Background information

During the summer and early autumn of 2022, the Norwegian Trade Union Congress (LO), the Confederation of Norwegian Enterprise (NHO) and The Federation of Norwegian Enterprise (Virke) pressured the government to create a support scheme for businesses that struggled with high electricity prices. In the end of September, the leaders of the tree organisations met with the Minister of Trade and Fisheries to address the issue, and on 16 September, the government presented a strategy and a package of several measures. Among them was a loan guarantee scheme for electricity-intensive businesses that have liquidity problems as a result of the high electricity prices. The scheme was formally launched on 9 November 2022.

Content of measure

The loan guarantee scheme provides a state guarantee for 90% of the amount a bank loans to companies that are facing an acute lack of liquidity as a result of the increase in electricity costs. This is a temporary arrangement that will be managed by Export Finance Norway (Eksfin).

The scheme is limited to companies with at least 3% electricity intensity in the first half of 2022. The upper limit for the loan amount is set at NOK 50 million (€5 million) per company/group. The company’s bank can apply to Eksfin and will be invited to enter into an agreement with Eksfin.

Use of measure

No information on the use of the measure.

Target groups

Workers	Businesses	Citizens
Does not apply to workers	Applies to all businesses	Does not apply to citizens

Actors and funding

Actors	Funding
National government	National funds

Social partners

Social partners' role in designing the measure and form of involvement:

	Trade unions	Employers' organisations
Role	Consulted	Agreed (outcome) incl. social partner initiative
Form	Direct consultation outside a formal body	Direct consultation outside a formal body

Social partners' role in the implementation, monitoring and assessment phase:

• Social partners jointly
• Main level of involvement: Peak or cross-sectoral level

Involvement

Social partners have asked for measures to help businesses with high electricity costs since beginning of 2022 and have been in consultation with the government on the matter.

Views and reactions

Leader of the Confederation of Norwegian Enterprise (NHO), Ole Erik Almlid, has stated that the state’s loan guarantee scheme for companies is not good enough and asked for better compensations for businesses.

Sources

• 08 August 2022: We need an electricity package for businesses (www.nho.no)
• 08 September 2022: The Minister of Trade and Industry meets LO and NHO about electricity support for businesses (www.vg.no)
• 09 September 2022: Power support: NHO believes this is necessary (www.nho.no)
• 09 November 2022: The loan guarantee scheme for business as a result of the high electricity prices is ready (www.regjeringen.no)
• 09 November 2022: The loan guarantee scheme to ensure liquidity for electricity expenses (www.eksfin.no)