Energy costs are rising by far the most

‍Newsec is one of the largest property managers in the Nordics. Every year they report what it actually costs to run Norwegian commercial properties. They look at a wide range of properties and, based on the findings, set key figures for running costs, cleaning, HVAC and waste management. There are many cost items and several of them are large. But the biggest of all is energy. This item alone accounts for 27 percent of shared costs. Not only that, it is also the item rising by far the most.

"This year's analysis shows that total shared costs have risen by 6.2% compared with the key figures from 2024. Most of the increase can be attributed to energy costs. This underlines how important energy is as a cost driver in property management, and how much good energy follow-up can matter for both property owner and tenant," writes Newsec in its report, which you can download by clicking this link.
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Fears it's only the beginning
Tommy Hagenes, CEO and founder of Energy Control, fears energy costs will have jumped again when the key figures for 2026 are presented.
"Energy prices have been high in 2026, partly because of a cold winter, high European gas prices and low reservoir levels in southern Norway. But I fear we've only seen the beginning. Several analysts predict much higher energy prices ahead, and some talk about as much as three times today's levels," says Hagenes.

For households this doesn't mean much, since they are protected by Norgespris, the fixed electricity price for Norwegian homes. For businesses it's a completely different story.
"Businesses are not protected by Norgespris. So while we charge the car, do the laundry and cook dinner at the same time at home, businesses have to pay the price in the form of ever higher energy prices. I fear this winter will be tough for many," says Hagenes.

Can be cut dramatically
Still, there is a lot you can do to reduce your own consumption. Hagenes says the company usually achieves energy savings of between 20 and 40 percent when it implements its technology in existing commercial buildings.
"Norgespris is misguided policy, but there's not much we can do about that. What we can do something about is how much energy your building uses. When we make buildings demand-controlled, we usually achieve big savings overnight. These are savings that go straight into the pockets of tenants and property owners," says Hagenes.

Often it's the small, simple measures that have the biggest effect.
"It's quick to do and often pays for itself fast. That means if someone contacts us today, there's still plenty of time to reduce energy use before fall and winter really set in," says Hagenes.

Long-term competitiveness
In its report, Newsec writes that buildings are the largest energy users in Europe, accounting for around 40 percent of energy use on their own. The revised Energy Performance of Buildings Directive (EPBD), which entered into force in the EU in 2024, sets the framework for a gradually more energy-efficient and zero-emission building stock by 2050.
"For property players, this means energy use is no longer just a question of operating costs, but also of documentation, prioritizing measures and long-term competitiveness," says Newsec in the report.

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