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The upcoming winter in Southern Norway is expected to bring higher electricity prices compared to recent years, according to Elmera-eide Fjordkraft. The company predicts January and February prices will be around 207 and 208 ore per kilowatt-hour respectively, including the 25% VAT on electricity. This is significantly higher than the 143-159 ore per kilowatt-hour average during the same months last year.
Renate Larsen, Fjordkraft's product director, anticipates prices will drop to around 2 kroner per kilowatt-hour in spring 2027. However, network fees and other charges will add to the cost. The company cites the 2022 energy crisis as a comparable period with similar prices in the first quarter of 2027, as predicted by Sigbjørn Seland of Storm Geo.
Seland notes the price will likely be as high as in the first quarter of 2022. For some, the cost is acceptable, but for businesses with tight margins, it could be devastating. The current winter prices are well below the crisis levels seen in August 2022. However, Fjordkraft expects prices to fall to between 70 ore and 1 kroner per kilowatt-hour in the coming months.
Administrative director Ole Erik Almlid of the Norwegian Business Association (NHO) fears rising electricity costs for Norwegian businesses and has urged the government to take more action. Prices in Southern Norway are expected to drop to a monthly average between 70 ore and 1 kroner per kilowatt-hour next summer and autumn, according to Fjordkraft.
This will be significantly lower than the current prices observed in the far south of the country (NO2), which reached a monthly peak of 1.42 kroner (178 ore with VAT) in August and September last year. Mid-Norway has generally had the lowest electricity prices compared to the southern regions, while North-Norway has consistently had the lowest prices in the country.
Various factors, including European gas prices and water levels in Norwegian reservoirs, influence the prices of electricity in Southern Norway. This year, reservoir levels in Southern Norway are unusually low, with only 59.6% capacity in the three southern price zones, the lowest in the last 20 years. The median fill rate for this time of year over the past 20 years is 84.5%.
European gas reserves are also unusually low, with the EU's reserves at 71.5%, and Germany holding the least at 57.9%.
Written by urgent.news from E24 Norway's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
