The month of June began with a jump in electricity prices to more than NOK 1.20 per kWh in Eastern Norway. In Southern Norway, the month opened with a daily average exceeding NOK 1.30. The hydropower reservoirs are depleted. What could have provided security of supply and low prices for industry was exported last year. Following a winter with little snow, resulting in limited reservoir replenishment, Norway has become a net importer of electricity. The entire situation is predictable.
The month of June began with a jump in electricity prices, with daily average prices above NOK 1.20 per kWh in Eastern Norway and NOK 1.30 in Southern and South-Western Norway, namely the NO1 and NO2 bidding zones respectively.
While households can benefit from the Norway Price (Norgespris) of 40 øre, businesses must pay the market price unless they have secured lower rates in advance.
The high electricity prices coincide with three important factors:
- Historically high net exports throughout last year amounting to 22.8 TWh. A record 26.2 TWh was exported from NO2 to the Continent, while 0.2 TWh was exported to Finland. This was balanced by imports of 3.6 TWh from Sweden.
- A lower-than-normal reservoir filling level in hydropower reservoirs compared with the same point last year. This year, the negative deviation from the norm has increased, to a filling level moving along a historic low point.
- Record-low snow levels in the mountains, for the second consecutive year.
Two weeks ago, we published the following article.
Glem lave strømpriser! Om to uker kan kraftsituasjonen bli prekær!
Rainy days after 17 May and rain during Pentecost have only just managed to prevent a new record low for hydropower reservoirs in Southern Norway.
Security of supply was exported last year
The hydropower reservoirs in Southern Norway contained 16.8 TWh at the end of Week 21. This is 9.6 TWh below the normal filling level for the season. By comparison, net exports amounted to 22.8 TWh last year and continued into 2026 with 1.6 TWh of net exports in January. Since January, Norway has been a net importer of electricity from Sweden, Denmark and the Netherlands.
Reservoir filling level, Week 21. This year’s level: Black curve. 2025 level: Green curve. Median: Red curve.
Source: NVE
Little snow in the mountains is no surprise
There is little to be gained from this year’s snowmelt. The amount of energy measured by NVE in the snowpack is tracking along a historic minimum.
Energy content of the snowpack. This year’s figures: Red. 2025 figures: Pink. Median: Green.
Source: NVE
There is therefore little to be gained from this year’s snowmelt in terms of replenishing the hydropower reservoirs in the months ahead.
Future security of supply is therefore dependent on increased precipitation, greater imports, and hopefully warmer weather following an unusually cool month of May, which ought to reduce the need for heating.