Reservoir levels in southern Norway’s NO2 price zone have fallen to 15.6 TWh,
below the previous 1996 low of 15.7 TWh, the Norwegian Water Resources and
Energy Directorate (NVE) said. Norway, one of Europe's largest electricity
exporters, rely on large hydropower capacity to balance wind and solar
shortfalls; lower reservoirs weaken that buffer and raise the risk of higher
power prices and increased gas dependence. Katinka Bogaard, general manager at
Oslo-based Volt Power Analytics, said there is significant upside risk to power
prices that may persist through the winter and into spring.
