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Energy prices in Norway dip to a two-year low 

Frazer Norwell
Frazer Norwell - [email protected]
Energy prices in Norway dip to a two-year low 
Energy prices in Norway are at a two-year low. Pictured is a dam in Norway.Photo by Bjørn Kamfjord on Unsplash

The weekly energy price in Norway is at its lowest level since 2020 due to a large amount of recent rainfall, the latest figures on Norway’s electricity supply revealed. 

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The Norwegian Directorate of Water Resources and Energy (NVE) has published its latest figures on the filling levels in Norway’s reservoirs. 

A large amount of rainfall means that the country’s hydroelectric reservoirs are at an above-average filling rate ahead of the winter. 

“The large amounts of rainfall last week helped to increase reservoir filling, increase power production and reduce the price of electricity. After several weeks of low power production, net imports and a lot of rainfall, the degree of filling in large parts of the country is now above normal for the time of year,” Inga Nordberg, director of the NVE, said in the latest weekly report by the NVE

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Over the past seven weeks, the filling rate in southern Norway has increased by over 22 percentage points. 

Fuller reservoirs have led to increased power production and lower energy prices. The result of this is the lowest weekly energy prices recorded in Norway for over two years. Last week energy prices in southern Norway, where prices have been high for over a year, averaged 28 øre per kilowatt hour. 

However, it isn’t all good news. Analysts expect energy prices to rise sharply by the new year. In January, the price is expected to reach around 4 kroner per kilowatt hour, according to Gert Ove Mollestad from Montel, which monitors the European energy market. 

“We must probably expect twice as high electricity prices this winter compared to last year”, he told Norwegian broadcaster TV 2

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