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The average price of electricity for households, excluding taxes and network rent, was 14.4 øre per kilowatt hour in the third quarter of the year.
This is as low a price as the previous quarter and a decrease of up to 66 percent compared to the third quarter of last year, writes Statistics Norway (SSB).
New network rental model ready
Much water
In its quarterly report on the energy situation, NVE notes that the filling degree of reservoirs in Norway at the beginning of the third quarter is close to the all-time high, and that this contributed to very low energy prices during the first part of the quarter.
Heavy rains and snowmelt led to a further increase in fill level during the period and it was 94 percent at the end of the quarter, according to NVE.
This is almost 12 percentage points above the median value for the third quarter in the period 2000 to 2019.
33 percent decrease
The total price of electricity for households, including taxes and network rent, averaged 72.9 øre per kilowatt hour in the third quarter of this year, according to new figures from the Electricity Prices statistics.
This is a 33 percent decrease compared to the third quarter of last year. Of the total price of electricity, the price of energy was 20%, the network rent was 39% and taxes on electricity were the remaining 41%.
Rent and network fees make up a larger part of the total price of electricity in times of very low prices.
Powerful coffee machines can increase your network rent
Cheaper electric spot price contracts
Households with contracts tied to the spot price of electricity had the cheapest type of contract in the third quarter of 2020 with an average price of electricity of 12.2 øre per kilowatt hour, without taxes or network rent.
The average price of electricity for the variable price contracts was 22.8 øre per kilowatt hour.
Households with new fixed price contracts for one year had the most expensive contract type in the third quarter with an electricity price of 38.1 øre per kilowatt hour. Only 2 percent of households had these types of contracts in the third quarter of this year.
Increase in electricity prices in the future
A report from NVE also shows that electrification measures in society could lead to an increase in electricity prices in the coming years. A greater need for electrical energy will affect electricity prices by providing a long-term increase, while larger variations can be obtained in the short term.
