Will a lack of wind affect Norway's electricity prices?

A lack of wind in Germany and the North Sea will push electricity prices in southern Norway to NKr13.16 ($1.18) per kilowatt hour on Thursday afternoon, their highest level since 2009 and almost 20 times their level just last week. “It’s an absolutely shit situation,” said Norway’s energy minister Terje Aasland.

Why does Norway need an integrated electricity market?

EU countries believe it is important to have an integrated electricity market and underscore that Norway also imports power using the interconnectors when it needs to. Norway is also western Europe’s largest petroleum producer and has replaced Russia for many EU countries as their biggest supplier of gas.

Does Norway pay for electricity over a lower price?

Norwegian consumers are somewhat insulated from the high prices as the government pays for 90 per cent of electricity over a certain price. But Progress wants the government to pay for all the power above a lower price, arguing that the state makes billions of kroner from the high electricity prices through its hydropower generation.

Should Norway reduce power connections to Europe?

Reducing power connections to Europe will not be well received,” one EU ambassador in Oslo said. EU countries believe it is important to have an integrated electricity market and underscore that Norway also imports power using the interconnectors when it needs to.

Is electricity cheaper in Sweden or Norway?

Both Sweden and Norway have poor electricity transmission links in their own countries, meaning that power is often far cheaper in the north, where much of it is generated, than in the south, where most of it is consumed. Copyright The Financial Times Limited 2024. All rights reserved.

Will Norway turn off electricity interconnectors in 2026?

“It’s an absolutely shit situation,” said Norway’s energy minister Terje Aasland. The ruling centre-left Labour party now says it wants to campaign in next year’s parliamentary election, set for September, to turn off electricity interconnectors to Denmark when they come up for renewal in 2026.