Spring ripped carpet from under Norwegian power prices

Electricity prices were already low in Norway in late April, but rates just continue to fall, and what no one thought possible has now happened: domestic power prices went negative due to unforeseen massive volumes of water in the country's hydroelectric reservoirs.

Norway's hydro reservoirs have been filled to the brim this year. Photo: PR / Statkraft

On June 6 between 4 and 5 a.m., an unprecedented event took place in Norway and went against all conventional market wisdom: the price of electricity went negative.

This historic occurrence came at the end of a completely unusual quarter in Norway. Q2'20 is a period the nation is not likely to soon forget, as these three months saw practically all power sector records broken.

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