From record low levels in 2020, the electricity price increased substantially both in 2021 and 2022. In 2021 the electricity price was the highest ever recorded, and in 2022 the new figures from the electricity price statistics shows that the price was even higher. 

The price of electricity for households including grid rent and taxes, but before electricity support is deducted, was on average a record high 235.3 øre per kWh in 2022. The price of electricity amounted to 149.6 øre per kWh of the price, while grid rent and taxes amounted to 29.2 and 56.5 øre/kWh respectively.

The electricity support for households from the government totaled 91.4 øre/kWh on average in 2022. The total price household paid for electricity (including grid rent and taxes) and after electricity support is deducted from the bill, was 143.9 øre/kWh. This is 6 per cent higher compared to 2021.

–  When electricity support is deducted from the total price for households, the price 2022 is still about 32 per cent higher compared to the average price the last five years, says senior advisor Thomas Aanensen.

Figure 1. Electricity prices, grid rent and taxes for households

The electricity support for households was introduced by the government in December 2021. It provides a deduction on household electricity bills at times when the average market rate for electricity exceeds 70 øre per kilowatt hour for one month. Since the electricity price for households in the southern part of Norway was very high in 2022, the electricity support paid to households also was high in that period.  

Price records

The average price of electricity for households, excluding taxes and grid rent, also was record high in 2022. This price was on average 149.6 øre/kWh in the 2022, 78 øre/kWh higher than in 2021.

– The average price of electricity for households, excluding taxes and grid rent, for the last five years, was about 45 øre/kWh. This year the price was almost three times as high. This is the highest price recorded since the quarterly price statistics started in 1998, says Thomas Aanensen.

– It is important to remember that the electricity price presented is an average for the whole country. For some time now there has been a large price difference between the Northern and Southern part of Norway.

The record high electricity prices in the Southern part of Norway in 2022 is closely related to the very high electricity prices in Europe caused by the energy crisis and very high prices on gas and coal. Also, there was record low filling level in the water reservoirs in the south of Norway for most of the year.

Variable price contracts most expensive in 2022

Households with variable price contracts contracts paid the highest price in the 2022 with an average electricity price of 162.7 øre per kWh, excluding taxes and grid rent. The share of households with variable price contracts was reduced from 19 per cent in first quarter of 2022 to only 8 per cent in the fourth quarter of 2022.

The price of The Elspot price is derived from the Nordic power exchange (Nord Pool AS) from the participants’ combined demand and supply for electricity the next day. The price and volume are determined for each hour of the day. The Elspot price can vary between the different Elspot bidding areas depending on market conditions. Norway is normally divided into five Elspot areas (NO1-NO5).] contracts was on average 153.6 øre per kWh in 2022. Spot price contracts are the most common contract type for households and in the fourth quarter 2022 they accounted for about 87 per cent of household contracts.

The price for different types of fixed price contracts for households:

  • New fixed-price contracts, lasting 1 year or less: 91,7 øre/kWh
  • New fixed-price contracts, lasting more than one year: 53,1 øre/kWh
  • Older fixed price contracts: 52,8 øre/kWh

Many electricity suppliers have currently stopped offering new fixed price contracts because of the great uncertainty on the future price of electricity. The price on the fixed price contracts still available to households depends on the spot price area that the households belong to. There price difference for fixed price contracts between the Northern and Southern part of Norway is large.

Figure 2. Price of electric energy for households, taxes and grid rent excluded. 2022