2023-09-06 13:05:35
Storm Hans hit Scandinavia in early August, filling reservoirs in a region where hydropower dominates electricity generation. According to market data, consumers received free electricity in Norway’s two largest cities on Monday. Free electricity According to Bloomberg: “Storm Hans dumped water on Norway and Sweden, causing widespread flooding, landslides and property damage. The settlement of Nesbyen, which was the most affected by the storm, experienced the worst flooding in more than 100 years. In August, 256 millimeters of rain fell, regarding three times the normal amount. Along with the destruction, however, the downpour also overwhelmed the dams in southern Norway, following they were only 68% full at the same time last year.” Due to the full water reservoirs, the hydropower plants worked overtime, so on Monday the price of electricity before tax and network charges was 0 and -0.3 kroner (-3 US cents) in the capital, Oslo, and the second largest city, Bergen. On Nord Pool, Europe’s leading electricity market, the wholesale electricity price for the two cities was -1.42 euros per megawatt hour, which means that electricity providers pay consumers for the use of electricity. “Power producers have explained in the past that it is better to produce when prices are slightly negative than to take measures to stop production,” Europower said. Climate crisis? Low-cost Scandinavian energy markets have helped mitigate higher continental prices. Electricity prices have eased as the continent has above-average natural gas storage levels for this time of year. The 93% capacity level of the stocks exceeds the 90% target set by the European Union on November 1. Cheap electricity prices might not have come at a better time for consumers from Oslo to Stockholm and elsewhere. The heaviest inflation of the last generation and the increased interest rates are taking their toll on European households. Weak currencies are adding to the tension in both countries, with Swedish corporate bankruptcies at their highest level in 10 years and the number of Norwegian companies collapsing under their debt increasing. Bloomberg writes. Corporate media, fueling “climate hysteria” over hot temperatures despite July being the height of summer, also cited Storm Hans as a direct result of “climate change.” We hate to tell these people, but the climate has been changing for billions of years.
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