The plans for building a gas-fired power plant at Skogn in Troendelag has been put on hold.
Statoil CEO, Olav Fjell, says the price of natural gas is too high to make the plant economically viable at present.
However, Fjell says that Statoil will remain part owner of Industrikraft, and that the company will review the plans again if there is a change in the market or to the cost of gas.
Researcher at Statistics Norway, Tor Arnt Johnsen, says that in only a few years a change in the market may make a gas-fired power plant profitable.
Several coal-fired power plants in Continental Europe are about to be closed down, and this could affect prices.