Like a cold wind, we remember the extremely high electricity prices from last winter. At its worst at the end of last year, we had to pay up to NOK 10 per kilowatt hour (kWh). If we are to believe the experts, historically, prices will also be high next winter, but not at the same level as last winter. – In the last year, we have made ourselves almost independent of Russian gas, and there is more available gas on the market. This has brought electricity prices down, says electricity expert Tor Reier Lilleholt in Volue Insight. Electricity prices will be at a lower level this winter than last winter, believes electricity expert Tor Reier Lilleholt in Volue Insight. Photo: news He expects a price of between NOK 1.20 and NOK 1.50 per kilowatt hour (kWh) this winter. – Historically, it is high, but it is far below the extreme price level last year. Lilleholt points out that there is slightly less water in the reservoirs than in a normal year, but that this will probably amount to an increase of only 20 øre per kilowatt hour. – If it were to become very dry and the reservoir filling would be low, it would be possible to buy gas from Europe at a relatively much more reasonable price than before, he says. Being affected by LNG gas and nuclear power The decline in gas prices is mainly due to easier access to LNG gas, but lower consumption and high temperatures in Europe have also played a role. This has largely compensated for the loss of Russian gas. The stock level in the EU is close to 80 per cent, which is seen as satisfactory. Also, the fact that the new nuclear power plant in Olkiluoto in Finland is producing at full capacity contributes to pushing the price of electricity down. Nor does Lyse Energi’s communications manager, Atle Simonsen, fear extreme electricity prices in the future. He sees leading us to NOK 1 per kilowatt hour (kWh) in summer, NOK 1.25 in autumn and up to NOK 1.60 in winter. – Europe has switched from Russian to European gas and gas prices are generally at a lower level. This means that we avoid extremely high electricity prices, he says. Simonsen adds that magazine filling is at a normal level and that there is still a lot of snow left in the mountains. After a very low electricity price in 2020, the price increased sharply throughout 2021 and 2022. The electricity price in 2021 was the highest ever measured, and last year the electricity price was even higher. The average price for electricity was still around two kroner per kilowatt hour in the whole of southern Norway last year. It is nearly three times higher than the record year 2021 and 20 times higher than 2020. Need autumn rain The largest power company in Western Norway, Eviny, sees a current price of around one kroner in the so-called more expensive current area south of the Sognefjord (No 5), and about half that north towards Midt-Norway (No 3). Division manager Erik Spildo in Eviny says the weather has a lot to say in terms of reservoir filling for hydropower. War and gas access to Europe also have an effect. – If we don’t get normal autumn rainfall in September and October, the price could go up. What is happening internationally with gas prices will also quickly affect energy prices here, says Spildo, who as of now still does not see the horror prices seen last winter.
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Low gas prices ensure reduced electricity prices for the winter – news Vestland
