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Monday, June 17, 2024

Electricity rates climbing to new record

Electricity rates in Southern Norway are expected to rise on Monday to their highest level yet this year, according to the electricity trader NordPool. It expects kilowatt hour rates on Monday to be around NOK 1.31 in Oslo and NOK 1.32 in Kristiansand, triple what they usually are.

State broadcaster NRK went so far as to recommend reduced consumption in the early morning hours of Monday. Most Norwegian homes and businesses are equipped with technology that’s constantantly calculating consumption based on the prices at any given hour. “It may be wise to wait to turn on the clothes dryer until after 10am,” NRK reported, when public consumption typically declines. The most expensive household electricity rates are usually in the early morning hours and in the late afternoon and early evening.

NordPool’s price estimate is the highest so far this year since the last record was set at NOK 1.29 per kwh on October 13, and that’s just the base price for power firms’ purchase price of the electricity itself. In addition come its mark-up, if any, plus power distribution costs (nettleie) and taxes.That can bring retail prices to consumers of around NOK 2.20 per kwh.

The new increase is based on colder temperatures, higher consumption as the economy recovers and water levels in mountain reservoirs that are still low because of little rain last summer. staff



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