Ustekveikja Energi

What Ustekveikja Energi does

Ustekveikja Energi AS is a Norwegian electricity retailer and small-scale generator founded in 1992 at the time of Norwegian market liberalization, headquartered in Geilo in the Hallingdal valley. The company supplies electricity contracts (spot-price, fixed-price, and hedged products) to both private households and business customers across all five Norwegian price zones (NO1–NO5), and is partially vertically integrated through ownership of three hydroelectric power stations. Its customer base spans residential segments (with a particular focus on personal, non-automated phone service), SMBs, large industrials (>5 GWh annual consumption such as Hallingplast at 13.5 GWh), property managers and developers, and partner-organization members (sports clubs and housing cooperatives).

Underlying technology is delivered through the Yve-konsernet shared platform: customer management, billing, Elhub integration (the Norwegian central power-market data hub), and the proprietary Ustekveikja mobile application with LIVE real-time metering, smart EV charging scheduling, and support for solar plus-customers. Business customers access a free Min Bedrift energy management portal and a paid Min Bedrift Pluss tier (199 kr/month) offering 5-year price forecasting, energy budgets, market intelligence, and product declaration for climate reporting. Power trading is handled by a dedicated krafthandel department spanning Oslo, Telemark, Stavanger, Harstad, and Geilo, executing on Nord Pool spot and Nasdaq financial markets to hedge large contracts.

Revenue is generated through per-kWh electricity margin (påslag) plus fixed monthly fees, with fixed pricing at 49 kr/month for private contracts and member deals that route 300 kr per new customer to the partner organization. Complementary revenue streams include hardware sales of heat pumps and EV chargers financed through 3–5 year installments on the electricity bill, origin guarantees at 4 øre/kWh, the paid Min Bedrift Pluss subscription, partner electricity programs, and an Energy-as-a-Service referral arrangement with Green Norway structured on a savings-share basis. Since 2024, Ustekveikja has operated within Yve-konsernet alongside Kraftriket, Polar Kraft, and Smart Energi, sharing back-office systems while preserving regional brand identity; the group delivered 6 TWh in 2023, equal to approximately 5% of Norwegian power volume.

Name

Ustekveikja Energi

Legal name

Ustekveikja Energi AS

Website

https://ustekveikja.no

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Ustekveikja Energi AS is a Norwegian electricity retailer founded in 1992, headquartered in Geilo, supplying spot, fixed, and hedged power contracts to residential and business customers across all five Norwegian price zones, and operating three hydroelectric plants as part of the Yve-konsernet group.

Ownership category

akta.pro rank

Headquarters

HQ city

Geilo

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Electricity Supply (Spot Price Contracts): Core revenue from supplying electricity to residential and business customers. Spot price contracts are the primary product, where customers pay the hourly Nord Pool spot price plus a margin (påslag). Revenue varies with consumption volumes and market prices. This is the company's main business, operating since 1992.
2. Origin Guarantees (Opprinnelsesgaranti): Supplementary service allowing business customers to certify their electricity consumption comes from renewable sources (Norwegian hydropower). Sold at 4 øre/kWh with no fixed monthly fee. Can be ordered independently of the electricity supply contract.
3. Heat Pump Sales with Installment Payment: Sale of heat pumps (Cooper&Hunter, Panasonic, Mitsubishi, Toshiba models) with optional installment payment over 3 or 5 years via the electricity bill. Revenue from product margin and interest-free financing admin. Models range from 22,140 kr to 40,860 kr total price.
4. EV Charger Sales with Installment Payment: Sale and installation of EV home chargers (Zaptec Go, Easee Charge Up) with installment payment over the electricity bill. Zaptec Go from 249 kr/month over 3 years; Easee from 265 kr/month. Includes standard installation.
5. Min Bedrift Pluss Subscription: Premium digital energy management tool for businesses at 199 kr/month (after 3-month free trial). Provides detailed energy budgets, market analysis, and forecasting tools.
6. Power Trading and Portfolio Management: Risk management and portfolio management services for business customers, including price hedging (Spot med sikring), fixed-price contracts (Vestre model), and financial power trading. Managed by the krafthandel department covering 5% of Norway's total power volume.
7. Energy Savings Partnership (Green Norway): Referral partnership with Green Norway for Energy-as-a-Service. Ustekveikja refers customers; Green Norway delivers energy optimization. Revenue from customer retention and cross-selling electricity.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Ustekveikja Energi supplies electricity to Norwegian residential and business customers primarily through spot-price, fixed-price, and hedged contracts based on Nord Pool pricing. The company also sells and installs complementary energy products including heat pumps and EV home chargers, offers solar panel solutions and origin guarantees, and provides power trading, portfolio management, and energy advisory services for businesses. Operations are supported by the company's three hydroelectric power stations in Hallingdal and a proprietary digital ecosystem (mobile app, LIVE real-time meter, and Min Bedrift business portal).

Product overview

Ustekveikja Energi is an electricity supplier offering a portfolio of energy products for residential and business customers. Its core product is electricity supply contracts (strømavtaler) available as spot-price, fixed-price, or hybrid plans, sold alongside complementary add-on modules including heat pumps (varmepumper), EV chargers (elbilladere), and solar panels (solceller). The product suite includes digital customer tools: the Ustekveikja-appen (mobile app) for residential consumption tracking and price monitoring, the LIVE real-time meter service, and the Min Bedrift / Min Bedrift Pluss online portal for business energy management. For business customers, the portfolio extends to power trading services (krafthandel) with hedging strategies, origin guarantees (opprinnelsesgaranti), solar installation support, and partner-specific electricity contracts for sports clubs and housing cooperatives.

Differentiator

Problem solved

Functional benefit

Brands

• Ustekveikja-appen: Mobile application for customers to manage their electricity contracts, view real-time consumption, and track electricity prices.
• Ustekveikja Solstrøm
• Min Bedrift
• Min Bedrift Pluss
• UstekveikjaFondet

Products and services

• Strømavtaler (Electricity Contracts) Electricity supply agreements available as spot-price (hourly Nord Pool + margin), fixed-price, or hybrid/partner plans, supplied to Norwegian residential and business customers since 1992.
• Varmepumper (Heat Pumps) Air-to-air heat pumps sold with flexible installment payment over the electricity bill and standard installation included; available brands include Cooper&Hunter, Panasonic, Mitsubishi, and Toshiba with prices ranging from 22,140 kr to 40,860 kr.
• Elbilladere (EV Chargers) Home EV charging stations (Zaptec Go and Easee Charge Up) sold with standard installation and installment payment over the electricity bill, including smart charging scheduling via the Ustekveikja app.
• Spot med sikring (Spot with Hedging) Hedging-based electricity contract for businesses that secures up to 80% of expected consumption over a 3-year horizon (current year plus next two) using financial contracts on NASDAQ to reduce spot-market exposure.
• Krafthandel (Power Trading Services) Power trading desk providing physical power trade, portfolio management, price-hedging strategies, the Vestre fixed-price model (3–5 years), and financial power trading on NASDAQ for business customers.
• Solceller (Solar Panels) Solar panel installation service for business customers with site assessment via solar map, surplus production purchase under the plusskunde arrangement, and Enova subsidy application assistance up to 10 million NOK.
• Opprinnelsesgaranti (Origin Guarantee) Guarantee-of-origin certificates confirming electricity consumption is covered by renewable Norwegian hydropower; priced at 4 øre/kWh with no fixed monthly fee, ordered independently of the electricity supply contract for climate accounting and sustainability reporting.
• Ustekveikja Solstrøm Solar electricity product allowing customers to produce and sell surplus electricity from their own residential solar installation through a plusskunde (plus-customer) arrangement.
• Ustekveikja Partneravtale (Partner Electricity Contracts) Specialized electricity plans for sports clubs, housing cooperatives, and partner organizations offering spot-price contracts with reduced margins in exchange for partner promotion and 300 kr donations per new customer to the partner organization.
• Min Bedrift Pluss (Premium Business Portal) Premium business energy management portal at 199 kr/month (after 3-month free trial) offering 5-year price forecasting, energy budgets in NOK and kWh, market analysis (gas prices, Norwegian reservoir levels), and product declarations for climate reporting.
• Eiendomsforvaltere og Utbyggere (Property Manager & Developer Solutions) Tailored electricity solution for property managers and developers with multiple facilities and meters, featuring consolidated invoicing, single contact person, simplified meter enrollment, and construction power during the building phase.
• Green Norway Energisparing (Energy Saving for Businesses) Energy-as-a-Service offering delivered with partner Green Norway that optimizes existing technical installations (ventilation, heating, cooling) with no upfront customer investment; payment is a share of documented savings.

Quantifiable outcome

• Heat pumps can reduce heating costs by up to 60%
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

17 partnerships are on record, tiered core and minor.

• Green NorwaycoreStrategic or Co-development PartnerGreen Norway delivers Energy-as-a-Service to Ustekveikja's business customers, enabling simple, profitable, and measurable reduction of energy consumption and costs. Green Norway optimizes existing technical installations (ventilation, heating, cooling) with no upfront investment required from customers — payment is a share of documented savings only. Green Norway was awarded 'Årets bedrift 2022' in Grimstad and is headquartered in Arendal with offices in Kristiansand and Oslo.
• Yve AS (Parent Company)coreStrategic or Co-development PartnerUstekveikja is part of Yve-konsernet, which includes Kraftriket AS, Polar Kraft AS, Smart Energi AS, and Yve AS. The group operates shared services including IT systems, billing, analysis, marketing, and HR support. Yve AS coordinates group-wide privacy compliance. Yve Handel (a unit within Yve) manages power trading for the entire group. Ustekveikja joined the group in 2024.
• Hallingdal KraftnettminorOthersLocal grid operator for the Hallingdal region. Ustekveikja provides consolidated electricity and grid invoices (gjennomfakturering) through partnerships with local grid companies including Hallingdal Kraftnett.
• Nord PoolcoreTechnology or IntegrationNord Pool is the Nordic power exchange where spot prices are set. Ustekveikja's contracts are based on Nord Pool spot prices, and the company's krafthandel department also trades on Nord Pool and NASDAQ for hedging purposes.
• Stabæk FotballminorGTM or Marketing PartnerSports sponsorship partnership. Stabæk Fotball members/employees can receive favorable electricity rates through Ustekveikja. 'Football and power is energy — lots of energy.'
• Vålerenga Fotball EliteminorGTM or Marketing PartnerSports sponsorship partnership. Vålerenga Fotball Elite members/employees receive favorable electricity rates. 'Power and football is about force, tempo and teamwork.'
• Hol ILminorGTM or Marketing PartnerSports club partnership in the Hallingdal region. Members receive Ustekveikja Medlemsstrøm with 300 kr donated to the club per new customer meter.
• Geilo ILminorGTM or Marketing PartnerLocal sports club partnership. Ustekveikja Medlemsstrøm for Geilo IL members with 300 kr per new customer donated to the club.
• Hemsedal ILminorGTM or Marketing PartnerLocal sports club partnership. Ustekveikja Medlemsstrøm for Hemsedal IL members with 300 kr per new customer donated to the club.
• BORI (Boligbyggelaget)minorGTM or Marketing PartnerHousing cooperative partnership offering BORI members and employees favorable electricity rates through Ustekveikja.
• Beboer (Housing Cooperatives)minorGTM or Marketing PartnerPartnership with housing cooperatives and housing associations (sameier) where Ustekveikja provides electricity at favorable rates to residents.
• SMB TjenesterminorGTM or Marketing PartnerUstekveikja Partner SMB gives employees of member companies of SMB Tjenester access to special electricity rates.
• ElhubcoreTechnology or IntegrationElhub is the central data hub for the Norwegian power market, containing information necessary to manage power deliveries and customer relationships. Ustekveikja uses Elhub for meter data, contract switching, and regulatory compliance.
• Nasdaq (NASDAQ OMX)coreTechnology or IntegrationUstekveikja's krafthandel department trades on the NASDAQ power derivatives market for price hedging of large business customer contracts. The Vestre model and Spot med sikring products rely on financial contracts traded on Nasdaq.
• VarmepumpeserviceminorImplementation/ SI/ Consulting PartnerNetwork of certified heat pump installers used by Ustekveikja for installation of customer-purchased heat pumps. Covers most of Norway with local certified technicians.
• Statnett / Statnett MarkedcoreOthersStatnett operates the Norwegian power grid and issues origin guarantees (opprinnelsesgarantier). Ustekveikja's origin guarantee certificates are issued through Statnett and comply with EECS international standards.
• Fornybar NorgeminorOthersIndustry association for Norwegian renewable energy companies. Ustekveikja is a member and participates in the Trygg strømhandel certification scheme developed by Fornybar Norge in collaboration with Forbrukertilsynet.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Tibber: Tibber is a Norwegian-founded digital-first electricity retailer offering hourly spot-price contracts, smart-home integration, and EV charging solutions. Direct overlap with Ustekveikja's spot-price and EV charger product set.
• Fjordkraft (Telenor): Fjordkraft is one of Norway's largest electricity retailers, serving both households and businesses with spot-price and fixed contracts. Acquired by Telenor, it competes directly with Ustekveikja across all customer segments and price areas.
• Agder Energi: Agder Energi is a regional Norwegian energy group with retail electricity supply, hydropower production, and grid operations. Highly comparable vertically-integrated profile to Ustekveikja.
• NorgesEnergi: NorgesEnergi is an independent Norwegian electricity retailer focused on private and business customers with spot-price contracts and value-added services, directly comparable to Ustekveikja's core offering and customer base.
• BKK (BKK Enotek): BKK is a Western Norway-based energy group with retail electricity supply, district heating, and grid operations, including its Enotek retail brand. Comparable vertically-integrated regional supplier.
• Trøndelag Kraft: Trøndelag Kraft is a regional Norwegian electricity supplier and producer serving households and businesses. Comparable vertically-integrated regional utility serving a defined Norwegian geography.
• Lyse Energi: Lyse Energi is a regional Norwegian energy company with retail electricity supply and telecom services. Comparable to Ustekveikja as a regionally-rooted utility with multi-product customer relationships.

Broad incumbents

• Fortum: Fortum is a Nordic energy company with retail electricity supply and generation assets, including Norwegian operations. A larger incumbent with overlapping offerings in the Norwegian market.
• Vattenfall: Vattenfall is a large Nordic and European energy company offering retail electricity supply and energy services. Broader portfolio than Ustekveikja, but competes for the same Norwegian business and household customers.
• Statkraft: Statkraft is Norway's state-owned power producer and a major European renewable energy company. While primarily a generator, it competes for large corporate renewable PPAs overlapping with Ustekveikja's business segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ustekveikjaenergi7163
• Facebookfacebook.com/Ustekveikja
• LinkedInlinkedin.com/company/ustekveikja-energi-as
• Instagraminstagram.com/ustekveikja_energi

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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 Ustekveikja Energi