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Norway expected to increase electricity exports in 2030: report

Xinhua, May 25, 2016 Adjust font size:

Norway will be a big winner when Scandinavia increases its exports of electricity to other parts of Europe within the next 15 years, daily newspaper Dagens Naeringsliv (DN) said on Tuesday, citing a report of the International Energy Agency (IEA).

The IEA estimates that Scandinavia will be exporting electricity for more than 12 billion Norwegian kroner (1.44 billion U.S. dollars) in 2030, the newspaper said.

Together with the Nordic Energy Research, the IEA published the report focusing on necessary changes for Scandinavian countries to reach their climate goals.

The radical changes, according to the IEA, would include increased investments of almost 2.8 trillion kroner, which is 300 billion kroner less than the total estimated GDP of Norway in 2016.

It is estimated that the price of electricity would be doubled between 2020 and 2030 and new power cables are needed to be built from Norway to Britain and Germany. According to the IEA report, Norwegian electricity suppliers would be the winners while consumers and the industry would be the losers.

Kenneth Karlsson, senior researcher at the Technical University of Denmark, told DN that the exports would be of significant value for the whole Scandinavia and calculation shows that the Scandinavian net profit would be 1.5 billion U.S. dollars in 2030 and up to 2.5 billion U.S. dollars in 2040.

"It is completely clear that Norway would be the biggest exporter and get the highest income," Karlsson said.

The total Scandinavian exports in 2014 was 425 billion U.S. dollars. The reason for the increased prices of electricity and big export from Scandinavia to Europe is largely increased price of carbon dioxide.

Karlsson, however, said that the prices of electricity in Norway would still be low. "Scandinavia will still have relatively lowest prices of electricity in Europe," he said. Enditem