Norway’s Finance Minister Vedum promises electricity subsidies throughout 2023

Trygve Slagsvold VedumPhoto: Terje Pedersen / NTB
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Finance Minister Trygve Slagsvold Vedum told Norwegian Broadcasting (NRK) that people can be confident that the electricity subsidy will last as long as prices are extraordinarily high.

“We will have a subsidy scheme next year as well, even after March 2023. It has not been finally adopted, but it will be the government’s recommendation to the parliament (Storting),” Finance Minister Trygve Slagsvold Vedum (SP) told NRK.

From September 1, the state covers 90% of the bill when the electricity price exceeds 70 øre per kilowatt hour. The Ministry of Finance estimates that the state will spend NOK 40.7 billion this year on household electricity subsidies.

“When we adopted the scheme last autumn, the analyses indicated that prices could normalize this summer. There is nothing to indicate that this will happen. Therefore, people can feel secure that we will have a support scheme as long as these extraordinary times last,” Vedum added.

The government will meet on Wednesday and Thursday next week for the last budget conference before the state budget for next year is presented on October 6. Prime Minister Jonas Gahr Støre told the newspaper Dagens Næringsliv on Saturday that the use of oil money will decrease.

Vedum confirmed the information. In addition, he made the following budget promises to NRK:

* People with “low and medium incomes” will get tax cuts. Vedum says this applies to those who earn less than NOK 750,000 a year.

* New large and expensive public projects will be put on hold.

* The budget must contribute to reduced differences in Norway.

* Defense and preparedness will be a key priority.

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

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