Norway wants to cut interconnections with Europe to bring down electricity prices

Norway's ruling coalition wants to deactivate the interconnection between Norway, Denmark, the UK and Germany in order to prevent electricity prices in the country from being influenced by European prices. The lack of wind in Germany and the North Sea pushed prices in Norway up to €1,180 per megawatt-hour on Thursday, the highest level since 2009. Norway has a large hydroelectric fleet and is largely interconnected with its neighbours. Public opinion is concerned about the recurrent rise in spot prices and would like Norway to export its electricity to European countries only after it has satisfied domestic demand. However, disconnecting the Norwegian electricity system from the rest of Europe would be very unpopular. Norway is a strategic partner of the European Union in energy matters, particularly in the gas sector, where it has become the European Union's leading supplier, replacing Russia.