How do I check my Norwegian electricity plan and decide whether to change?

High energy prices mean many in Norway are facing the prospect of extremely expensive bills this winter.

Electricity providers offer consumers both fixed-price (fastpris) and spotpris, where users pay a variable current market price, plans.

Spot price plans allow users to take advantage of lower prices at off peak times, such as at night. The rate you are charged can change by the hour and can be significantly lower compared to peak times though. However, if prices are high- the price you pay is high. One issue with a spot price agreement is fluctuating prices can make it hard to anticipate bills.

You can use various instruments and tools to keep an eye on the spot price and take advantage of periods where prices are lower.

Fixed price contracts set the energy price at a specified amount. This price then applies around the clock and remains in place for a set amount of time. This makes it easier to anticipate and plan ahead for bills, but makes it impossible to take advantage of off-peak pricing.

With the cost of energy being so high, and fluctuating so much, energy firms in the south-east and other areas of the country with high prices have in some cases stopped offering fixed-term agreements.

So how do you check your plan and decide whether it would benefit you to change?

Current plan

Initially, it’s worth checking how far ahead you are tied into your deal with your current supplier – the bindingstid in Norwegian. This can be seen on your contract – you may have a paper copy or be able to see it by logging on to the customer portal (selvbetjening) on the company’s website. You can also call the company to ask for your contract details.

Even if you are committed to your current company several months ahead, you may have options. Companies may allow you to switch to one of their other plans. This way, you can change from a fixed-rate to a variable contract (or the opposite), usually effective from the beginning of the next month.

It’s also okay to call a company and ask if they can offer a more suitable deal for you – especially if you think you’ve seen a better offer at another company, and are wondering if your current company can match it.

You can change your electricity supplier if you live in a rented property, provided electricity is not included in your rent. If in doubt, check with your landlord or housing association.

How do I compare options?

To find out whether you can save money by changing company or plan, you can use an online calculator or comparison site, such as this one.

You will need to enter your address and may also be asked for other details, such as how many people live there and whether you have solar power.

Some calculators can estimate your consumption based on the details you enter, but you will get a more reliable result if you put the figure in yourself.

You can find out your annual electricity consumption in kilowatt hours by reading your electricity meter or from your most recent electricity bill.

If you live in an apartment, the building’s superintendent or portner should be able to help you to read your meter, if it is not located within the apartment itself. You can check your previous bills using your internet banking records, if you have automatic payment set up.

After you enter your details into the online calculator, it will return a number of results that might be suitable for you. These could be either fixed-rate or variable plans (the results can be filtered to show one or the other).

In some parts of Norway, such as Oslo, a fixed rate deal will not be an option as firms in parts of Norway where the prices are highest have stopped offering them. However, in northern and central Norway these fixed term deals are still an option.

It’s also worth keeping in mind that levels of service can vary between companies, and companies can have different fee policies. These can offset what appears to be a saving based on the rate alone. It’s therefore worth asking around and trying to find out a little more about a company before making a final decision.