After the constant stream of doom and gloom when it comes to soaring energy costs, there could be a glimmer of hope and it's as a result of unexpected circumstances. Weather conditions in a neighbouring European country could mean a boost to UK supplies and may even ease the pressure on household bills. According to the Express, Norway's wet and windy weather is set to "keep a lid on our energy bills".
Rising wholesale energy prices have meant household budgets have been squeezed. While the UK government has capped the unit price for Brits, bills this autumn and winter are still set to be the highest ever. However, a report indicates that Norway, which plays a key strategic role in NATO, with former Prime Minister Jens Stoltenberg the alliance's Secretary General since 2014, could come to the rescue.
Norway's hydroelectric power is enough to supply 96 percent of its domestic usage. This allows it to pump most of the natural gas it produces to the UK via 450-mile subsea interconnector cables. In total, Norway supplies 60 percent of our gas, but that dependency caused panic in August when energy experts warned Norway could come under pressure to slash exports to keep domestic prices down.
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While the country generates an abundance of energy, prices have been rocketing in Norway, too, due to its part of the open European energy market where prices have soared due to Russia’s war in Ukraine. Norway also suffered a dry summer and water levels plunged in the vast reservoirs that supply the nation’s hydropower.
Rain is now filling up their once-parched hydropower reservoirs and while reservoirs feeding Norwegian power plants were only 59 percent full in July, that has now surged to 76.5 percent - still below the seasonal average of 84.3 percent but it's climbing with each downpour.
That's great news for the UK, said Snjólfur Richard Sverrisson, editor-in-chief at Oslo-based Montel News, Europe’s top power market website. “Although Norwegian reservoir levels are well below what they usually are at this time of year, they are climbing and should be close to normal by the end of this month.”
The rain is lashing down in southern Norway, where its key reservoirs are located, but even if the rain eases, Sverrisson said: “This means Norway should be able to export electricity to the UK on calm, cold days this winter.”
Sverrisson added that the situation may change if Europe sees a sudden extended cold snap but added: “That looks unlikely given the current mild weather.”
There is another reason why the UK should not panic over the upcoming winter. “Despite having far fewer gas storage facilities than its European neighbours, the UK’s ample interconnector capacity and strong flows of liquid natural gas (LNG) should mean it avoids a winter gas supply squeeze," Sverrisson added.
In more good news, European energy prices have fallen generally, due to the mild autumn weather and a successful race to fill up storage facilities before winter. This should ease the pressure on households.
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