On Saturday, electricity customers in Southern Norway will “get paid” for using electricity 

Photo: Håkon Mosvold Larsen / NTB

The state’s electricity subsidy will have an unusual effect on Saturday. A sharp fall in prices will lead to customers in Southern Norway making money on electricity until 5 PM, according to investment director Robert Næss in Nordea, E24 writes.

In December, the government, with support from the Socialist Left Party (SV), decided to introduce an electricity support scheme that pays part of the bill. Until October, the state will cover 80% of the bill over 70 øre per kilowatt-hour.

Since Thursday, the price of electricity in Southern Norway has fallen from the sky-high levels that have been common since the autumn of last year. On Saturday, Southern Norway will have the lowest electricity price since May 24 last year. According to the power exchange Nord Pool, the average price will end at 34.69 øre per kilowatt-hour.

Furthermore, based on the calculation, electricity customers in Eastern Norway will earn approximately 20 øre per kilowatt-hour in the hours up to 5 PM.

The price areas Kristiansand (Southern Norway) and Bergen (southwestern Norway) have had about the same prices as Oslo in the last month and will thus also experience the same. For customers in the north of the country, prices throughout May have been too low for the power subsidy to go into effect.

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

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