December 9, 2022

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Electricity prices are rising again

Electricity prices are rising again

Before the weekend, Europe shut down another nuclear power plant, while Belgium shut down its 1,000 megawatt Doel 3 reactor, with no significant impact on electricity prices.

Over the past few days, wind power generation has been high again on a weekend. From night to Monday, the price was almost under a kroner before tax, even in southern Norway.

Winds will be good on Tuesday, but slightly less than today.

Multiple arrows point downward

At the same time, the prices of both gas and CO2 quotas are now heading sharply downwards. As of Monday afternoon, gas prices were down 9 percent compared to the weekend before, while CO2 allowance prices fell to 66 euros from 100 euros at the end of August. Coal prices are also falling.

The reason for the drop is mainly the strong fear of a recession in Europe, as well as the somewhat less fear of gas shortages.

This is leading to a significant drop in the cost of generating electricity from gas, and futures contracts for electricity in the Nordics and Germany are set to drop on Monday, Montel News reports.

What does this mean for electricity prices?

Power exchange Nordpool reported that electricity prices in southern Norway posted a sharp price increase of almost 20 percent on Tuesday. The average price is NOK 3.84 per kWh.

Fixed prices throughout the day, except for midnight, when there is an hour or two of relatively low prices.

Electricity price today and tomorrow:

Both import and export

There was little good news to be found in NVE’s updated statistics on fill rates in Norwegian magazines last week.

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Prices for all current to Norway on Tuesday were not yet high.

  • Germany: 3.5 GWh exports (no imports)
  • UK: 22.6 GWh imports (no exports)
  • Denmark: 3.14 GWh net exports
  • Sweden (SE3): 15.8 GWh net import