Norway to see cheapest energy prices of the year
Energy prices across Norway have dropped significantly, and Friday will see the cheapest power of the year in the energy zones for Oslo, Bergen and Kristiansand.
Recently consumers in Norway have had little respite from rising costs across the board, with the exception of energy prices.
October saw significantly cheaper monthly averages in the parts of the country, the south and southwest, where prices have skyrocketed over the past year.
Households in Norway can look forward to more good news on Friday as power costs in the three price zones in southern Norway, which cover energy prices in Oslo, Bergen, and Kristiansand, will dip to a yearly low.
Tomorrow’s peak price for the energy zones in the south, southeast and southwest of Norway will be around 6 øre per kilowatt hour, according to data from energy exchange Nord Pool. This is roughly 100 times less than the yearly peak recorded in Oslo at the end of August.
Prices in central and northern Norway, which have not seen the same extreme fluctuations, will be similar, or lower, to those in the south.
However, these energy prices do not consider the grid rent, taxes, VAT and service charges from energy firms. Still, the costs will be a welcome relief for consumers who have been paying abnormally high prices in southern Norway for over a year.
A large amount of rainfall on the forecast, and this autumn generally, have contributed to the significant dip in prices since the end of the summer.
Due to the rainfall, reservoirs in Norway, which the country relies on for its energy needs, have risen significantly throughout October, leading to lower prices.
Similarly, low reservoir filling levels have contributed to high energy prices in southern Norway for over a year. Warmer weather than typical has also meant less power has been consumed than average for the time of year, as fewer people are switching on their heating.
READ ALSO: Norway likely to avoid extreme energy prices predicted earlier this year
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Recently consumers in Norway have had little respite from rising costs across the board, with the exception of energy prices.
October saw significantly cheaper monthly averages in the parts of the country, the south and southwest, where prices have skyrocketed over the past year.
Households in Norway can look forward to more good news on Friday as power costs in the three price zones in southern Norway, which cover energy prices in Oslo, Bergen, and Kristiansand, will dip to a yearly low.
Tomorrow’s peak price for the energy zones in the south, southeast and southwest of Norway will be around 6 øre per kilowatt hour, according to data from energy exchange Nord Pool. This is roughly 100 times less than the yearly peak recorded in Oslo at the end of August.
Prices in central and northern Norway, which have not seen the same extreme fluctuations, will be similar, or lower, to those in the south.
However, these energy prices do not consider the grid rent, taxes, VAT and service charges from energy firms. Still, the costs will be a welcome relief for consumers who have been paying abnormally high prices in southern Norway for over a year.
A large amount of rainfall on the forecast, and this autumn generally, have contributed to the significant dip in prices since the end of the summer.
Due to the rainfall, reservoirs in Norway, which the country relies on for its energy needs, have risen significantly throughout October, leading to lower prices.
Similarly, low reservoir filling levels have contributed to high energy prices in southern Norway for over a year. Warmer weather than typical has also meant less power has been consumed than average for the time of year, as fewer people are switching on their heating.
READ ALSO: Norway likely to avoid extreme energy prices predicted earlier this year
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