ENERGY
Norway is currently producing more electricity than it needs, and the low electricity prices are set to continue.
Published: 13 November 2022 16:34 CET
Electricity prices in Europe will be significantly higher than in Norway on Monday Photo by Matthew Henry / Unsplash
On Monday, Norwegian electricity prices will be the lowest in Europe, Europower reports.
Due to the mild weather, little electricity is needed for heating in the country.
Furthermore, all the rainfall in the last week also means that electricity production is rising, as hydropower production is picking up.
Electricity exports
Electricity production at a level that is higher than consumption creates a surplus that is to be exported.
For exports to take place, Norwegian prices must be lower than the prices in the places where the electricity is to be exported. Therefore, prices in Norway are being pushed down, according to Europower.
Electricity prices in Europe will be significantly higher than in Norway on Monday – above NOK 1.50 per kilowatt-hour, figures from the power exchange Nord Pool show.
In southern Norway, the average price will amount to 54 øre, while in northern Norway, it will be around 18.8 øre.