Finance Minister Vedum: It is not the time to experiment with a maximum price for electricity in Norway

Trygve Slagsvold VedumPhoto: Terje Pedersen / NTB
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A maximum price for electricity can seem enticing, but can have serious, unintended consequences, Finance Minister Trygve Slagsvold Vedum (SP) warned on Thursday.

“This is not the time to experiment,” Vedum said during the party leader debate in Arendal.

The Progress Party (FRP), the Red Party (Rødt), and the Christian Democrats (KRF) want a maximum price model, while the other parties are in favor of electricity subsidy solutions.

Vedum believes the supporters wrongly present the maximum price as a solution without costs. 

He indicated that the security of supply could be threatened. The scheme would also be very expensive, he pointed out, estimating an expense up to NOK 160 billion.

“It is not the case that the state has earned a fortune. We have spent NOK 40 billion on various electricity support measures this year, as is right and important. And we will spend more next year,” Vedum said, adding that high electricity subsidy costs mean less money for other areas such as police and hospitals.

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

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