Hafslund Oslo Celsio

What Hafslund Oslo Celsio does

Hafslund Oslo Celsio is a Norwegian municipally-owned renewable energy utility, wholly owned by Oslo kommune (Oslo Municipality), and operating as Norway's second-largest power producer with 130 years of operating history. The company runs a vertically integrated portfolio spanning hydropower generation (83 plants producing 18.4 TWh of renewable energy in 2025), district heating and cooling (a 70 km pipe network under Oslo covering 28% of the city's heating demand via 15 energy centers), waste incineration with carbon capture capability (350,000 tonnes CO2/year capacity at Klemetsrud), wind and solar generation, and flexibility services. It supplies industrial energy consumers (aluminum, chemicals, green ammonia) through long-term power purchase agreements and serves residential, commercial, and public-sector customers in Oslo through direct district heating connections and electricity supply partnerships.

Revenue is generated through five primary streams: (1) wholesale and bilateral hydropower generation revenue, (2) subscription-style district heating and cooling contracts with fixed annual pricing under Norway's Norgespris regime, (3) waste incineration fees, (4) carbon removal agreements priced per tonne with corporate buyers including Microsoft and Frontier, and (5) multi-year power purchase agreements (3, 5, 7, or 15-year terms) with industrial customers such as Norsk Hydro, Elkem, Borregaard, and SkiGA, often bundled with guarantees of origin. The go-to-market combines enterprise field sales for industrial customers consuming >25 GWh/year with channel sales through electricity suppliers for SMB customers and direct connections for district heating. Capital is being deployed into CCS infrastructure, data center power supply, and pumped storage, financed in part by a NOK 1 billion loan from the Nordic Investment Bank.

Name

Hafslund Oslo Celsio

Legal name

Hafslund AS

Website

https://hafslund.no

Company type

Private

Founded year

1890

Operating status

Operating

Headcount range

101–250 employees

Short description

Hafslund Oslo Celsio is a municipally-owned Norwegian renewable energy utility, second-largest hydropower producer in Norway (83 plants, 18.4 TWh in 2025), serving Oslo with district heating, district cooling, waste incineration, carbon capture, and long-term power purchase agreements to industrial customers.

Ownership category

akta.pro rank

Product category

District Energy and Renewable Power Generation

NAICS

Steam and Air-Conditioning Supply (221330), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991), Electric Services (4911), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

District Energy & Community CHP (District Heating/Cooling Networks) (EUACAKAH)

akta.pro secondary industries

Onsite Low-Carbon Heat & CHP (Electrified CHP, Fuel Cells, Renewable CHP) (EUABAJAI), Waste-to-Energy CHP (Municipal/Industrial Waste Incineration) (EUACAKAC)

Keywords

• District heating services
• Hydropower generation
• Carbon capture storage
• Power purchase agreements
• Waste incineration energy

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain, Others

Revenue model

1. Hydropower and Renewable Energy Generation: Hafslund generates revenue through hydropower production (83 plants producing 18.4 TWh renewable energy in 2025) and other renewable sources including wind and solar. Revenue comes from selling electricity to the market and through long-term power purchase agreements with industrial customers.
2. District Heating and Cooling: District heating services delivered through 70 km of pipes under Oslo to residential, commercial, and industrial buildings. Revenue generated from heating supply contracts with customers in næringsbygg (commercial buildings), borettslag/sameier (housing cooperatives), and private homes. Also includes district cooling services.
3. Waste Incineration: Waste incineration at plants in Klemetsrud and Haraldrud processes household, industrial, and special waste. The operation converts waste to energy for district heating while recovering metals from bottom ash. Subject to Norwegian waste incineration tax.
4. Carbon Capture and Storage (CCS): Carbon capture services through the Oslo CCS project at Klemetsrud, capturing up to 350,000 tonnes CO2 annually. Revenue comes from carbon removal agreements with buyers like Microsoft (1.1 million tonnes over 10 years) and the Frontier buyer group.
5. Power Purchase Agreements and Guarantees of Origin: Long-term power agreements (3, 5, or 7 year terms) with industrial customers and guarantees of origin certifications documenting renewable energy production. Customers include Elkem, Borregaard, SkiGA for green ammonia, and Norsk Hydro.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Hafslund Oslo Celsio produces and distributes district heating and district cooling in Greater Oslo through a 70 km pipe network and 15 energy centers, while also generating renewable electricity from 83 hydropower plants and operating waste incineration facilities with carbon capture. The company sells long-term power purchase agreements (PPAs) and guarantees of origin to large industrial consumers and provides carbon removal services through the Oslo CCS project at Klemetsrud.

Product overview

Hafslund Oslo Celsio operates a diversified renewable energy portfolio centered on hydropower (83 plants, Norway's second-largest producer), district heating (700+ km network serving 28% of Oslo's heating needs), and carbon capture technology. The company offers an integrated suite of energy products including district heating/cooling, waste incineration, CCS, flexibility services, mobile energy solutions, consulting, and power purchase agreements. The product architecture combines core infrastructure assets (hydropower plants, district heating network) with value-added services (energy management, consulting, PPAs) and emerging technologies (carbon capture via Oslo CCS project with SLB Capturi and Aker Solutions). Recent strategic launches include full-scale carbon capture at Klemetsrud (350,000 tonnes/year capacity) and associated CO₂ terminal at Sydhavna. The company maintains 100% renewable production and invests in venture technologies for the green transition.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydropower Generation Renewable electricity generated from 83 hydropower plants across Norway; Norway's second-largest hydropower portfolio, generating 18.4 TWh in 2025 (enough for 1.2 million homes). Sold to the market and through long-term power purchase agreements to industrial customers.
• District Heating Environmentally friendly, reliable, and cost-effective centralized heating for residential and commercial buildings in Oslo. Delivered through 70+ km of pipeline and 15 energy centers, covering 28% of Oslo's heating needs and replacing electric or fossil-fuel heating. Sources include waste heat recovery from waste incineration, data centers, and sewage.
• District Cooling Water-based cooling for commercial buildings that reduces electricity demand in the city. Uses cold Oslofjord water stabilized by heat pumps and an insulated pipe network to local building cooling stations; cost-effective and sustainable for urban development.
• Waste Incineration Responsible final treatment of household, industrial, and special waste at the Klemetsrud and Haraldrud plants. The incineration process includes advanced flue gas cleaning, recovers metals from bottom ash, and channels excess heat into district heating. Subject to Norwegian waste incineration tax.
• Carbon Capture and Storage (Oslo CCS) Full-scale carbon capture plant at Klemetsrud that captures up to 350,000 tonnes of CO2 per year from waste incineration; CO2 is transported and permanently stored through the Northern Lights project. Sold as permanent carbon removal to corporate buyers (Microsoft, Frontier).
• Power Purchase Agreements (PPAs) Long-term fixed-price power contracts for industrial companies and large energy consumers. Includes PPAs with guarantees of origin (certifications documenting renewable production), hedging, and customized pricing over 3, 5, or 7 year terms. Customers include Elkem, Borregaard, SkiGA, and Norsk Hydro.
• Flexibility Services Smart energy management service that enables businesses to earn revenue from sale of electrical-load flexibility. Hafslund aggregates small and medium-sized customer loads into clusters for sale in the flexibility market and adjusts consumption for short periods without disrupting customers.
• Mobile Energy Solutions Emission-free building site energy solutions offering construction power, charging stations, and battery solutions for construction sites. Operated through Hafslund Mobil Energi AS.
• Hafslund Consulting Electrification advisory services established in 2019 that help companies transition to a zero-emission future by leveraging Hafslund's expertise in renewable energy and electrification.
• Wind Power Generation Wind power generation as part of Hafslund's diversified renewable energy portfolio alongside hydropower and solar. Operated through Tonstad Vindkraft AS.
• Solar Power Generation Solar power production as part of Hafslund's renewable energy portfolio, including installations such as the 85-panel, 400 sqm system at Vangen Skistue in Østmarka in partnership with Skiforeningen.

Quantifiable outcome

• Captures 350,000 tonnes CO2 per year, reducing Oslo's greenhouse gas emissions by 19%
• +6 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, minor and flagship.

• Norsk HydrocoreStrategic or Co-development Partner · 1 February 2026Norsk Hydro signed two long-term power sourcing agreements with Hafslund covering 5.25 TWh for 2031-2040. Norsk Hydro is also investing NOK 1.2 billion in the Illvatn pumped storage plant to secure renewable energy for its Norwegian aluminium operations.
• AFRYminorImplementation/ SI/ Consulting Partner · 1 December 2025AFRY was awarded a contract by Hafslund Kraft AS to study increased flexibility and operational efficiency at the Aurland 3 Pumped Storage Power Plant in Norway.
• CCUS InnovationcoreStrategic or Co-development Partner · 1 December 2025Norway launched CCUS Innovation, a national innovation cluster unifying CCUS Norway and CCS Innovation with 69 members. Hafslund Celsio, Norway's largest district heating supplier and first mover in industrial CO2 capture, plays an active role in strengthening collaboration across the CCUS value chain. Cluster received NOK 9 million funding for 2026-2028.
• SLB Capturi (SLB and Aker Carbon Capture joint venture)coreTechnology or Integration · 1 January 2025Hafslund Celsio, Aker Solutions, and SLB Capturi are building one of the world's first full-scale carbon capture plants at waste incineration. SLB Capturi provides modular carbon capture technology. The partnership targets combined annual CO2 capture capacity exceeding 1.1 million metric tons across projects.
• MicrosoftflagshipOthers · 1 January 2025Hafslund Celsio signed a 10-year agreement with Microsoft for delivery of 1.1 million tonnes of permanent carbon removal from Oslo CCS project at Klemetsrud.
• ElkemcoreStrategic or Co-development Partner · 1 January 2025Elkem signed long-term power agreement with Hafslund for period 2028-2035 with annual contract volume of approximately 400 GWh, delivery in NO3 price area.
• Frontier (Carbon Removal Buyer Group)coreOthers · 1 January 2024Hafslund Celsio signed agreement with Frontier buyer group for pre-purchase of carbon removal from Oslo CCS, the world's first carbon removal sale from waste incineration.
• BorregaardcoreStrategic or Co-development Partner · 1 January 2024Borregaard and Hafslund entered new long-term power agreement for 2025-2034 with annual contract volume of 88 GWh representing 10-15% of Borregaard's yearly consumption at Sarpsborg factory.
• SkiGAcoreStrategic or Co-development Partner · 1 January 2024Hafslund signed 15-year industrial power agreement (PPA) with SkiGA for production of green ammonia in Skipavika, Gulen municipality. Contract secures majority of renewable energy required for large-scale emission-free ammonia production.
• SkiforeningencoreStrategic or Co-development Partner · 1 January 2023Hafslund is main sponsor of Skiforeningen (Ski Association) with a partnership framework of 2-3 million NOK per year. Collaboration includes solar panels on mountain huts, electric bike chargers, electric trail grooming machines, and power supply agreements. Through Hammeren power plant, Hafslund has used water from Oslomarka for power production for over 120 years.
• Klemetsrud Idrettslag (KIL)coreGTM or Marketing Partner · 1 January 2023Hafslund sponsors Klemetsrud Idrettslag including Hafslund Academy - a free sports program twice weekly for children in grades 5-7 in Mortensrud area. Partnership provides youth coaching, community building, and first job opportunities for youth.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Dalkia: EDF subsidiary and one of Europe's largest district heating and cooling networks. Directly comparable operating model and customer base, though primarily France-focused.
• Veolia Environmental Services: Global environmental services and energy group with district heating networks across Europe. Comparable in waste-to-energy operations and district heating, with similar municipal utility customers.
• E.ON: German integrated utility with significant district heating operations across Northern Europe and a growing renewables portfolio. Comparable broad utility model and customer segments.
• ENGIE: French multinational utility with substantial district heating and energy services businesses across Europe. Overlaps with Hafslund on district heating networks, renewables, and decarbonization offerings.
• Vattenfall: Swedish state-owned utility with district heating, hydropower, and active CCS initiatives (e.g., pilot projects). Comparable broad energy portfolio and Nordic municipal ownership model.
• Statkraft: Norwegian state-owned Europe's largest renewable energy generator, primarily hydropower. Direct overlap with Hafslund Kraft on Norwegian hydropower generation and PPA business.
• Fortum: Finnish state-majority utility with large district heating operations across the Nordics and Poland, plus hydropower and nuclear generation. Overlaps with Hafslund on district heating, hydropower, and CCS, but at a much larger, multi-country scale.

Emerging players

• Aker Carbon Capture: Norwegian carbon capture technology company and joint venture partner (SLB Capturi) with Hafslund on the Klemetsrud CCS project. Adjacent rather than directly competing, but tightly linked to Hafslund's CCS strategy.

Direct peers

• Fortum Oslo Varme: Operates district heating in Oslo as the main direct competitor to Hafslund Celsio. Both companies supply heating to overlapping customer bases in the same metropolitan area and share similar technology, regulatory regime, and customer economics.
• Stockholm Exergi: Swedish municipal-owned district heating and cooling utility operating in Stockholm, with an advanced bio-CCS project at Värtan. Highly comparable to Hafslund in combining district heating with carbon capture and renewable production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/hafslund.no
• LinkedInlinkedin.com/company/hafslund
• Instagraminstagram.com/hafslund

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hafslund Oslo Celsio