Nov. 23 (Bloomberg) -- Power exports from the Nordic area more than doubled in the third quarter as a glut of water and falling demand rendered the region unable to absorb surplus supply, a report by Norway’s energy and water directorate shows.
Net sales to countries outside the region increased to 4.4 terawatt-hours from 1.9 terawatt-hours a year earlier, according to the e-mailed report. Norway’s and Sweden’s combined exports rose 23 percent to 11.8 terawatt-hours, of which Denmark and Finland absorbed 7.5 terawatt-hours. The four countries’ power demand in the quarter fell by 0.4 percent from a year earlier to 79.7 terawatt-hours, the directorate said.
The Nordic area gets more than half of its power supplies by running water through turbines. Wet periods generally trigger exports and dry spells cause imports as electricity flows from low-price areas to high-price areas, tracking the supply-demand balance. The region currently has 9.94 terawatt-hours more power available than the seasonal average, according to Markedskraft AS data on Bloomberg.
Norway’s power exports may rise to a record this year. The country has shipped 17 terawatt-hours abroad, equivalent to half of Denmark’s yearly demand, amid abundant hydroelectric output, industry association Energy Norway said on Nov. 15.
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