Electricity prices in Norway 2024
In 2024, the average wholesale day-ahead electricity price in Norway was 0.401 kr /kWh (▼34% vs 2023). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2024
| Month | NOK/MWh | NOK/kWh | MW |
|---|---|---|---|
| January 2024 | 722.39 kr | 0.722 kr | 4,131 |
| February 2024 | 558.50 kr | 0.558 kr | 3,851 |
| March 2024 | 604.00 kr | 0.604 kr | 3,462 |
| April 2024 | 540.84 kr | 0.541 kr | 3,139 |
| May 2024 | 311.08 kr | 0.311 kr | 2,496 |
| June 2024 | 336.80 kr | 0.337 kr | 2,508 |
| July 2024 | 287.69 kr | 0.288 kr | 2,382 |
| August 2024 | 182.63 kr | 0.183 kr | 2,477 |
| September 2024 | 211.49 kr | 0.211 kr | 2,652 |
| October 2024 | 292.35 kr | 0.292 kr | 3,050 |
| November 2024 | 361.90 kr | 0.362 kr | 3,509 |
| December 2024 | 406.03 kr | 0.406 kr | 3,700 |
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.