Hot in Norway, cold in Europe.
On Monday, a new top 10 listing was set for the highest electricity prices ever in Norway, and on Tuesday it was announced that a cold blanket will cover large parts of Europe.
At the same time, temperatures have been reported along large parts of the coast in Norway.
So how does that affect electricity prices?
The electricity price Nordpool reports that the average price in southern and eastern Norway falls from 193 to 151 øre per kWh, before all taxes. Including all fees and grid rent, it is around 250 øre (grid rent varies in part a lot).
There will be no major current peaks during the day.
At the same time, Western Norway is again at the same prices as the rest of southern Norway, while northern Norway continues to have significantly lower prices than the rest of the country.
The cold in Europe is contagious to a small degree
As a result of the cold wave, partly high prices have been reported in Europe, with German prices up to twice as high as in Norway in the afternoon. While the Germans have to pay 316 øre for electricity between 17 and 18, in Norway it costs quite exactly half.
This means that Norway has gone from having Europe’s highest electricity prices through Christmas in space, to once again having Europe’s lowest prices. This happens simply because prices vary much more in Europe than in Norway.
The price of electricity means less and less
This weekend, the government decided to raise the compensation scheme for high electricity prices quite considerably. Previously, 55 percent of the price was compensated over 87.5 øre – while this rate has now been increased to 80 percent.
In practice, this means that you only pay 20 percent of the price increase.
Also read: The government takes a larger share of the electricity bill
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