EEE Energy Regulations 2025: What Changes for Operators in Norway, Iceland and Liechtenstein

Key data

Energy operators acting in EEE countries not belonging to the EU—Norway, Iceland and Liechtenstein—have a new regulatory framework as of 5 December 2025. Decision 289/2025 of the EEE Joint Committee amends Annex IV (Energy) of the Agreement on the European Economic Area, incorporating updated European energy legislation that these three countries are obliged to adopt and apply.

For Spanish companies with a presence in these markets, this is not a minor change: it means that the rules of the game for energy in Norway, Iceland and Liechtenstein are aligned with those of the European internal market, and operating without knowledge of this new framework could result in regulatory breaches.

What does this regulation establish?

The Agreement on the European Economic Area (EEE) allows Norway, Iceland and Liechtenstein to participate in the EU internal market without being full members. For this to work, the EEE Joint Committee periodically updates the annexes of the Agreement to incorporate new European legislation.

In this case, Decision 289/2025 updates Annex IV, dedicated to energy. The mechanism is as follows:

• The EU approves new energy legislation that enters into force in the Member States.
• The EEE Joint Committee decides to incorporate that legislation into the EEE Agreement through a formal decision.
• The three non-EU EEE countries (Norway, Iceland and Liechtenstein) are obliged to adopt and apply that legislation in their territories.
• The result is regulatory harmonization that ensures fair competition throughout the EEE.

The decision was adopted on 5 December 2025 and published in the Official Journal of the EU on 16 April 2026. The date of entry into force is the date of adoption: 5 December 2025.

Economic and operational impact

The direct impact of this decision is regulatory and operational, not a fee or direct cost set by the regulation. However, the practical consequences for companies are concrete:

• Operational adaptation: Energy operators active in Norway, Iceland or Liechtenstein must review their processes, contracts and procedures to ensure they comply with the new European legislation incorporated into Annex IV of the EEE.
• Competitive equality: Regulatory harmonization eliminates regulatory differences between non-EU EEE countries and EU Member States, which may affect cost structures and competitive conditions in those markets.
• Risk of non-compliance: Companies operating in these markets without having updated their knowledge of the current regulatory framework may incur regulatory breaches, with the consequences that each EEE country provides for in its national transposition legislation.
• Market opportunity: Harmonization facilitates entry and operation in these markets for European companies by reducing regulatory fragmentation.

Who does it affect?

This decision directly and indirectly affects the following profiles:

• Energy operators with activity in Norway, Iceland or Liechtenstein: They are the primary affected parties. They must adapt their operations to the new regulatory framework as of 5 December 2025.
• Spanish companies with subsidiaries or energy projects in these countries: They must know the new applicable regulatory framework and verify compliance of their local operations.
• Legal advisors and energy consultants: They must update their knowledge of Annex IV of the EEE Agreement to correctly advise their clients with a presence in these markets.
• CFOs and operations directors of energy groups with presence in the EEE: They must assess the operational and compliance impact on their subsidiaries or holdings in the three affected countries.
• Companies in the process of expanding to the Norwegian, Icelandic or Liechtenstein energy market: They must consider this updated framework in their regulatory due diligence.

Practical example

A Spanish energy sector company has a subsidiary in Norway dedicated to energy distribution. Until Decision 289/2025, that subsidiary operated under the framework of Annex IV of the EEE Agreement in its previous version.

With the entry into force of this decision on 5 December 2025, the Norwegian subsidiary is obliged to apply the new European energy legislation incorporated into Annex IV. The compliance team of the Spanish parent company must:

1. Identify what specific European legislation has been incorporated into Annex IV through this decision.
2. Assess whether the subsidiary's operational procedures in Norway comply with that new legislation.
3. Adapt contracts, licenses or internal procedures that may be affected by the new requirements.

If the subsidiary does not adapt its operations, it may be operating in breach of the energy legislation in force in Norway as of December 2025, with the regulatory risk that this implies in that market.

What should companies do now?

1. Identify if you have energy activity in Norway, Iceland or Liechtenstein: If you operate in any of these three countries in the energy sector, this decision directly affects you as of 5 December 2025.
2. Review the updated content of Annex IV of the EEE Agreement: Access the full text of Decision 289/2025 to identify what specific European legislation has been incorporated and what new obligations it creates for your activity.
3. Assess the impact on your local operations: Analyze whether your processes, contracts and licenses in those countries comply with the new applicable energy regulatory framework.
4. Adapt internal procedures if necessary: If the review detects compliance gaps, implement the operational or contractual changes necessary to align with the updated legislation.
5. Inform local teams: Ensure that compliance and operations managers in your subsidiaries or offices in Norway, Iceland or Liechtenstein are aware of the new framework and its implications.
6. Consult with advisors specialized in EEE energy law: If activity in these markets is relevant to your business, consider a specific legal review of the impact of this decision on your particular case.