NVE chief asks Norwegians to prepare for long-term high electricity prices

Kjetil Lund - NVEPhoto: Terje Bendiksby / NTB
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The price of electricity can be very high for a long time, director of the Norwegian Water Resources and Energy Directorate (NVE) Kjetil Lund warned on Tuesday.

The government’s electricity support package will initially last until March, but the electricity crisis will last for a longer period, the NVE’s forecasts show.

“We must be prepared for the fact that electricity prices may remain high throughout this year,” Lund told E24. The prices this summer will be at the winter level.

“They will probably go down a bit this summer, but we must be prepared that prices can be far higher than what we are used to for the season. There is also a lot of uncertainty associated with next winter,” he said.

Gas prices in Europe

If gas prices in Europe remain high, Norwegian electricity prices will also remain high, Lund pointed out. 

He emphasized that there are too many uncertain factors, such as gas prices and wind power production, to say how long the sky-high electricity prices will last.

State Secretary Amund Vik (AP) in the Ministry of Petroleum and Energy points out that prices are affected by a number of factors. They are therefore uncertain and can change quickly, he noted.

Vik added that the government has already confirmed that it will provide more electricity support if the extraordinarily high electricity prices persist.

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

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