This EU country intends to cut off energy connections with Europe due to rising prices!
Norway's two ruling parties have vowed to campaign for the disruption of the two energy interconnectors linking the country to Denmark when they come up for renewal in 2026, the FT reports. The coalition's smallest party, the Center Party, is looking to review similar energy ties with the UK and Europe.
One of the reasons is that electricity prices are extremely high in the country these days, something that Energy Minister Terje Aasland described as outrageous, Norwegian newspaper E24 quotes. With the current high Norwegian prices, critics argue that Norway should send electricity from its abundant hydropower plants abroad after securing low prices at home, as was the case for decades.
A large part of Norwegian electricity production comes from hydropower, but about 10% of the electricity supply is supplied by wind power which comes mainly from the mainland. Recently there has been a lack of wind in Germany and the North Sea, accompanied by low temperatures in Norway. So when EU energy prices rise, as they have recently, this price shock spills over into Norway.
The price of electricity in the southernmost area of the country rose to over 13 kroner (1.12 euros) per kilowatt hour in the most expensive hour, including network rent and fees. By comparison, the EU average for the first half of 2024 was €0.1867 per KWh. Eastern Norway also receives high prices, while the western part of the country largely escapes the worst prices. In the north, electricity is still cheap due to the fact that it mostly benefits from hydropower plants.
The cost is expected to drop in the coming days, according to Norwegian media, citing weather forecasts that suggest wind output is expected to increase this weekend in Europe, and prices have started to drop on Friday, according to Norwegian newspaper Nettavisen. However, the currently raised cost was enough to reignite the debate over how much Norway is willing to share its energy capacity.
High electricity prices have been a source of discontent in the country in recent years, and the issue of the country's power-sharing, while having to pay a high price for electricity, is likely to set the tone for political debates ahead of elections. next year. Norway's ruling Labor Party will not renew the so-called "Denmark cables", Are Tomasgard told the party's program committee, quoted by Norwegian newspaper bt.no. "We can't go on like this. It's out of control. And we're going to take that control back," he added.
The country's hydropower is an important source of electricity for the rest of Europe. Norway is also the largest producer of oil and gas in Western Europe. Norway, however, is not part of the EU, the country is a key partner of the EU in single market initiatives, including electricity interconnection.
The smaller ruling Center Party is campaigning to renegotiate terms with the United Kingdom and Germany regarding energy exports to those countries. The proposal to remove the cables will be discussed at the national convention in April, the Labor Party has promised.
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