From April 1st Statnett will cut its grid rent due to high revenues from energy exports abroad.
“Even though we have had high prices in Norway recently, trade with other countries has yielded large revenues from both imports and exports,” Statnett CEO Hilde Tonne said in a statement.
Statnett is the state-owned company that operates major power lines that distribute electricity between different parts of the country.
“This means that Norwegian electricity users and industry will receive close to four billion in reduced grid rent in 2022,” the company wrote.
Grid rent is the charge consumers pay for receiving electricity into their homes. Grid rent is typically anywhere between 20 to 50 øre per kilowatt-hour. Those in rural areas usually pay more, while those in cities pay less.
Statnett’s share of grid rent has been around five øre per kilowatt-hour, and the move could lead to further savings for customers in Norway.
Norway’s largest grid provider Elvia, which supplies Oslo with power, has said it is cancelling a planned grid rent increase off the back of the announcement. Financial media site E24 reports that other companies also may follow suit in cutting grid rent or reducing planned increases.