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What Energy Crisis? Nordic Power Is Almost Free This Weekend

Holidays and gusty weather are sending power prices plunging in northern Europe

Electric lights on in homes and businesses at dusk in Gothenburg, Sweden.

Electric lights on in homes and businesses at dusk in Gothenburg, Sweden.

Photographer: Nora Lorek/Bloomberg

In the middle of an energy crisis, with European power and gas prices spiking to unprecedented heights, Nordic homes and factories can plug in this weekend for almost free.

Average Saturday power prices in the northern corner of Europe slumped to 4.17 euros a megawatt-hour on the Nord Pool ASA exchange in Oslo, the lowest since November 2020. Some local prices were even lower. By comparison, they were at 333 euros in France and 148 euros in Germany, Europe’s biggest market.