How much does power cost in Norway?

The mean annual Norwegian power price from the Monte Carlo simulations is estimated to be 39 ± 4 €/MWh and long-term price levels below 23 €/MWh or above 50 €/MWh seem highly unlikely in an average weather year.

What is the Energy Transition Norway report?

The Energy Transition Norway report highlights the significance of energy systems resilience, especially given the EU’s historic reliance on Russian oil and gas, and the recent energy price spirals.

What is the expected surplus of electricity in Norway?

Norway is expected to add generating capacity to support increasing demand for domestic electricity use. Since hydropower and wind production vary annually, Norway will accept the need to add capacity to maintain a surplus of 10 above average demand levels.

How much electricity does Norway produce in 2021?

In 2021, Norway had an electricity production of 157 TWh, of which 91% was from hydropower, 8% from onshore wind, and <1% from thermal sources (NVE, 2021b). This shows that the Norwegian generation mix is already dominated by renewable energy. In normal weather years, Norway exports around 19 TWh of electricity to neighbouring countries.

Why is Norway making a switch to higher energy shares?

For Norway, the transition to higher shares of electricity in the energy system is driven by decarbonization ambitions in the transport sector, and in gas and oil production. This transition is also driven by increased renewable energy sources.

Will fossil fuel costs affect electricity prices in Norway in 2040?

Electricity prices remain strongly affected by fossil fuel costs to 2040. The 2040 power price in Norway is modelled to be 39 ± 4 €/MWh. Market value of Norwegian hydropower is 34% higher than the average power price. Seasonal patterns for solar PV give <3% probability of revenues higher than the LCOE.