Trading electricity with foreign countries has never been more profitable than last year.
Net export was 13 terawatt hours
You know, billions rolling in the kingdom because of sky-high gas prices. Natural gas exports accounted for almost half of total exports last year and contributed to Norway Trade surplusTrade surplusDifference Between Export and Import A trade surplus occurs when exports exceed imports. 1,574 billion – roughly three times more than in 2021.
– Of this, the trade surplus of electricity trade with foreign countries is NOK 22.6 billion. Europower writes that the transfer of electricity contributes 1.4 percent to the total foreign trade surplus.
According to Statistics Norway, the electricity export volume is almost the same in 2022 and 2021.
– Norway exported 26 terawatt hours of electricity in 2022, and imported amounts ended up at 13 terawatt hours. This is a net export of 13 terawatt hours in 2022, writes Therese Vestre, division manager for foreign trade statistics at Statistics Norway, in an email to VG.
NOK 45 billion
Electricity exported from the country was worth NOK 45 billion last year, twice as much as in 2021.
Power cables were also used for imports and Norway imported 60 percent more than in 2021, according to Statistics Norway.
Europower writes that Norway pays more for the electricity we import than for the electricity we export.
– In the last 13 years, there have been only 3 years in which Norway has experienced a trade deficit from electricity trade with foreign countries. However, in those same years, there have only been 3 years where we received higher prices for the electricity we sold compared to the electricity we bought.
Europower points out that last year was an exception.
– Because the electricity we sold abroad cost 8 øre/kWh more than the electricity we bought last year. This is the largest positive price differential when comparing figures for foreign trade for both volume and turnover.
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