Statkraft chief believes high electricity prices in Norway could last until spring

Christian Rynning-Tønnesen - StatkraftPhoto: Gorm Kallestad / NTB

Electricity prices in Norway have increased during the summer and autumn. Now Statkraft’s boss believes that the high prices could last until the spring.

“When you look at the prices in the electricity market going forward, they will be quite high through the winter, before they fall in the spring. That is the market picture now. This could change with the weather situation and gas prices in Europe, so it is an uncertain picture,” Statkraft’s CEO Christian Rynning-Tønnesen told the newspaper Finansavisen.

During the summer and autumn, electricity prices have risen. Last week, the average price in the Oslo price area was 113 øre per kilowatt-hour. At the same time last year, the price was 12.5 øre.

Statkraft and other power producers are making a lot of money, but the CEO emphasizes that the market situation has its downsides.

“It is a challenge for electricity customers in both Norway and the rest of Europe when prices are as high as they are now. We must have great respect for the fact that it can be expensive to pay for electricity now and next winter,” Rynning-Tønnesen said.

Statkraft is a power company fully owned by the Norwegian state.

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

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