Norway's Southern Reservoirs at 2005 Low, Sparking Power Price Shock Fears

Water reservoirs in Southern Norway were only 47.7 % full at the end of last week, the lowest level recorded since 2005. Analysts at Volt Power Analytics project autumn electricity prices in the NO2 price area (covering parts of Vestland, Rogaland and Agder) to reach 130‑137 øre/kWh, roughly double the 77 øre/kWh seen a year earlier.

Progress Party MP Kristoffer Sivertsen warned, “I fear we are heading toward a winter with a power price shock for Norwegian businesses,” and called for new minimum fill‑level requirements. Red Party MP Geir Jørgensen urged Energy Minister Terje Aasland to act, suggesting the government use a curtailment mechanism to limit electricity exports. The minister said he has no plans to invoke the tool, while the Norwegian Water Resources and Energy Directorate (NVE) expects no shortage next winter. Norway continues to export large volumes of electricity despite the low reservoir levels.