Looking for reliable information about Nord Pool electricity prices in Norway? Our real-time chart provides a quick and clear overview of the current electricity price to help you track electricity prices today and tomorrow. We focus on hourly prices of the Nord Pool electricity market in Norway. We're here to help you make informed decisions about managing energy costs. Visit our website regularly to stay updated on Nord Pool electricity price updates and maximize your energy efficiency.
An electricity market is an hourly-based purchasing/selling market where electricity-producing companies can make bids to sell electricity - how much electricity they are capable of producing and at what price. The electricity market regulator selects the cheapest bids to meet the electricity demand in the market. As a result, the fluctuating electricity price is determined by the electricity production capabilities (such as solar energy, wind energy, gas, coal) and market demand (more diverse electric heating systems are used in winter).
Nord Pool is the largest electricity market in Europe, which consolidates all the countries operating in that market into one market and allows electricity to be sold between countries. However, not all countries have the same electricity price, which is determined according to the interconnection capacity between countries (e.g., the capacity of the Estlink1 cable connecting Estonia and Finland is 350MW).
Nord Pool calculates the electricity prices for the next day at noon GMT (in reality, prices are announced about 10-15 minutes before noon). Since Denmark is in the +1 time zone during winter and +2 during summer, the prices for the next day open for Denmark accordingly before 13:00 in winter and before 14:00 in summer.
Nord Pool publishes electricity prices in megawatt-hours (MWh), but for ordinary consumers, it is practical to consider kilowatt-hours (kWh). For example, a standard oil radiator has a power of 2000W or 2kW. If the oil radiator operates constantly for an hour, then 2kWh of electricity is consumed. The electricity price graph shows how many cents one kilowatt-hour costs (cents/kWh). So, if the oil radiator used 2kWh of electricity in an hour and the electricity price at that moment was 10 cents/kWh, the cost would be 2kWh * 10 cents/kWh, which equals 0.2€.
