What are the main factors Statkraft's CEO identifies as driving prolonged higher European electricity prices?

According to Statkraft CEO Birgitte Ringstad Vartdal, the main factors are the war in the Middle East—which has increased global energy market uncertainty and pushed gas prices back to levels seen at the start of the U.S. war with Iran—and low storage levels for both natural gas and Nordic hydropower reservoirs, particularly in southern Norway where a hydrological deficit exists due to little snow during winter.

How do current Nordic and German wholesale electricity prices compare, and what does this indicate about regional market stress?

As reported by LSEG data, Nordic power for the fourth quarter was trading at €86 per megawatt hour (MWh), while the German equivalent traded at €140.75/MWh—indicating significantly higher price pressure in Germany, likely reflecting greater reliance on imported gas and tighter supply conditions compared to the hydro-dominated Nordic market.

Statkraft CEO Warns of Prolonged Higher Power Prices

Jul 21, 2026

Statkraft CEO warns geopolitical tensions and low reservoir levels could sustain high European electricity prices, potentially hurting industrial competitiveness while boosting current earnings. Wholesale prices remain elevated at €86/MWh in the Nordics and €140.75/MWh in Germany.

reuters

2026-07-21

Statkraft CEO Warns of Prolonged Higher Power Prices

Statkraft CEO Warns of Prolonged Higher Power Prices

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