Nordic electricity prices face upward pressure this winter due to low hydropower reserves

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智通财经2026/11/10 10:36

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Danish energy trader Mind Energy stated that as winter approaches, low water levels in hydropower reservoirs combined with high natural gas prices are exerting upward pressure on electricity prices in Nordic countries.
Analysts say that surging natural gas prices, as well as potentially reduced hydropower output in southern Norway and Sweden, may lead to electricity price spikes this winter, especially during periods of persistently low wind speeds.
In its November review report, Mind Energy noted that winter has arrived and panic is evident in the European energy market, pointing out that the market had clearly underestimated the gravity of the situation previously.
Analysts stated that the sharp rise in European natural gas prices in October, along with severe hydrological pressure faced by the Nordics before winter, could push electricity prices up significantly in the coming months.
Mind Energy believes that when entering the heating season, the water volume in the Nordic system is significantly lower than normal levels for the same period in previous years; water reserves in the NO2 price zone in southernmost Norway are at their lowest for the same period in 30 years.
Analysts at the firm noted that Nordic countries are undoubtedly being heavily impacted by the extremely tight natural gas market and its effect on Europe as a whole, and that another major factor behind October’s sharp price increase was the strained hydrological situation.
The Vice President of Client Trading at Mind Energy told the agency that when wind power decreases, electricity prices in Denmark, southern Sweden, and southern Norway will be determined by German gas-fired power plants.
With gas prices at their highest since the end of 2022 and declining hydropower potential, Nordic electricity prices are set for a highly volatile winter and may see price spikes.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Nordic electricity prices face upward pressure this winter due to low hydropower reserves

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