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Saturday, August 20, 2022

New commission to study rate shock

The Norwegian government is setting up a new energy commission after this autumn’s and winter’s shocking electricity rates. They set new records again this week, with consumers left facing bills in the thousands of kroner.

The government has also promised some rate relief in the form of direct compensation when electricity rates exceed NOK 0.70 per kWt. They’re currently as high as NOK 6, so the state will be paying out billions over the next four months.

The commission is charged with evaluating how and why rates have soared “and what we can learn for future years,” Oil & Energy Minister Marte Mjøs Persen told news bureau NTB. The commission will also propose more long-term measures for boosting electricity production.

“We know we’ll need more energy because we are electifying major portions of society in order to meet climate goals,” Persen said. Norway has long been a major producer of hydroelectricity but will need more sources of climate-friendly power. Electricity rates are expected to go up and down sharply, however, as Europe moves towards new sources of renewable energy.

newsinenglish.no staff

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