While power prices have been higher than “normal”, we often read in the media that the interconnectors have increased prices by coupling Norwegian and Nordic prices more to Germany and the UK.
That is to some extent true on an hour-by-hour basis, but if you look at annual/monthly levels the discount relative to German power prices has never been higher. In fact, power prices in the Nordic capital cities were “normal” last year, being cheaper in nominal prices than 2019 except for Copenhagen.
This has been driven partly by a massive rollout of new wind, that was partly made possible by higher and more stable price projections from the aforementioned interconnectors.
