Electricity prices to drop significantly across Norway, with negative figures expected

On Saturday, electricity prices across Norway will see a significant drop, with some periods even dipping into negative figures. The lowest prices will occur in the southwestern region (NO2) between 1 PM and 3 PM, where prices could plunge to minus 60 øre, potentially paying customers to consume electricity. Atle Simonsen, communication chief at Lyse, notes that the low prices will also cover taxes and grid fees, typically around 50 øre per kilowatt-hour, making energy consumption during this time particularly advantageous—a rare occurrence.

Analysts are optimistic about persistently lower electricity prices until October, largely due to a surplus in water reservoirs. The lowest average prices throughout the day will be in Eastern Norway, attributed to increased electricity imports from Sweden, which is also experiencing low prices.

Average Prices: – Eastern Norway (NO1) – minus 2.81 øre – Southwestern Norway and Southern Norway (NO2) – 12.36 øre – Northern Vestlandet and Central Norway (NO3) – 0.57 øre – Northern Norway (NO4) – 0.46 øre – Central Vestlandet (NO5) – 5.83 øre

Simonsen explains the low prices are due to an excess of electricity in Northern Europe, primarily from solar power production, which is non-storable and drives prices down.

Despite lower prices noted in Agder and Rogaland, these regions still have the highest electricity costs in the country, a situation Kristiansand’s mayor deems unsustainable. Higher prices in the Bergen area are attributed to limitations on import capacity.

Experts suggest caution before entering new fixed electricity agreements. In July, the average price in NO2 was 40 øre compared to 70 øre last year, with forecasts indicating increases in the fall and winter, though not reaching previous highs, typically seeing prices fluctuating between 0–100 øre.