Record-high amounts of snow provide the cheapest electricity in history

Never before has Norway had such cheap electricity. Melting record-high amounts of snow lead to power prices to a historic bottom.

On Wednesday, the electricity price was 1.53 øre per kilowatt-hour (kWh) on the European power exchange Nord Pool, delivered in Eastern Norway, Southern Norway, and parts of Western Norway writes E24.

Nord Pool has to go back to August 14, 1993, to find a lower daily price, but calculated at today’s krone value, the price at that time was actually higher than today’s price. Last week the average price of electricity was 2.59 øre / kWh. Nord Pool finds no lower weekly price in its numbers.

Communications director Stina Johansen at Nord Pool tells the newspaper that mild weather and heavy rainfall explain most of it.

– “This winter, there was plenty of water in the reservoirs at the same time as it was mild, which has led to high supply and prices falling. At the same time, there are large amounts of snow in the mountains in the areas where the water reservoirs are located,” she says.