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European electricity market: Norway may restrict electricity exports 

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Important news for the European electricity market: Norway is preparing to restrict electricity exports. European cross-border solidarity is under threat as autumn approaches. Filling its own storage capacity comes to the forefront of the priorities of Europe’s largest supplier. 

Norwegian Energy Minister Terje Ausland said Monday that if inventory levels fall below seasonal levels, the priority of replenishing them over supplying allied countries will prevail. The country’s authorities believe that “it is necessary to act now” to prevent power shortages this coming winter, Bloomberg writes. 

The government may activate control mechanisms. As early as this week, the Norwegian Ministry of Energy will start working on a legal framework for their rapid implementation. As the energy crisis worsens in Europe, any restrictions by big exporters will be a critical blow to energy importers. 

The UK will be the hardest hit by Norway’s export restrictions. Decisive steps from Norway can be expected by September. The energy minister added in a statement that an expansion of a program to help consumers and farmers meet rising energy costs will be implemented on Sept. 1. This means that the country’s domestic energy costs will rise sharply. 

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