Electricity prices in Norway 2024
In 2024, the average wholesale day-ahead electricity price in Norway was 0.418 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 | 752.93 kr | 0.753 kr | 4,131 |
| February 2024 | 582.11 kr | 0.582 kr | 3,851 |
| March 2024 | 629.53 kr | 0.630 kr | 3,462 |
| April 2024 | 563.71 kr | 0.564 kr | 3,139 |
| May 2024 | 324.23 kr | 0.324 kr | 2,496 |
| June 2024 | 351.04 kr | 0.351 kr | 2,508 |
| July 2024 | 299.86 kr | 0.300 kr | 2,382 |
| August 2024 | 190.35 kr | 0.190 kr | 2,477 |
| September 2024 | 220.43 kr | 0.220 kr | 2,652 |
| October 2024 | 304.71 kr | 0.305 kr | 3,050 |
| November 2024 | 377.20 kr | 0.377 kr | 3,509 |
| December 2024 | 423.20 kr | 0.423 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.