Electricity prices in Norway 2023
In 2023, the average wholesale day-ahead electricity price in Norway was 0.639 kr /kWh (▼57% vs 2022). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2023
| Month | NOK/MWh | NOK/kWh | MW |
|---|---|---|---|
| January 2023 | 1,052.67 kr | 1.053 kr | 3,663 |
| February 2023 | 869.10 kr | 0.869 kr | 3,577 |
| March 2023 | 906.12 kr | 0.906 kr | 3,610 |
| April 2023 | 874.69 kr | 0.875 kr | 2,985 |
| May 2023 | 563.07 kr | 0.563 kr | 2,563 |
| June 2023 | 558.26 kr | 0.558 kr | 2,382 |
| July 2023 | 382.74 kr | 0.383 kr | 2,294 |
| August 2023 | 300.11 kr | 0.300 kr | 2,417 |
| September 2023 | 156.48 kr | 0.156 kr | 2,490 |
| October 2023 | 326.45 kr | 0.326 kr | 3,118 |
| November 2023 | 846.18 kr | 0.846 kr | 3,702 |
| December 2023 | 832.55 kr | 0.833 kr | 3,976 |
Norway's electricity grid runs almost entirely on hydropower — reservoirs covered 88% of generation in 2024 with wind adding 11% and gas/biomass under 2%. Statnett, the state-owned TSO, splits the country into five bidding zones (NO1 South-East, NO2 South-West, NO3 Mid, NO4 North, NO5 West) reflecting the bottlenecks in the meridional north-south transmission corridors. Day-ahead clearing happens on Nord Pool.
HVDC interconnectors to Denmark, Germany (NordLink, 2020), the Netherlands (NorNed) and the UK (North Sea Link, 2021) make Norway a price-balancing hub for north-west Europe — exporting cheap hydro in spring and summer, importing wind in winter. Nuclear-free since the country never built reactors, Norway's 87 TWh of average annual surplus is among the largest in Europe.
Onshore wind permitting was effectively halted between 2019 and 2024 after public backlash; offshore wind tenders in Sørlige Nordsjø II and Utsira Nord aim to add ~30 GW by 2040.