Strategy and business development

Our services in corporate strategy and business development are based on market players’ need to:

  • establish targets for business that are subject to a high pace of change in business environments and the company’s ability to adjust to it
  • determine clear goals for strategy and / or business development
  • ensure effective implementation of the development process, including interaction and foundations within the organization
  • understand barriers for implementation of strategic choices or new business models
  • ensure the effective operationalization of strategic choices
  • establish a continuous strategic monitoring function
  • avoid typical pitfalls in implementation of strategy and business processes

We assist our clients with implementation of suitable work processes and relevant analyses that increase companies’ ability to make strategic and business decisions in an environment that is characterized by uncertainty. THEMA consultants have specific expertise in scenario-based strategy processes that assists businesses with establishing relevant future scenarios as a basis for strategic considerations.

Our services aim at strategic processes at the corporate level and at corporate level in relation to the development of business strategies or new business models.


Contact us for references


portrait, author

Håkon TaulePartner and chairman
+47 400 67 400

portrait, author

Espen FossumPartner
+47 982 63 990

Ownership strategy

THEMA Consulting Group has broad experience in assisting owners of Norwegian power companies with strategic decisions and the establishment of guidelines for good corporate governance.

What is the purpose of ownership?

We recommend all owners to prepare an strategy for their ownership that gives the company’s board and management a platform for the company’s strategic direction. When designing an ownership strategy these issues are crucial:

  • What long-term expectation do owners have for the return on invested capital?
  • Do the owners of the company have other expectations than return on capital?
  • What is considered as the core business of the company?
  • What are the owners’ ambitions for growth and development?
  • What do the growth ambitions mean to its capital and dividend policy?
  • What principles and guidelines will form the basis for corporate governance?

In a long-term industry like power industry the owners should also periodically thoroughly consider how developments in the outside world affect the company’s ability to realize the long-term goals. THEMA Consulting Group is a research and advisory firm with special expertise in the power sector. We have strong expertise in market design (regulatory framework), power market analysis (forecasting and modeling) and strategy and business development. By combining our in-depth knowledge of the energy sector with commercial experience and governance expertise we have gained a strong position as an advisor to owners of power companies, both in the design of their strategies and in evaluating companies’ criteria for achieving their set goals and expectations.

Recommendations for good corporate governance

Based on a project for Energy Norway in autumn 2013 we prepared four general recommendations for good corporate governance in the power industry:

  1. An ownership strategy that states clear goals and expectations should be formulated and laid down in writing to ensure robust and transparent processes. Clear signals from the owners ensures a stable development and goals, in addition, it simplifies decision-making, thereby increasing decisiveness.
  2. Meetings other than the yearly general meeting with the shareholders are good venues for strengthening ties and dialogue between the owner(s) and the company. These meetings are about establishing and strengthening a common understanding of on the business and its threats and opportunities. It is crucial that the shareholder meetings are constructive meetings that are available to all shareholders and relevant members of the company management/board.
  3. An equity and dividend policy should be built on financially responsibility principles and the company should have an equity capital appropriate to its objectives, strategy and risk profile. Return on invested capital must be considered in the long term and based on the company’s objectives and risk profile. The Board should have a clear and predictable dividend policy.
  4. The Board should be elected in the best interest of the company and shareholders cover the need for expertise, capacity and diversity.. A nomination committee should be used.

References (in Norwegian):

Kartlegging av eierstrategi i kraftbransjen og anbefaling til god eierstyring


portrettbilde, forfatter

Espen FossumPartner
+47 982 63 990


We assist our clients with analysis and transaction support before, during and post transactions. Or services include:

  • Valuations based on our own analysis tools:
    The revenue model for grid companies (see below)
    Cash flow models
    Database of historical transaction prices
    Price Forecast of power and el-certificates
  • Assessments of potential commercial synergies and economic gains in potential transactions
  • Regulatory and commercial due diligence
  • negotiations in the execution of transactions
  • Support for the establishment of merger- and integration plans and process for implementation of integration


Contact us for references

Valuation and DEA analyzes

We have developed our own version of NVE’s DEA models for benchmarking in regional- and distribution networks. The model can be used for example in connection with valuations, analyses of industry transactions and investments.

THEMA inntekstsrammemodell (in Norwegian) >> 



Financial benchmark

THEMA Consulting Group publishes each year a financial benchmark report. The report contains a thorough analysis of the key financial figures for 13 selected power companies based on annual reports.

Key figures are provided at group level and segment level. The report accentuates the underlying results, i.e. adjusted for unrealized changes in assets and non-recurring items. Underlying EBITDA, the underlying rate of return on capital employed and FFO/net debt are some of the key figures presented in the analysis.

On request we offer a tailored report by expanding the amount of companies covered and go into more depth on each company.

Financial benchmark >>


portrettbilde, forfatter

Espen FossumPartner
+47 982 63 990

Organisation and performance improvement

We assist our clients in identifying areas for improvement, setting goals for improvement and to implement organizational change processes. Our services are based on good practice and are tested and customized to energy companies’ strategic and organizational choices and management’s need for support in the various implementation phases. We assist clients by:

  • Mapping of existing solutions and organizations, and to identify areas for improvement
  • prioritizing improvement initiatives and pointing out new solutions, including proposed new organization and organizational development
  • Setting goals to support the implementation of companies’ improvement in practice
  • Following up and measuring the impact of implemented improvements

Our team possesses extensive industry expertise and consulting experience and we have established tested reference material to describe best practices for working processes in power generation, district heating and distribution facilities.


Contact us for references


portrettbilde, forfatter
Ståle JohansenPartner, PhD
+47 940 13 909