After electricity prices eased slightly over the weekend, the stage is set again for another day of record-setting prices this fall.
This happens after bad news in many areas.
Tuesday’s average prices in southern Norway are NOK 1.75, and we have to go back more than half a year to see this.
The price peaks in the morning and afternoon push the price above two kroner.
It will be another day with relatively similar prices across the country, but it will be slightly cheaper in the north.
More expensive in Finland
On the other hand, Norway’s price level is nothing compared to what they experience in Finland and the Baltic countries.
In Finland, prices really skyrocket, and they end up with a price peak of NOK 9.13 before tax. This corresponds to the Norwegian electricity price of NOK 11.
– A new nuclear power plant in Finland failed over the weekend, then 1,600 MW will disappear from the Finnish grid, power analyst Tor Rier Lillihold at Value tells Netavisen.
However, this may not be a long-term situation:
– They have said that it will gradually resume tomorrow, he assures.
The reason why Finnish prices do not spread more to Norwegian and Swedish prices is only because of low exchange efficiency.
Expectations for winter prices have risen
But while Finland is experiencing extreme prices, there is bad electricity news in Norway. Last week, electricity prices fell, but weather change has now sent price expectations skyrocketing:
– The weather has been milder and milder throughout the past week, but at the end of the week it changed completely. Now 5-6 TWh of precipitation is lost, and there are some completely different temperatures, Lilleholt says.
Now expectations for winter prices are rising significantly.
– If we look at the electricity contracts for the 1st quarter, we are talking about a surcharge of 73 euros for the entire Nordic region and about 25 euros for southern Norway. Then we negotiate prices with taxes of 115-120 øre on average, says Lilleholt.
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