Cheap electricity for a long time ahead

Powerlines covered in snow and ice.Powerlines covered in snow and ice.
Electricity prices will remain low for a long time, NVE-director Per Sanderud believes. Electricity prices last year was the lowest since 2000.
Large hydropower projects are underway in the Nordic region as part of the European climate cooperation. The power companies receive subsidies to build new, clean power. The idea is that the sheer power from the north will be brought by cables to the continent, replace dirty coal and cut greenhouse gas emissions. But the power were made ready before the cables were finished. New cables are not yet built. Because of this. the new power have to be used in the Nordic countries, and, therefore, the electricity prices when demand is unchanged, writes the newspaper Aftenposten.
The purpose of development is to contribute to the climate goal, but not to push down the price in the Nordic electricity market.
– But we will now have a long period with cheap electricity until several cables are finished,  CEO Per Sanderud the Norwegian Water Resources and Energy Directorate (NVE) said.
The price of electricity last year was the lowest since 2000.
– The average household received  an electricity bill that was around 2,500 kroner lower  than in a normal year, says Sanderud.
Heavy rainfall also contributes to low electricity prices. Last year was very wet, and there is more water than ever in the reservoirs.
– The water level rose even during Christmas. The future price of the Nordic power exchange indicate that power will be cheap for the rest of the winter, says the NVE-boss.
Source: NTB scanpix / Norway Today