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Now there will be nightmare prices on electricity

It may be smart to drop charging the electric car on Monday.

Norwegians have been favored with low electricity prices for quite some time now, but on Monday morning they are shooting up to a sky-high level.

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In January, electricity prices generally peaked at around 70 øre per kWh. Monday morning between 08 and 09 the prices skyrocket, and will be 208.7 øre per kWh, ie 2 kroner and 8 øre.

Already at 11 o’clock the prices are back at a more “normal” level, at around 70 øre, before it rises again in the ceiling at 17. Even then the price will be 208.7 øre, according to Nord Pool.

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The reason for the peaks is that it is in the morning and at dinner people use the most electricity.

Over 2 kroner per kilowatt hour is a huge jump. In comparison, the price was 6 øre in May.

2020 in general was a fairly cheap year in terms of electricity. In March, no day had a spot price of more than 10 øre – most electricity customers have an agreement with a spot price – ie that the power part of the electricity bill is based on the daily market price of power.

During the summer months, the spot price was just over a penny in large parts of the country, and some of the suppliers offered a minus price to attract new customers. As recently as November, there was a negative price for electricity.

In January, however, the price made a dent, which gave us the highest electricity prices in a long time. On 7 January, the power price was at a level we have not seen since 24 January 2019 – when the power price reached this year’s “peak” with 80.89 øre in several of the large cities.

On Monday morning, prices will rise to a level we have not seen for a long time, so for the electricity bill, it may be wise to be conservative with electricity consumption until the morning.


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