The week southern Norway priced like Germany

Minus Two Euros in Kristiansand

At one in the afternoon on Sunday 20 September 2026, the day-ahead auction priced electricity in NO2, the southern Norwegian zone around Kristiansand and Stavanger, at minus 2.31 euros per megawatt-hour. Six days earlier, on Monday 14 September, the same zone had averaged 198.09 euros across the whole day, its highest daily average since 12 December 2024.

The Monday price belonged to a day when German wind averaged 3.6 gigawatts, with gas near its dearest since December 2022 and less than half of installed Nordic nuclear capacity available. The Sunday price belonged to the most Nordic wind power in a single week since April and a weekend in which six Norwegian weather stations set September daily rainfall records. What carried the Monday price to Kristiansand was a reservoir system short of the water that normally stands between southern Norway and the continent's weather.

The week tripped the volatility alarm in thirteen bidding zones. Four were Norwegian, and they printed the four highest percentages: price swings ran 274 percent above their two-year norm in NO2, 355 percent in NO5, 245 percent in NO1 and 196 percent in NO3. Measured in euros, the Baltic and Danish zones swung harder. The Norwegian percentages were large because the Norwegian norm was low. In the same seven days of 2023 to 2025, NO2 cleared at 39 to 78 percent of the German price; in 2026 it priced like Germany.