May 16, 2017 / 8:14 AM / 2 months ago

Norway power prices to rise when cables to Germany, UK completed -grid CEO

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OSLO, May 16 (Reuters) - Power prices in Norway may rise by 0.03-0.04 crown per kilowatt hour on average once two power cables to Europe are completed by 2021, the Norwegian grid's CEO told Reuters.

Statnett is building two 1.4 gigawatt (GW) subsea power links to Germany and Britain, due to enter operations by 2020 and 2021 respectively, at a cost of up to 2 billion euros each.

Building interconnectors is controversial in Norway, with critics arguing that higher power prices will make the Nordic country less attractive for energy-hungry industries such as aluminium production.

"When we install those two interconnectors, prices in Norway on average may increase by about three, maybe four oere (NOK 0.03-0.04) per kilowatt hour," Auke Lont said in an interview.

The Nordic power price was trading at 0.281 crown per kilowatt hour on Tuesday. (Reporting by Lefteris Karagiannopoulos; editing by Gwladys Fouche and Jason Neely)

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