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Norwegians got paid to use electricity as prices fall below zero

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FILE PHOTO © Pixabay / Julien Tromeur
Norway dipping into its massive piggy bank to battle Covid-19 crisis

Electricity prices are expected to rise with the coming of the winter in the Nordic country, experts said.

Norway, Western Europe’s biggest oil and gas producer, generates most of its electricity from hydropower. According to Norwegian company Statkraft, hydropower accounts for 99 percent of all power generation in Norway. Globally, hydropower represents around one-sixth of the total generated electricity supply, Statkraft says. 

According to Statistics Norway, hydropower accounted for 91.2 percent of electricity production in the country in September 2020, followed by wind power with a 7.1-percent share, and thermal power with 1.6 percent. The latest annual estimate from Statistics Norway shows that hydropower accounted for 95.0 percent of the country’s electricity production in 2018.

This article was originally published on Oilprice.com

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