Home Economy Electricity prices in Norway hit new all-time high

Electricity prices in Norway hit new all-time high

Against the backdrop of the energy crisis in Europe, the cost of electricity in Norway on July 27 was 4,244.46 NOK per kWh (€424 per MWh – Ed.). As the NRK TV channel noted, the cost exceeded the historical maximum.

“This week prices for the first time exceeded 4 crowns per kWh,” the journalists said.

The reason was a record low water level in the reservoirs that feed hydroelectric power plants, where over 90% of the country’s electricity is produced. The level dropped to 65.1%, which is almost 10% below the average over the past two decades.

Also, problems with a catastrophic increase in prices arose due to a decrease in gas supplies from Russia via the Nord Stream gas pipeline.

On July 27, gas pumped through Nord Stream dropped to 33 million cubic meters. m per day (20% of full capacity) against the backdrop of problems with the return of turbines by Siemens.

Gazprom Deputy Chairman Vitaly Markelov said that the German company Siemens does not repair the faulty engines of the Nord Stream gas pipeline, which is why only one gas turbine engine is currently operating at the Portovaya compressor station. A total of six gas pumping units are installed at the station.

On June 14 and 15, Gazprom announced the shutdown of first two, and then another gas pumping units serving the Nord Stream. The decision was made due to the situation with Siemens turbines, which the company could not return from maintenance from Canada due to sanctions against the Russian Federation.

As Kremlin spokesman Dmitry Peskov noted on July 27, Gazprom supplies gas to European countries as much as possible. He clarified that the technical capabilities for pumping gas have become less against the backdrop of anti-Russian sanctions.

The day before, Russian Foreign Minister Sergei Lavrov stressed that Russia had not received clear explanations from the West for the status of turbines for Nord Stream.

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