Electricity prices in Norway soared on Monday morning

Electric grid - electricityPhoto: Anil Kumar Shrestha / Unsplash

On Monday, the price of electricity jumped to NOK 2.60 per kilowatt-hour in a few hours. The cold weather will create expenses for a lot of Norwegians.

Prices started at 50 øre per kilowatt-hour at midnight Monday night, and then rose to 2.60 at 8 o’clock. 

They will fall a little during the day, but rise to 2.60 again in the afternoon, a press release from the electricity company Tibber notes.

The culprits behind the spike? The cold wave that has spread over large parts of Norway and Sweden, along with limitations in the power grid’s capacity.

“It is rare that we see such extreme jumps in electricity prices. In these cases, you can do something very simple to pay less if you are on a so-called spot price contract. Use electricity a little smarter throughout the day,” CEO Edgeir Aksnes in Tibber noted.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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1 Comment on "Electricity prices in Norway soared on Monday morning"

  1. It was about a month ago when electricity prices reached a negative amount.

    Now I’m wondering, is it really because of a usage spike, or is it actually the electricity companies reducing production due to last months precedence and now people paying the price of that?

    Not sure how much Electricity companies and their behavior is regulated in Norway.

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