Nord Pool has now published the electricity prices for the last day of April. In this way, you have also obtained the average monthly price for the various price ranges.
Compared to last year’s month of April, prices in southern Norway (NO1, NO2 and NO3) have almost halved.
In the far north, in NO4, the trend is different.
| Price range: | Monthly price April 2024 | Monthly price April 2023 | Change (%) |
| Oslo (NO1) | 60 | 111 | -46 |
| Kristiansand (NO2) | 60 | 111 | -46 |
| Trondheim (NO3) | 54 | 70 | -23 |
| Tromsø (NO4) | 42 | 40 | +5 |
| Bergen (NO5) | 64 | 113 | -43 |
Figures in øre/kWh. This excludes VAT, online rental, electricity support and other fees.
The price range NO4 thus receives an average monthly price for April that is five percent higher than last year.
We actually have to go all the way back to 2011 to find an April price that was higher in NO4 than what it has been this year. At that time, the average for April was 43 øre/kWh – i.e. one øre higher than what it is this year.
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An April marked by a low occupancy rate and the highest hourly price of the year
Last month, in March, northern Norway set a record: It was the highest March price ever in the north.
Even if NO4 avoids a record this month, we have to go back 13 years to find an April where the average price for the month was higher.
Despite the fact that it was not a record high level, April offered high electricity prices on some days in the north.
On Wednesday last week, Northern Norway received an electricity price that was as high as NOK 1.5/kWh for one hour during the day.
This was the highest hourly price Northern Norway had had so far this year.
For northern Norwegian producers, April has also been characterized by record low fill rates week after week. In week 16, it was the fourth week in a row that NO4 set a new bottom record for the degree of filling.
In week 16, there was only 4.9 TWh in northern Norwegian reservoirs. There has never been so little water in the reservoirs in NO4 before.
The price drops to 18 øre/kWh
As for Tuesday’s spot price, it drops all the way down to 18 øre/kWh in both Oslo (NO1) and Kristiansand (NO2) in the middle of the day.
The price drops even further on the continent. Which leads to price contagion to NO2 and further to NO1.
However, there are no price areas that will get negative prices tomorrow.
