The price of electricity has never been lower, and power analysts believe the level will remain low throughout the autumn and winter.
– “Right now the price is around 1.5 øre per kilowatt hour in southern Norway, which is incredibly low,” says power analyst Ole Tom Djupskås in Refinitiv to Dagens Næringsliv.
There is a historically low electricity price in Norway, the newspaper reports, and at the beginning of July the electricity price was negative for the first time.
Analyst Tor Reier Lilleholt in Wattsight says the prices make the power producers to send water past generating machines.
– “This is also the case in places where you can store water. The snow will continue to melt throughout July and into August,” he says.
The low electricity prices are due to the fact that there were very high temperatures during the winter and low consumption. Production was thus less than normal, and a record amount of snow also filled the reservoirs.
© NTB Scanpix / #Norway Today