Despite several peak levels in recent weeks, electricity prices continue to rise. On Tuesday, a record is set for the second day in a row.
On Tuesday, electricity prices are up to NOK 1.43 per kilowatt hour on average throughout the day in Eastern Norway, Southern Norway and Western Norway, according to the electricity exchange North Pool.
It is around 11 øre up from the previous peak on Monday, when prices went up a notch. In addition, there is grid rent, fees and VAT.
NOK 1.43 per kilowatt hour is the highest daily price ever in southern Norway, writes Europower Energy.
With this price as a starting point, a price of 230 øre kilowatt hour out to the consumer, if one can use grid rent and costs, according to Europower.
Nord Pool informs the website that prices were higher in Trøndelag in February 2010, but in southern Norway this is a new record.
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Most expensive in the morning
Electricity prices are at their highest early in the day on Tuesday. The peak is in the hour between 8 and 9 o’clock, with NOK 2.22 per kilowatt hour. The price stays above 2 kroner from 8 o’clock until 11.
This means that a shower of around ten minutes costs more than 11 kroner at the most expensive time in southern Norway on Tuesday, according to the estimate E24 has received from Enova. If you add grid rent, VAT and other fees, the real price approaches around 20 kroner.
The lowest price does not come out well in the evening. Just before midnight, it is down to 76 øre per kilowatt hour, according to Nord Pool’s figures.
Chief analyst Tor Reier Lilleholt in Volue Insight has previously explained that it is no coincidence that the price jump screens in the morning. This is because the power load is greater when society wakes up and the power is turned on.
He says that you can save on being aware when you use electricity around the clock.
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Large differences between north and south
While southern Norway is experiencing record high prices, the situation and other things is further north in the country.
In Trøndelag and northern Norway, the average price through Tuesday is 19 øre per kilowatt hour, and the prices vary far less throughout the day than they do further south.
The large price differences between different places in the country are mainly due to the fact that it is not possible to move electricity where you want, whenever you want, Statnett has previously told E24.
The flow of electricity between north and south often passes through Sweden, but today there is not full capacity on the network, according to Henrik Glette, communications director at Statnett.
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Little wind, little water and cold temperatures
This autumn has been record high electricity prices. Tuesday’s record is the third in October, after a previous record was set on both Monday and 12 October.
There are several reasons why you see high prices now, chief analyst Tor Reier Lilleholt in Volue Insight has previously said. But the main reason one has to look to Europe to understand:
– You have an extremely high price throughout Europe now. When you need all the power you have in southern Norway, they are stretched to the areas around us, says Lilleholt.
– There is little wind in the Nordics. Germany also has nothing to contribute. They also have little wind, he forklifts he. In southern Norway, there is also a shortage of water resources.
In addition, it has become colder in southern Norway in recent days, which also helps to influence prices.
The low reservoir numbers in southern Norway mean that producers set the water value very high, says Lorents Hansen, portfolio manager at Energi Salg Norge to Europower Energy.
– at the same time, the high prices and manufacturers make the most of it. It is therefore heading towards a tighter and tighter situation in southern Norway, says Hansen