- I am glad that today we can assure Norwegian electricity consumers that the government will help cut costs for people all year round when prices are extremely high. It ensures better predictability and security of own finances, says Minister of Oil and Energy Terje Aasland.

On Thursday, March 10, the Ministry of Petroleum and Energy will send the affected entities a proposal to extend the temporary support system for consultations with interested parties. The ministry is asking in particular for feedback on any financial and administrative consequences of the extension. In order to extend the program with an effect on electricity consumption in April, the consultation is scheduled for Tuesday 15 March.

Extreme electricity prices

- We want the demanding everyday life for people to be a little less difficult. Now we see extreme electricity prices and then want to keep people safe and predictable. Thanks to this extension, people have security for costs until next winter, says Finance Minister Trygve Slagsvold Vedum.

The temporary electricity support scheme works in such a way that electricity consumers receive direct support for rent from the grid. When the market price of energy exceeds an average of 70 øre per kilowatt hour for a month, the state will compensate 80 percent of the price above that level.

Support for energy consumption up to 5000 kilowatt hours

Households receive support for energy consumption up to 5000 kilowatt hours of their monthly consumption. The part paid by the state is deducted from the bill of the grid company or energy supplier. The Ministry does not propose any changes to the design of the facility.

At the same time, the government will continue to work on measures to improve the functioning of the electricity market, including consideration of measures to improve the offer of fixed-price contracts that can replace temporary systems.

Source: regjeringen

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