“Extremely low prices”. This is how power analyst Marius Holm Rennesund summarizes electricity prices in southern Norway today. In fact, we will have what are called negative electricity prices. This means that the electricity price – before other costs and fees are taken into account – is below zero kroner. For a full 13 hours, the electricity price, on paper, will have a minus sign in front of it. This will apply throughout the country, from 5 o’clock on Sunday morning until 6 o’clock on Sunday evening. If the electricity price drops far enough below zero, you can make money from using electricity. But this assumes that all other costs, such as internet rent and electricity tax, are not greater than what you can theoretically “earn” from using electricity. Marius Holm Rennesund is a power analyst at Thema Consulting. Photo: Hallvard Norum / news Wind and sun from Europe news has asked power analysts Marius Holm Rennesund from Thema Consulting and Tor Reier Lilleholt from Volue Insight about why electricity is so cheap now. They point to the following points: Right now, several countries in Europe are producing more energy than they themselves need. Much of this energy, which for example comes from the sun and wind, must be used immediately because it cannot be stored. Europe is no longer dependent on oil and gas from Russia in the same way as before the full-scale invasion in 2022. Europe can buy gas from other parts of the world, which is transported refrigerated on ships. Europe was forced to conserve energy after Russia’s full-scale invasion of Ukraine and is using less electricity now. People use less electricity now because it is the middle of summer. Lots of cheap electricity from abroad – Today we get lots of cheap imports of power from the areas around us. There is a lot of wind in Europe, and some sun in Great Britain, explains Rennesund. Thus, Norway gets a lot of cheap power from Europe to Norway today, which is transported from Europe to Norway through power cables. Both from Great Britain and from Germany and the Netherlands. – They produce more than they use themselves. And now we are on a Sunday, in the middle of summer, where consumption is also very low. – This means that we get the extremely low prices, says Rennesund. Expert: “A level we have not seen before” Power analyst Tor Reier Lilleholt in Volue Insight believes the extent of what are called negative prices is at “a level we have not seen before”. – You have more power than you manage to use, explains Lilleholt. – There will be negative prices in the middle of the day. It happens in the middle of the day because that is when solar power is created. – The prices we see this weekend, is it something people can take into account that will happen again? – It could happen again, since this is a relatively normal weekend. But there is low consumption now, and a lot of wind. There are also heat waves down in Europe. It rarely gets as extreme as it is now. The power producers will also adapt somewhat, Lilleholt believes. In 2022, there were record high electricity prices in Norway. Also in the summer month of August, it cost a lot to use electricity. Lilleholt says the citation is completely different now. – I have no faith that those prices will return, says Lilleholt. The cheapest hour of electricity Are you wondering when you should charge your electric car or put on an extra dishwasher today? If you live in Eastern Norway or Southern Norway, or what is called price area NO1 or NO2, the cheapest electricity hour is from 2pm to 3pm this afternoon. Then the price is just minus 70 øre per kilowatt-hour, before other costs and fees are deducted. If you live elsewhere in the country, electricity is cheapest between 10 and 11 in the morning. Here is the corresponding electricity price minus 6 øre.
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– A level we have not seen before – news Norway – Overview of news from different parts of the country
