How we did it
We did not wait
for better times.
2025 became the year we reshaped Aneo — and the company that emerged is different from the one that entered.
Result
We cannot control the forces of nature. We build to withstand them.
Renewable energy is and will remain a cyclical industry. Power prices, weather, interest rates, and geopolitics create fluctuations beyond our control. Our answer is not to predict them — but to build a company that stands firm no matter which way they turn.
The foundation we build upon
Scale
Larger volumes are more resilient to fluctuations.
Spread
Six price areas mitigate the risk within each individual one.
Operations
We operate and maintain what we own — every day, over time.
Capital discipline
We invest where it creates the most long-term value.
It comes at a cost.
Result
-0.0 billion NOK
Aneo reported a deficit of approximately NOK 1.1 billion. More than NOK 800 million in value was written down on paper — adjusted to current interest rates and power prices. Prices in Central Norway were around 24.7 øre/kWh. Most of the loss is on the balance sheet, not in operations — the parks produced as they were supposed to.
The people
~0.0 %
The hardest part was not the numbers. Throughout the year, about 30% of our colleagues left the company. Such decisions are never made lightly — they were made because they were necessary, both for those who remained and for the company’s ability to deliver over time. To everyone who helped build Aneo: thank you.
Read the full annual report (PDF)