average. We are already very close to reaching the 1.5 degrees, agreed in the Paris agreement, and we therefore urgently need to invest more in renewable energy and renewable technologies.





For our keynote and panel discussion sessions, we welcomed key figures from the renewable energy sector.

In his keynote presentation, Terje Aasland, Norway's Minister of Energy, elaborated on Norway's approach to a clean and renewable future, followed up by Christian Rynning-Tønnesen, President & CEO of Statkraft, with his presentation into deploying capital into renewable energy in the decade to come.

A panel consisting of Fredrik Norell (BlackRock), Åslaug Marie Haga (Renewables Norway), Terje Pilskog (Scatec), Christian Rynning-Tønnesen (Statkraft), and Hilde Tonne (Statnett) shared their perspectives on "Energizing the Future: Barriers, Enablers and Global Trends in Renewable Energy" in a fireside chat, moderated by our Investment Banking Senior Partner, Yngve Walle. 

Sector highlights

Our conference gathered 65 renewable energy companies from subsectors such as hydropower production, wind and solar power, hydrogen, batteries, carbon capture and storage, waste-to-energy and recycling, and utilities. In addition, our equity research analysts held dedicated sector presentations on the markets for offshore wind, batteries, carbon capture and storage (CCS), and recycling and waste-to-energy (WtE).


Renewable developers and financiers highlighted the lack of grid and slow permitting processes as the key barriers to further accelerating the renewable build-out. Themes among renewable developers included the importance of diversification across geographies and technologies where solar PV and battery remain the fastest growing asset type. The companies highlighted capital recycling as a preferred way of financing near-to-medium-term activity, both through farm downs in early-phase projects and the sale of producing assets, alluding to the valuation gap between the public and the private market.

Offshore wind

Naturally, there was a lot of focus on the upcoming offshore wind auction SNII in Norway. Economics looks challenging under the current scheme as previously noted and increasingly communicated also by the involved consortia. During the day, Shell, which is part of one of the five serious contenders, proposed deferring rather than rushing the process at a time when key cost items are still highly uncertain. Norwegian Minister of Energy, Terje Aasland, was expectedly brief in his comments, saying they really hoped for an auction while acknowledging that it is a challenging time for the industry at present.

Bård Rosef, Equity Analyst


There was consensus among the hydrogen companies at our conference that the market will continue to grow in 2024. Although large orders have been delayed due to a lack of clarity on support schemes and rising project costs, the companies were optimistic regarding this year. The quality of the pipeline is quoted as better, with more blue chips looking towards hydrogen, although timelines of project conception to FID grows longer.

Demand-side incentives and actual distribution of support capital should motivate more FIDs in 2024. The US is still cited as the market with the most promise in the near-to-mid-term, although the latest regulatory decisions give more momentum to Europe. Most reiterate that scale is most important to drive down costs in the near term, and plans for expansions and growth are still high on the agenda. Overall, optimism regarding future potential in hard-to-abate and hard-to-electrify industries.

Gard Aarvik, Equity Analyst

Battery market

Batteries stand out as a clear choice for the transportation sector and are the preferred solution for short-term energy storage. Battery technologies are constantly improving, driving energy density higher and cost down, while infrastructure build-out raises the barriers for alternative solutions.

For renewables, batteries have emerged as an affordable, flexible balancing tool – becoming a pre-requisite and vital for larger projects. This makes the demand-side potential massive, and decades of growth expected ahead. While massive capacity expansions have brought the market into surplus, near-term, most of the capacity is located in China, adding substantial risks for the Western world. Thus, a more sustainable battery value chain in the US and Europe must cope with bold decarbonization ambitions.

Kenneth Sivertsen, Equity Analyst

Carbon capture and storage (CCS)

The sector has gained recognition as a critical technology for reducing CO2 emissions, and improved government support is driving market momentum with the global project pipeline up ~50% y/y. Governments have aggressive targets, but implemented policies do not fully support this pipeline, with work still to be done on market design and support schemes. Costs of initial projects are high (far above the EU ETS carbon price), and government subsidies and risk-sharing are key for investment decisions, which the presenting companies emphasized.

Jørgen Søvik Opheim, Equity Analyst


Recyclers and WtE companies focused on the importance of industrial partnerships to secure input and offtake of output in the next years and to build circular value chains. For many of the listed waste treatment technology companies, 2023 was centred around delivering test volumes and preparing for commercial-scale production; hence, 2024 will be an important year where the commercial viability of the existing setups will be put to the test.

Since the start of 2023, the aggregated market cap of 13 listed recycling and waste management companies in Oslo and Stockholm depreciated by 27%, but the waste treatment technology companies that delivered on communicated targets regained market appreciation (and vice versa) – a trend we believe will persist into 2024.

Kari Eide Hartvedt, Equity Analyst

Thank you to all participants and companies that contributed to our 26th annual Power & Renewable Energy Conference.