Norway: Electricity prices in northern Norway up fivefold

On 29 November, the average price of electricity in Northern Norway will be NOK 2.12 (EUR 0.21 USD 0.21) per kWh. This is a fivefold increase from the average of NOK 0.48 per kWh on 28 November. The price will increase also in other parts of Norway. The increase is mainly due to electricity producers having started draining from the multi-year reservoirs, according to power analyst Tor Reier Lilleholt. He said the consumption was covered by intermittent power until last week. At the same time, there has been little precipitation, which means that the water that remains in the hydropower reservoirs has a significantly higher value. In addition, little wind in Europe contributes to the price rise.