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Electricity prices in and around Oslo and Kristiansand were negative for four hours early Monday.
For the second time in Norwegian history, it happens that electricity prices in some parts of the country fall below zero, and the inhabitants of southern Norway receive a “payment” for the use of electricity, because the producers have to pay for the sale of electricity when prices are negative.
According to E24, electricity prices in and around Oslo and Kristiansand were negative for four hours early Monday morning, writes Serbia Today.
In early July, they fell below zero for an hour. The reason was the large amount of snow in the mountains, the low export of electricity and the start of the summer holidays, when consumption is lower.
RT further reports that the new negative electricity price is a consequence of the heavy rains and winds, which occurred last week in Norway, but also the result of higher imports of nuclear power from Sweden. As winter approaches, prices are expected to rise.
Norway, the largest oil and gas producer in Western Europe, generates most of its electricity from hydroelectric plants.
According to a report by Statkraft, hydropower accounts for 99 percent of Norway’s total electricity production.
Globally, hydropower represents one sixth of the total supply of electricity generated.
Households in Germany, Denmark and Belgium paid the most for electricity in the first six months of the previous year, around 30 euros, and the least in Ukraine, 4.42 euros. Read where Serbia is on the electricity price list in European countries.
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