NVE: Electricity prices last week were the highest in Norway in ten years

Photo: Casey Horner / Unsplash

Last week, weekly electricity prices in Norway were the highest in ten years. In Southern Norway, the electricity price was NOK 1.6 per kilowatt-hour. The price amounted to NOK 1.4 per kilowatt-hour in Northern Norway, according to the Norwegian Water Resources and Energy Directorate (NVE).

Low temperatures for the season contributed to high consumption throughout the Nordic region last week.

Norwegian power consumption amounted to 3,461 GWh, up 11% from the week before. There have been very few weeks in the last five years where total consumption has exceeded this level.

Together with high power prices on the continent, this contributed to power prices in the Nordic region rising further compared to the previous week.

The power price was particularly high on Monday afternoon when the hourly rate in Southern Norway was over 4 kroner/kWh in individual hours.

Low wind power production on the continent, and high consumption, among other things, contributed to the high hourly rates, NVE writes.

Several periods of high wind power production in Germany throughout the week helped to dampen prices.

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

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