The electricity price in Norway tripled in one year

Electricity power grid linePhoto: Hoang Nguyen / Unsplash

The price of electricity in Norway in the second quarter of 2021 was three times higher than the same quarter in 2020. The price increase is related to more expensive fossil fuels and CO2 emissions in Europe. 

In the overview of the electricity price from Statistics Norway (SSB), which became public on Tuesday, it is stated that the average price for Norwegian households was 50.9 øre for a kilowatt-hour before taxes and grid rent.

That is three times higher than prices in the same quarter a year earlier, when electricity, on the other hand, was historically cheap.

The sharp price increase is connected to the fact that there has been an increase in the price of fossil fuels and CO2 emissions in connection with power production in Europe.

Higher prices

“Since the European and Norwegian power markets are closely linked via international connections, the price of electricity has also increased in Norway in the second quarter,” the SSB wrote on Tuesday, referring to the quarterly report from the Norwegian Water Resources and Energy Directorate.

The average total electricity price, including taxes and grid rent, averaged 116.1 øre for a kilowatt-hour. The increase of as much as 60% took place despite Statnett reducing the grid rent by 24% as a corona measure to help electricity customers in challenging financial situations.

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

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